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The Federal Communications Commission on Tuesday gave Comcast and General Electric approval to form a joint venture between Comcast and NBC Universal.
The Department of Justice on Tuesday also announced submitting a settlement with a U.S. District Court, clearing the way for the companies to complete the transaction by the end of the month.
In a news release, the FCC said it imposed several conditions that generally will remain in effect for seven years in order to address potential harms posed by the combination of Comcast, the nations largest cable operator and Internet service provider, and NBCU, which owns and develops some of the most valuable television and film content.”
The companies also have made several voluntary commitments that the FCC has adopted as conditions to approval of the transaction.
In December 2009, Comcast and General Electric announced an agreement to form a joint venture that would be 51 percent owned by Comcast and 49 percent owned by GE.
Comcasts acquisition of NBC Universal is a transaction like no other that has come before this Commission ever,” said FCC Commissioner Michael Copps, who was the lone commissioner to vote against approving the transaction, in a statement. It reaches into virtually every corner of our media and digital landscapes and will affect every citizen in the land.”