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News > Companies
GE to buy rest of NBCi
April 9, 2001: 8:30 a.m. ET

Deal worth $85M, a premium of 46%; will fold Web portal into NBC
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NEW YORK (CNNfn) - General Electric Co. said Monday it is buying the portion of Internet portal NBCi that it does not already own for $85 million.

The company will pay $2.19 each for shares of NBCi (NBCI: Research, Estimates), a premium of 46 percent over the $1.50 close Friday, when shares were up 3 cents. GE already owned 38.6 percent of the portal's shares. Television network NBC is a wholly owned unit of GE as well.

GE said it will integrate NBCi into NBC. NBCi was created in 1999, when NBC merged several of its key Internet assets with XOOM.com and Snap.com. The move follows a similar one at competitor Walt Disney Co., which in January announced it was closing Go.com and folding its Internet unit back into the company.

Shares of GE (GE: Research, Estimates) lost 93 cents to $41.17 in trading Friday. NBCi shares rose 50 cents to $2 in before-hours trading. graphic




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