April 17, 2007 |
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.
April 14, 2007 |
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.
February 28, 2007 |
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.
February 5, 2007 |
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.
January 20, 2007 |
General Electric Co. said Friday that its fourth-quarter profit more than doubled as its NBC television network showed signs of a turnaround and its global sales of gas turbines, healthcare equipment, financial services and aircraft engines grew strongly. GE also said it was restating financial results for 2001 through the first three quarters of 2006 to adjust accounting for interest rate swaps in part of its financial services commercial paper program. Shares of Fairfield, Conn.
January 19, 2007 |
General Electric Co. will acquire part of Abbott Laboratory Inc.'s diagnostics business for $8.13 billion in cash, the two companies announced Thursday. The addition of Abbott's primary in vitro diagnostics and point-of-care diagnostics businesses will broaden GE's $16-billion healthcare business, which has moved into healthcare information technology and molecular diagnostics in the last few years.
January 9, 2007 |
General Electric Co. is seeking bids for its GE Plastics unit and may be offered as much as $10 billion, people with direct knowledge of the auction said Monday. The bids may come from private equity firms, said the people, who asked not to be identified because the talks are private. GE spokesman Russell Wilkerson declined to comment. A sale would free GE Chief Executive Jeffrey Immelt of one of the drags on GE's recent earnings. He said at a Dec. 13 investor meeting that the Fairfield, Conn.
December 29, 2006 |
General Electric Co. said Thursday that it would go beyond a new federal disclosure rule on executive pay and tell shareholders for the first time the full extent of its compensation consultant's work for the company. The decision followed talks with the AFL-CIO, GE spokesman Peter O'Toole said. The union federation is pressing companies for evidence that consultants are giving independent advice on executive pay.
December 15, 2006 |
Vivendi decided to keep its 20% stake in entertainment company NBC Universal and agreed with partner General Electric Co. to extend their shareholder agreement, the French media and telecommunications group said Thursday. Vivendi said it would not exercise an option to sell part of its holding in January. Paris-based Vivendi and Fairfield, Conn.-based General Electric formed NBC Universal in 2004, when Vivendi sold its U.S.
December 13, 2006 |
General Electric Co. reaffirmed Tuesday that it expected earnings to increase 15% to 16% in 2006, and said it expected double-digit earnings growth for 2007. The Fairfield, Conn.-based industrial, financial services and media conglomerate said it expected this year's fourth-quarter earnings to increase 13% to 16%, or 62 to 64 cents a share. It said earnings for all of 2006 would be $1.97 to $1.99 a share. Previously, GE had predicted earnings of $1.94 to $2.02 this year.