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General Electric Co. (NYSE: GE) CFO Keith Sherin defended his company's continued holding of NBC Universal and gave the media conglomerate a surprisingly high valuation of between $40 billion and $45 billion.
GE has been getting plenty of flack about holding on to NBC since it is not #1 or #2 in its market, as previous CEO Jack Welch would have wanted it to be. Sherin pointed out during a lunch meeting with me, my fellow blogger Jon Ogg and a few other writers that NBC is "priceless waterfront property." Sherin argued that Welch had picked up NBC from RCA at a relatively low price -- increasing its value from $3 billion to $10 billion. And in 2004, after forming NBC Universal with Vivendi Universal, the new entity was worth $32 billion. Sherin now estimates that NBC Universal is worth between $40 billion and $45 billion, although I am not sure I understand how he arrived at this figure.
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