Vivendi agreed to sell its 20 percent stake in NBC Universal to General Electric for $5.8 billion, enabling Comcast and GE to combine their film, cable television and broadcasting assets in a new joint venture.

Under the terms of the transaction, if the GE-Comcast deal is not complete by September 2010, GE will pay Vivendi $2 billion for 7.66 percent of NBC. The remaining 12.34 percent will be sold to GE for $3.8 billion when the deal is completed.

If the GE-Comcast deal does not complete, Vivendi has the option to launch an initial public offering of its remaining 12.34 percent stake in NBC.