Market Overview

Comcast Will Buy GE's 49% Stake in NBC

Comcast (NASDAQ: CMCSA) reported earnings after the close on Tuesday. The company announced that it would purchase GE's (NYSE: GE) 49% stake in NBC for $16.7 billion.

The company posted an earnings per share figure of $0.56, more than the $0.53 estimate. Revenue was a bit light, at $15.9 billion -- the Street had expected $16 billion.

In addition, Comcast raised its dividend to $0.78 per share on an annual basis, and announced a $2 billion stock repurchase program.

After the announcement, shares of Comcast traded up roughly six percent. Shares of GE rallied around one percent.

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