NEW YORK -- The Universal theme parks have a new corporate parent
-- General Electric, which owns NBC.
NBC Universal came into being Wednesday, with the closing of the
merger of GE's NBC and Vivendi Universal Entertainment.
The new company, a global media and entertainment conglomerate
that expects 2005 revenue of $15 billion, is 80% owned by GE and
20% by Vivendi Universal.
In closing the deal, Vivendi Universal received $3.4 billion and
NBC Universal took on $1.7 billion in Vivendi Universal debt.
Regarding the theme parks, NBC Universal owns interests in five
of them, including Universal Studios Hollywood and Universal
On the management front, Ron Meyer became president and chief
operating officer of Universal Studios, meaning he's responsible
for Universal Pictures, the Hollywood studios, and the Parks and
Meyer formerly was president and COO of VUE.
Stacey Snider and Tom Williams will continue to lead the Parks
and Resorts division, NBC Universal said.