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GE, Vivendi Reportedly Reach Agreement

Updated from 12:17 a.m. EST

FAIRFIELD, Conn. ( TheStreet) -- General Electric (GE - Get Report) has tentatively agreed to buy Vivendi's minority stake in NBC Universal for $5.8 billion, clearing the way for a possible deal to sell a controlling interest in the division to Comcast (CMCSK - Get Report), according to published reports citing unnamed sources.

General Electric CEO Jeffrey Immelt hashed out the basis for a deal after meeting with Vivendi CEO Jean-Bernard Levy last week, according to reports in The Wall Street Journal and New York Times Web sites late Monday.

The Times, citing people briefed on the matter, said much remained to be negotiated before a possible deal with Comcast. The Vivendi deal values NBC Universal at $29 billion, less than General Electric and Comcast had discussed last month, the Times reported.

The Journal reported it could still take a few days before a Comcast-GE deal is finalized and announced.

The Journal, citing people familiar with the potential Comcast deal, said it could take from six months to more than a year to secure regulatory approval approval.

-- Written by TheStreet.com in New York.

This article was written by a staff member of TheStreet.com.

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