It's official: Blackstone out at Universal Orlando
Written by Robert Niles
Published: June 6, 2011 at 8:19 PM
Here's the memo going around the company: (And yes, we told you about this
NBCUniversal and The Blackstone Group have announced that they have entered into an agreement whereby NBCUniversal will purchase Blackstone's 50% interest in Universal Orlando, giving NBCUnviersal and its affiliates a complete stake in Universal Studios Florida, Universal Islands of Adventure and Universal CityWalk.
"The acquisition consolidates our ownership and confirms our long-term commitment to Universal Orlando and the theme park business." Steve Burke said, "Universal Orlando has a superb management team and exciting growth opportunities."
"We are proud of the extraordinary growth and success that Universal Orlando experienced during our eleven years of ownership," said Michael Chae, Senior Managing Director of Blackstone. "Throughout this period we have been committed to investing for long-term growth in partnership with the Company's management and NBCUniversal, and we are gratified with the results of this strategy."
The price for Blackstone's 50% stake in Universal Orlando? $1.025 billion. For perspective, Disney's spending $1.1 billion on its revamp of the California Adventure theme park.
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