Comcast's Cable Channels Worth $7 billion, Say Comcast And GE
Comcast stock up 2% in advance of impending deal
By Claire Atkinson -- Broadcasting & Cable, 12/1/2009 5:26:41 PM
Comcast Corp.'s cable channels are worth as much as $7 billion, according to a valuation agreed by Comcast and General Electric, Bloomberg reported today. The two firms are working towards creating a joint venture which would merge those cable channels with NBC Universal to create a new content firm which will ultimately be owned by the Philadelphia-based cable operator.
Comcast's five major channels include E! Entertainment, Style network, sports network Versus, Golf Channel and gaming and technology focused network G4 as well as associated Websites. Comcast also owns on demand channel FearNet. Bernstein Research had previously attached a valuation of just $6 billion to the group of cable channels. A Comcast spokeswoman was not immediately available for comment on the $7 billion figure. Scripps Networks Interactive recently agreed to acquire Cox Communications' Travel Channel as part of a transaction valued at a billion dollars.
Comcast's cable assets command quite a high premium from third party distributors of the services. According to data from SNL Kagan, Versus is worth 31 cents per subscriber per month while Golf Channel is worth 26 cents, E! is worth 23 cents, Style is worth 15 cents and G4 is worth 8 cents.
Comcast's stock ended the session at $14.96, 2.05% higher than yesterday (November 30). The market was up December 1 with the Dow Jones rising 1.2%; S&P up 1.2% and Nasdaq also ending 1.5% higher.
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