Posted on 12/01/2009 7:29:55 PM PST by BenLurkin
As GE prepares for an expected $30 billion deal that will give control of NBC to cable TV operator Comcast Corp., the conglomerate is shifting its focus back to its industrial divisions.
GE is shrinking its finance arm that has been severely buffeted by the financial crisis. It has sold some businesses and shopped others around. And it is chasing nearly $200 billion in stimulus money from worldwide governments, much of it earmarked for such products as medical equipment and wind turbines. This new GE will likely look a lot like GE did before it acquired NBC in 1986.
GE has reached a tentative agreement to buy out the 20 percent stake in NBC Universal that is held by French media company Vivendi SA, according to a person with knowledge of the deal. GE and Comcast are then expected to turn NBC Universal into a joint venture, with Comcast holding a 51 percent stake. GE would likely fully leave the partnership in a few years.
The financial crisis and recession of the past year have been difficult for GE, which is based in Fairfield, Conn., and has 323,000 employees. The company was forced to slash its dividend by 68 percent. It lost its coveted top bond rating and its stock fell as much as 90 percent below the peak it had hit in 2000. GE is still trying to work through big losses at its GE Capital lending unit, once the source of half the conglomerate's profits, in areas like commercial real estate and credit cards.
GE earned $8.1 billion over the first nine months of this year on revenue of $115 billion -- but that marked a 43 percent drop in profit and a 15 percent revenue decline.
(Excerpt) Read more at finance.yahoo.com ...
I’m opposed to GE getting one penny. We don’t need to spend billions for a bunch of windmills.
LOL, you OK?
“And it is chasing nearly $200 billion in stimulus money from worldwide governments, much of it earmarked for such products as medical equipment and wind turbines.”
I like that part right there....just one of those throwaway lines that really tells the whole story.
GE must have cut their Afghan buildup deal with the Whtie house and will be selling hardware for 18 months worth of bogus effort before it all gets left there in Kabul when Obie surrenders to his muzzie brothers.
This should be interesting: Comcast gave more money (54%) to Republicans than Democrats (45%). And the COO is a Bush ranger. That’s right, folks: MSNBC is being bought out by a Republican-leaning camp. Olberman must be tickled pink.
You have to admit, the corporate synergy between a windmill manufacturer and the world’s leading source of hot air was impressive.
At least the Windmills will keep us cool.
If General Electric really wants to return to its roots, the first thing they need to do is get rid of that idiot Immelt!
Hussein has continued with the global warming fraud on the citizens of the US by giving GE the green light for many of our green initiatives.
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