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BtoB

GE to buy rest of NBCi

Published on .

New York--General Electric Co. said Monday that it's buying the portion of money-losing Internet portal NBC Internet Inc. that it does not already own for $85 million. GE said it would pay $2.19 each for shares of NBCi, a premium of 46% over the $1.50 close Friday, when shares were up 3 cents. GE already owned 38% of the portal's shares. GE said it would integrate NBCi into NBC. NBCi was created in 1999 when NBC merged several of its key Internet assets with Xoom.com and Snap.com. However, the portal started to fall on hard times last year, when it laid off 170 employees and its stock started to languish. GE's move follows the decision in January by media rival Walt Disney Co. to fold its Web portal back into the company.
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