Private equity firm Blackstone Group LP has agreed to sell its 50 percent stake in Universal Orlando to Comcast-controlled NBCUniversal for $1.03 billion.
The deal announced by the companies on Monday gives Comcast Corp. full ownership of the theme park.
The transaction is expected to close on July 1.
Philadelphia-based Comcast bought a 51 percent interest in NBCUniversal in January. General Electric Co. holds a 49 percent stake.
The purchase isn't too much of a surprise since a March Securities and Exchange Commission filing noted that Blackstone had offered to sell its share of the theme parks back to NBC Universal Inc.
NBCUniversal plans to fund the deal with by tapping its revolving credit line and a one-year $400 million note from Comcast.