Vivendi Exits NBCU

General Electric agreed to purchase French utility Vivendi S.A. 12.3% stake in NBC Universal for about $3.8 billion, the final installment in a $5.8 billion deal that paves the way toward the closing of its 50-50 joint venture with Comcast.

Vivendi, formerly Vivendi Universal, had sold its Universal Studios and cable channels to NBC in 2004 for $14 billion which created NBCU, but retained a 20% interest in the venture. It was Vivendi's desire to divest of that stake in 2009 that sparked speculation that GE would either sell the unit or seek a partner.