Immelt: GE ‘Not Done Doing Cable Deals’
General Electric chairman and CEO keeps door open following NBC Universal's acquisition of The Weather Channel.
By B&C Staff -- Broadcasting & Cable, 8/18/2008 9:21:00 AM
General Electric chairman and CEO Jeff Immelt said that on the heels of NBC Universal’s acquisition of The Weather Channel, there may be more cable deals on the horizon.
And he told CNBC’s Carl Quintanilla Monday morning that he is satisfied with the strategy of partnership arrangements such as the one formed for the TWC purchase.
He said, “Jeff [Zucker] and his team could come and say, ‘Here’s the right price for Weather Channel,’ but I now have Bain [Capital] and Blackstone [Group], and so if you like investing in cable the way I do, every now and then, I like getting a couple of validation points to say, ‘Here’s what you ought to be paying,’ and you get two of the shrewdest guys in the world helping you to validate it because we’re not done doing cable deals.”
Immelt also brushed aside a story in a Chinese newspaper praising him for holding onto NBCU so far.
“Since I have never considered selling it, right, I never really should take the heat for not having sold it,” he said. “I shouldn’t get credit for keeping it.”
Immelt also joked that based on swimmer Michael Phelps’ ratings-grabbing, eight-gold-medal performance, he may be in line for a new job.
“I was saying the other day, he may be the youngest VP in GE history,” Immelt added.
