Comcast, NBC to Sell Deal to Lawmakers
NEW YORK (
) --
Comcast
(CMCSA) - Get Report
and NBC Universal executives are scheduled to testify in front of lawmakers Thursday, where they will make a case for their deal.
The Comcast and NBC Universal heads are scheduled to testify at a House committee hearing and a Senate committee hearing.
Committee hearing members will presumably ask whether the deal would be beneficial to consumers in the long-run. They would refer to cable pricing concerns for example.
Brian Roberts, chairman and CEO of Comcast, left, and Jeff Zucker, president and CEO of NBC Universal. |
The Comcast and NBC Universal heads in the meantime will presumably argue that a Comcast controlling stake in NBC Universal makes more financial sense than its current situation with
General Electric
(GE) - Get Report
.
According to CreditSights, Comcast said it was committed to using up a $3.6 billion stock buyback program over three years at the time it announced its deal to acquire control of NBC Universal; CreditSights thinks the equity markets would like to see that timetable accelerated.
Comcast stock has slid 1.9% to $15.70 in Thursday morning trading, while GE has tumbled 2.4% to $16.30.
Meanwhile,
Time Warner Cable
(TWC)
has fallen 0.9% to $44.80 and
Cablevision Systems
(CVC)
has tumbled 2.9% to $25.80.
-- Reported by Andrea Tse in New York
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