Comcast Corp. prepares to buy a majority stake in Universal Studios Japan (USJ). The $1.5 billion deal will give the American multinational mass media company 51 percent ownership of the Japanese theme park.
The deal was announced on Monday in Japan. In the aftermath of the arrangement, Glenn Gumpel will stop leading USJ after being its CEO for 11 years. Also, MBK Partners Ltd., Goldman Sachs Group Inc. and Gumpel will diminish in importance and own just fractions of stakes in the Osaka theme park.
The replacement of Gumpel is Jean-Louis Bonnier, who has an experience of 10 years as CFO for Universal Parks and Resorts. He was in charge of controllership, financial operations, financial planning and performed an important part in all the division's strategic initiatives.
Universal Studios Japan functions as an independent unit under license from NBCUniversal.
After the Osaka theme park fared poorly and was delisted from the Tokyo bourse's Mothers Market in 2009, the tide turned last year. In July 2014, a $400 million 'Harry Potter and the Forbidden Journey' section opened, as well as a themed roller coaster named 'Flight of the Hippogriff.' By July 2015, the number of visitors spiked to almost 12 million and revenues maxed to the equivalent of $1.15 billion.
"We are excited to expand our global footprint with this wonderful theme park in Osaka and are excited by the opportunities that lie ahead in Japan and all of Asia," chairman and CEO of Comcast, Brian L. Roberts said.
"This investment represents a huge opportunity and commitment to creating value for our shareholders and continuing to grow internationally."
Comcast owns Universal Theme Parks and Universal Studios due to the purchase of NBCUniversal in 2013. Executives from Comcast are positive that the deal will enable the corporation to expand the theme park in Osaka and at the same time draft a global strategy for the American and Japanese entertainment venues.
"We want to expand our theme park business around the world and this investment in Universal Studios Japan fits perfectly with that strategy. Our theme parks in the U.S. have performed exceptionally well and we look forward to working with our partners to achieve that success in Japan as we introduce significant attractions at USJ over the next five years," declared Steve Burke, NBCUniversal CEO.
In 2013, General Electric Co. received $16.7 billion from Comcast for NBCUniversal, which gave the media company control of the NBC broadcast network, as well as cable channels Bravo and MSNBC. The U.S. theme parks were also part of the selling bundle.
Photo: Laura Tomàs Avellana | Flickr
