NBC Universal has reportedly reached a deal with General Electric and Comcast that will give the latter a majority stake in the media company. In the agreement, NBCU would be 51% owned by Comcast and 49% by GE. Currently, NBCU is 80% owned by GE (valued at $30 billion) and 20% by Vivendi (valued at $5.8 billion).

Paperwork is expected to be complete Thursday morning, and a formal announcement should come shortly after. The companies are supposedly waiting for Vivendi to sign over its 20% stake. Naturally, the transaction is still subject to the usual closing procedures, including approval from the Federal Communications Commission, and could take more than a year to close.

With the deal, Comcast would be one of the nation's largest entertainment companies, rivaling its former acquisition target The Walt Disney Co.