Comcast Will Buy GE's 49% Stake in NBC

Comcast CMCSA reported earnings after the close on Tuesday. The company announced that it would purchase GE's 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.