NBC Parent GE Lowers 2008 Estimates
By Robert Marich -- Broadcasting & Cable, 9/28/2008 8:00:00 PM
Wall Street's credit crunch pulled down NBC Universal's parent as General Electric lowered its full-year financial guidance to investors last week. It said it will suspend its stock buyback and likely not raise its dividend for the first time in 32 years.
GE said its media business—meaning NBCU—is posting "excellent performance" in operations. "In our media business, the Beijing Olympics were an unqualified success in all respects for NBCU, and cable ratings remain very positive," GE chairman and CEO Jeff Immelt said in a statement.
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