NBCU Moving Ahead In Theme Park Talks

Apparently, Comcast Corp.-controlled NBCUniversal is moving forward with discussions to acquire Blackstone Group LP's stake in the Universal Orlando theme parks.

Blackstone put its stake up for sale in March, forcing NBCU to decide whether to pick it up or risk another bidder sweeping in to buy the whole thing. That outcome could complicate the parks' licensing contracts. Under the joint-venture, Blackstone has the right to seek someone to buy both stakes. However, NBCU has the right of first refusal on the stake and has until June 12 to make a decision. The discussions come as the Universal Orlando theme parks are showing strong momentum, riding the popularity of new attractions like the "Wizarding World of Harry Potter." In 2010, Universal Orlando reported revenues of $1.1 billion, up 41% from 2009, and a 50% annual increase in EBITDA to $391 million. Blackstone purchased its 50% stake from the Rank Group Plc in 2000 for $275 million in cash, in addition to a contingent payment of up to $75 million based on performance. Sanford C. Bernstein analyst Craig Moffett estimates Universal Orlando has an enterprise value of $3.1 billion and an equity value of $1.5 billion.