Gibson Dunn & Crutcher and Debevoise & Plimpton have taken roles as French media conglomerate Vivendi has sold a portion of its stake in NBC Universal to General Electric (GE) for $2bn (£1.3bn), reports AmLaw Daily.

The deal, announced on Monday (27 Septmeber) is part of the joint venture agreement announced last December between cable company Comcast and NBC Universal-General Electric. That agreement required Vivendi to sell its 20 percent stake in NBC to GE in a series of transactions.

In this first round, GE acquired a nearly 8% stake for $2bn (£1.3bn); the remaning 12.34 percent of NBC owned by Vivendi will be sold to GE for $3.8bn (£32.4bn) after the Comcast/NBC deal closes.

Gibson Dunn  is advising Vivendi on the sale. The firm's team is led by M&A partner Ruth Fisher, who negotiated a guarantee in December that if Comcast and GE failed to get regulatory approval of the overall deal by September, GE would have to purchase a part of Vivendi's stake.

Vivendi also was represented by its in-house legal team, including George Bushnell, senior vice president and deputy general counsel, and Debra Ford, director of corporate transactions.

GE continues to be advised by Debevoise M&A partner Jeffrey Rosen, with the assistance of corporate partner Kevin Schmidt, tax partner David Schnabel, and associates Michael Diz and Shelby Parnes. All the attorneys are based in New York.

Under the agreement, Vivendi will not sell GE its remaining 12.3% until Comcast and GE clear all the required regulatory hurdles. Both parties are hoping to close the deal by the end of the year but lawyers with knowledge of the joint venture say there is a regulatory bottleneck right now, particularly at the Federal Communications Commission.

Comcast is looking to communications, media, and privacy chair Michael Hammer at Willkie Farr & Gallagher for FCC regulatory advice, and to Davis Polk & Wardwell litigation partners Arthur Burke, Ronan Harty, and counsel Stephen Pepper for antitrust guidance. GE is looking to Arnold & Porter for antitrust advice.