NBCUniversal Buys Rest of Universal Orlando

NBCUniversal agreed to buy the 50% of Universal Orlando it doesn't already own from Blackstone Group LP for $1.025 billion. The move consolidates the media company's ownership of the theme parks and is one of the first deals NBCU has done since Comcast took control of NBCU in January. Universal Orlando comprises two theme parks -- Universal Studios and Islands of Adventure. NBCU Chief Executive Steve Burke said the deal affirms NBCU's commitment to the theme park business and said Universal is performing "extremely well." The transaction is expected to close July 1. NBCUniversal said the enterprise value of the deal is $3.165 billion. Blackstone put its stake up for sale in March, forcing NBCU to decide whether to pick it up or risk another bidder sweeping in to purchase the whole thing.