NBC Universal parent company General Electric sold $15 billion worth of stock last month in order to stave off a reduced credit rating. But as the credit markets begin to stabilise, GE CEO Jeff Immelt says the company might spend some of that cash bargain-hunting in media and other industries.
“There are going to be some opportunities in media consolidation, in infrastructure, oil and gas, aviation,” Immelt told the Financial Times. “And my hope is that we can play in some of those as time goes on.”
Until now, the conventional wisdom was that GE wanted to sell NBC Universal and get out of the media business altogether. Sources told the FT that if the Olympics had not gone well for NBC, GE would have sold it.
Of course, while NBC ended up nailing the Olympics, one media company did beat it online. That’s Yahoo, which by the way, Jeff, is looking for a buyer.
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