8 billion compared with an initial value of 6

Aquatre-Vingt-Neuf years, Comcast's founder, Ralph Roberts, takes his revenge. Five years after having tried in vain to get their hands on Disney for $ 54 billion, the number one cable us, based in Philadelphia, will take control of the group, NBC Universal, owner of the Dean of the American "networks" and married to since 2004 Universal movie studios. After several months of negotiations, the conglomerate General Electric (GE) led by Jeffrey Immelt, who controlled 80 of NBC Universal on the side of Vivendi since 2004, concluded yesterday with Comcast the agreement to create a new audiovisual giant, of a size comparable to that of Disney and Time Warner. Comcast will take 51 of NBC Universal in exchange for the contribution of its cable channels, valued at 7.25 billion, and the payment of $ 6.5 billion in cash. But the stated objective of GE is finally lead his audio-visual adventure. The deal values "NBC U" to $ 30 billion, which means that Comcast must put hand to the wallet...

Initially, GE will retain 49 of the new set, but it was gradually disengaging from 2012, in a maximum of seven years. The new company will be $ 9.1 billion debt, which will be used to acquire the balance of the participation of GE. Purpose of secret negotiations between GE and Comcast since March, the operation was still suspended from the green light from Vivendi on the valorization of its 20 stake in NBC, inherited from the merger between the American "network" and the studios Universal Universal in 2004. It is now made with the decision of the French group to divest its 20 to GE for $ 5.8 billion (compared with an initial value of 6.1 billion in its accounts). The French group is insured to collect at least 2 billion dollars in September, 2010 if the operation is not completed for here there, and the balance of the payment after termination of the agreement.

The return of convergence

Hailed by the former boss of Fox and USA Broadcasting, Barry Diller, as a major "turn" in the American media landscape, the constitution of the new set will be assigned to the current pattern of NBC Universal, Jeff Zucker. The merger must allow Comcast to preserve margins by ensuring control of the distribution of online content, particularly in the strategic field of online video where NBC owns a step ahead with the Hulu service. The boss of Comcast Brian Roberts, son of the founder, does not hide its ambitions in services to broadband. The operation will also allow the cable operator American, which has already 23.8 million cable television subscribers while being the second largest supplier of Internet access in the US (with 15.7 million customers), to get their hands on the cable channels of NBC (CNBC, Bravo, Oxygen...) which are now more expensive than the historical "network", faced with a decline in his audience and revenues fall advertising. Despite the disappointing results of his studio Universal Pictures, NBC Universal has identified an operating profit of $ 1.7 billion on 11.2 billion in sales for nine months.

Despite the apparent advantages of fusion on paper, some analysts are skeptical about the logic of convergence contents-pipes, at the same time where Time Warner decided to opt out of its cable networks and its service provider AOL. In addition, Liberty Media boss John Malone, owner of DIRECTV, will rise to the niche in Washington against the dominant position of the new "mammoth". The providers fear, indeed, an increase of the rates of access to the networks of the new integrated operator. The general opinion of the experts, the Comcast-NBC merger will be subject to a long process of review by the FCC, FTC and antitrust authorities which should last for almost a year. Although it is unlikely that regulators oppose the operation, they could impose on Comcast di verses conditions in terms of "neutrality" of the networks.