General Electric’s ongoing negotiations to form a joint venture with Comcast combining NBC Universal with the cable operator’s networks now includes an option to redeem for cash half of its stake in the new company within three-and-a-half years providing a path for a complete exit, according to people familiar with the matter.

Discussions to form a new venture take place as Vivendi, which owns a 20 per cent stake in NBC Universal, nears an annual deadline giving it the right to register the stake in an initial public offering or force GE to buy back its stake.