EU approves Comcast buy of NBC Universal

BRUSSELS: US cable provider Comcast won EU regulatory clearance on Wednesday for a landmark deal to buy a controlling stake in General Electric's NBC Universal.

The deal would create a media superpower with control of how television shows and movies are made and how they are delivered to homes. NBC owns TV networks, a movie studio and theme parks.

Under the agreement, Comcast will provide $6.5 billion in cash, its own cable TV networks and other assets in return for a 51 percent stake in NBC Universal. GE will keep the remaining 49 percent.

"After examining the operation, the Commission concluded that the transaction would not significantly impede effective competition in the European Economic Area," the European Commission said in a statement.