NBC Buys Stake In Telescan

Shares of Telescan surged 17 percent Friday morning after it said that General Electric's NBC unit bought a 9.9 percent stake in the provider of Web services and online financial data and tools.

The General Electric (GE) unit bought 1.2 million Telescan (TSCN) shares in a private placement at $7.70 each. The purchase was financed by GE's Capital Equity Capital Group.

Shares of Telescan rose 2 3/4 to 18 3/4 and GE gained 1 11/16 to 98 3/4 in opening trading.

Telescan also said it's negotiating to provide hosting services for NBC and to license Telescan's technology and portions of its content.

The NBC purchase reflects the network's efforts to prepare for the expected convergence of computers, the Internet and television. Already, viewers can buy devices that allow for Internet access via TVs, while PCs can be programmed to receive television signals.

"NBC is pleased to take an equity stake in Telescan, a leading-edge Internet technology solutions and content company that has a tremendous upside for growth," said Tom Rogers, president of NBC Cable and NBC executive vice president in a statement.

Written By Lisa J Ulmer