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BUSINESS
June 16, 2007 | Joseph Menn, Times Staff Writer
The owner of a competitor to the Wall Street Journal emerged Friday as a potential bidder for the newspaper's parent company, complicating Rupert Murdoch's quest for the crown jewel of financial news. Pearson, the London-based parent of the Financial Times, recently approached General Electric Co. about making a joint bid for Dow Jones & Co., according to people familiar with the talks who declined to be named because the discussions are confidential.
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BUSINESS
June 4, 2007 | Meg James, Times Staff Writer
Not long ago, one of the brightest lights within General Electric Co. was NBC. But for the last three TV seasons, the once-dominant network has finished fourth place in the prime-time ratings and watched its advertising revenue drop by nearly $1 billion. This spring, NBC posted embarrassing multiyear lows in the ratings, prompting frustrated NBC Universal executives last week to sack the network's programming head, Kevin Reilly, just three months after extending his contract for three years.
BUSINESS
May 22, 2007 | From the Associated Press
General Electric Co. said Monday that it would sell its plastics division for about $11.6 billion in the latest move to reshape one of the world's largest companies. GE said it would use the proceeds from the sale to petrochemical manufacturer Saudi Basic Industries Corp. primarily to increase its planned 2007 stock buyback program. It now expects to buy back $7 billion to $8 billion in stock, up from the previous plan of $6 billion. The deal is expected to create a net gain, after taxes, of $1.
BUSINESS
May 22, 2007 | From Times Wire Services
General Electric Co.'s Universal Studios has agreed to build a theme park in South Korea with a local partner, the two companies said Monday. The new theme park probably would be completed by 2012, Universal and its South Korean partner, USKOR & Associates, said. A statement didn't disclose financial details or the theme park's specific location.
BUSINESS
May 18, 2007 | From Times Staff and Wire Reports
General Electric Co. is close to an agreement to sell its plastics division to Saudi Arabia's biggest industrial company for about $11 billion, the Wall Street Journal reported. The suitor, Saudi Basic Industries Corp., is one of the largest non-oil companies in the Middle East and has manufacturing and research facilities around the world. It had been bidding against Dutch plastics giant Basell, the Journal reported on its website. A spokesman for GE declined to comment.
BUSINESS
May 17, 2007 | From Times Staff and Wire Reports
General Electric Co. is recalling 2.5 million dishwashers because of a wiring problem that could cause fires. The recall includes dishwashers sold under the brands Eterna, GE, GE Profile, GE Monogram, Hotpoint and Sears-Kenmore. Owners should contact GE for a free repair or a rebate toward a new dishwasher.
BUSINESS
April 17, 2007 | From Reuters
General Electric Co. is launching a $250-million equity fund to invest in media and technology companies, an executive said Monday, part of a broader push by traditional media companies to get into hot areas such as digital advertising or social networks. Adify, a company whose technology helps build and support online ad networks, received the first $3-million investment announced by the fund, which is overseen by NBC Universal and GE Media, Communications & Entertainment.
BUSINESS
April 14, 2007 | From the Associated Press
General Electric Co., helped by sales of big-ticket items such as jet engines and railroad locomotives, posted first-quarter earnings of $4.5 billion Friday, up 2% from the same period in 2006. The diversified manufacturing, media and financial services conglomerate also said the results were dogged by the sagging sub-prime mortgage industry and weak performances in its industrial and NBC units. "It was a solid first quarter despite a few headwinds," said Jeffrey R.
BUSINESS
February 28, 2007 | From the Associated Press
The chairman and chief executive of General Electric Co. received $15.2 million in compensation last year, according to a company proxy. Jeffrey Immelt, 51, was paid $3.3 million in salary, a $5-million bonus and $548,013 in other benefits, including private use of company airplanes. In addition, he was awarded performance share units valued at $6.3 million on the day they were granted last year.
BUSINESS
February 5, 2007 | Meg James, Times Staff Writer
For the man who dedicated two decades to building NBC Universal into an entertainment empire, the closing credits began to roll too soon. Bob Wright had wanted to stay on as chief executive a bit longer. But General Electric Co., which owns NBC Universal, is expected to announce Tuesday that 41-year-old Jeff Zucker will replace the 63-year-old Wright as chief executive of the media company. GE Chief Executive Jeffrey Immelt was determined to have his own team running NBC Universal.
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