GE (NYSE: GE) will say once again that its entertainment business, NBC Universal, is not for sale.
“Should we sell NBCU? The answer is no!” Mr. Immelt writes in a message for investors in G.E.’s 2007 annual report according to The New York Times. Immelt is GE’s CEO.
With GE’s stock near a 52-week low, the decision is a bad one. NBC Universal lost revenue last year falling to $15.4 billion from $16.2 billion the year before. Profits moved up 7% to $3.1 billion.
Those numbers are like a boat anchor dragging on GE’s successful financial and infrastructure business. The infrastructure operation. GE’s largest, had a 2007 revenue increase of 21% to $57.9 billion. Operating income was up about the same amount to $10.8 billion.
Until GE finds a new home for operations like NBC Universal it is going to be very hard to get the company’s shares to move.
Douglas A. McIntyre
Credit Card Companies Are Doing Something Nuts
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Flywheel Publishing has partnered with CardRatings for our coverage of credit card products. Flywheel Publishing and CardRatings may receive a commission from card issuers.
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