Comcast Gets Approval for NBC Combination
Comcast Corporation (NASDAQ: CMCSA) has announced that it has won the approval for its combination with NBC Universal. The deal is now likely to be finalized in the period of next two weeks.
* The approval has been granted by the FCC and the Department of Justice.
* Both the authorities have attached several conditions with the approval.
David Cohen, executive vice president of Comcast Corp., said, “We’re perfectly satisfied with that. We continue to have an interest in the growth and advancement of Hulu, but we’re not uncomfortable with the restrictions on governance rights that were imposed.”
The company is now required to make NBC Universal programs available for other streaming services as well. Upon the closing of the deal Comcast Corp. will own 51 percent stake in NBC Universal. Comcast executives have expressed their satisfaction over the decision.
The decision was opposed by only Commissioner Michael Copp, who said, “The potential for walled gardens, toll booths, content prioritization, access fees to reach end users and a stake in the heart of independent content production is now very real.” Minnesota Democratic Senator Al Franken has also expressed his disappointment over the decision saying that it gives too much power to Comcast.
