GE: NBCU not for sale

March 11, 2008

immelt.jpgNBCU is not for sale. Got that?GE Chairman Jeff Immelt plans to put to bed persistent rumors that the industrial conglomerate is considering courting buyers for its broadcast, cable and movies division after the Beijing Olympics, according to the New York Times, citing Immelt’s note to GE investors in its annual report that will be filed on Wednesday.NYT quotes from the letter:“Should we sell NBCU? The answer is no!”"I just don’t see it happening. Not before the Olympics, not after the Olympics. It doesn’t make sense.”Immelt tells investors NBCU earnings are also expected to jump 10 percent this year.Speculation gathered steam last October after the Financial Times reported about Immelt considering NBCU’s fate only after the Olympics in August, citing unnamed sources. That set the chatter mill abuzz with scenario-spinning with potential suitors for pieces, if not the whole.But who really wants a broadcast network — and who doesn’t already have one — these days?(NYTimes)Keep an eye on:

  • Hulu launches, finally. (Reuters)
  • Spitzer, from all angles. (HuffPost)
  • Disney sees $1 billion from online content revenue in 2008, up from $700 million in 2007. (paidContent)
  • AOL replaces head of Platform A after just seven months. (NYPost)

(Photo: Reuters)

One comment

We welcome comments that advance the story through relevant opinion, anecdotes, links and data. If you see a comment that you believe is irrelevant or inappropriate, you can flag it to our editors by using the report abuse links. Views expressed in the comments do not represent those of Reuters. For more information on our comment policy, see http://blogs.reuters.com/fulldisclosure/2010/09/27/toward-a-more-thoughtful-conversation-on-stories/

GE Chairman Jeff Immelt needs to be fired. Jack Welch must be having a heart attack to see him neglect an outstanding company like GE and use the company to promote his personal political agenda. The company is suffering and he does not care. What will it take to get him fired and put in a real businessman.