General Electric exits TV business to focus on core business
Associated Press :New York, Feb 14 2013, 11:21 IST
which has featured giant red GE letters at its top since 1988, a prominent part of the New York skyline. A spokesman for Philadelphia-based Comcast said the company had no comment on its plans for the 1933 Art Deco building.
GE’s history with NBC goes back to 1919, when it co-founded the Radio Corporation of America, or RCA. The company pioneered commercial radio broadcasting. In 1926, RCA launched a television arm: the National Broadcasting Company, or NBC. Within two years, it had started the first regularly scheduled US television programming in Schenectady, New York, then the site of GE headquarters.
GE sold its stake in RCA in 1932. But in 1986, GE ended up acquiring RCA, selling off its record label and television-manufacturing business. All that remained was NBC.
In 2011, GE sold its majority ownership of NBCUniversal to Comcast for $8 billion in cash and reduced its ownership share from 80 per cent to 49 per cent.
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