Microsoft sells MSNBC.com stake for $300 million

Bangalore: Comcast, the parent company of NBC, has bought out Microsoft's 50 per cent stake in MSNBC.com for a reported $300 million to assume full control of the news website.

"Today we're taking on a new name - NBCNews.com. While our name is changing, our commitment is not," Jennifer Sizemore, editor-in-chief of NBCNews.com, said in a letter posted on the company's website.

The New York Times reported the transaction was valued at $300 million, a part of which comes from the joint venture's past profits, citing people with knowledge of the deal.

Comcast, the parent company of NBC, has bought out Microsoft\'s 50 per cent stake in MSNBC.com.

NBC and Microsoft joined forces in 1996 to create a cable news channel and online news operation that melded broadcasting with then-emerging internet technology. Microsoft has since exited the cable venture.

The news of a possible website deal was first reported in May.

Comcast and Microsoft could not immediately be reached for comment outside regular US business hours.

Microsoft shares closed at $29.39 on the Nasdaq on Friday. Comcast shares closed at $31.87 on the Nasdaq.

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• NBC in talks to buy Microsoft stake in MSNBC site

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