Comcast to Buy Majority Stake in Universal Studios Japan

TOKYO—Comcast, the largest U.S. cable operator, said Monday it will acquire a 51% stake in the holding company of Universal Studios Japan for $1.5 billion through NBCUniversal, in a deal that would help the media giant seek further growth internationally.

The enterprise value of USJ is ¥ 750 billion ($6.2 billion), including debts of ¥ 400 billion, Comcast said.

In the agreement, Goldman Sachs Group Inc. and the other owners of USJ Co., the operator of the theme park, will sell more than half of their current stakes to a special-purpose company that NBCUniversal will set up.

"We are excited to expand our global footprint with this wonderful theme park in Osaka," said Brian Roberts, Comcast's chairman and chief executive in a statement. "This investment represents a huge opportunity and commitment to creating value for our shareholders and continuing to grow internationally."

Mr. Roberts said his company had been thinking about investing internationally since it acquired NBCUniversal.

Universal Studios Japan opened in 2001 and in 2007 made its debut on the Tokyo Stock Exchange's Mothers market for startup companies. But struggling with decreasing visitor numbers, USJ was delisted in 2009, when Goldman Sachs injected capital into the company.

Goldman currently has a majority stake in USJ. Asian private-equity firms MBK Partners and PAG, along with U.S. hedge fund Owl Creek Asset Management have the remaining stakes.

Comcast doesn't currently have a stake in USJ, although it receives fees from USJ's owners for intellectual property licenses and other services.

The transaction will be completed in early or mid November, Comcast said.

USJ had initially been looking to list on the Tokyo Stock Exchange in September, but decided to push back its listing plan.

Universal Studios Japan, located in Osaka, the center of the country's second-largest metropolitan area, had long struggled to make money, but business has been picking up since a Harry Potter-themed attraction opened at the park in 2014.

More than 12 million people visited Universal Studios Japan in the latest financial year.

Write to Atsuko Fukase at [e-mail]

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September 28, 2015 03:25 ET (07:25 GMT)

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