Media and entertainment conglomerate Vivendi SA is nearing a decision on whether to sell its stake in NBC Universal, which would clear the way for the creation of one of the most powerful media companies in the world.

The French company's finance chief has told an investor conference in Barcelona that Vivendi's board still has three weeks to make up its mind on whether to sell its 20 percent stake in NBC Universal. That is a necessary step before the unit's other shareholder — General Electric Co. — can move forward with a plan to sell a majority stake to cable TV operator Comcast Corp.

Comcast's acquisition of NBC Universal would transform the nation's largest cable TV provider into one of the most prominent owners of TV shows, movies and other programming.

"We're not there yet. I read the papers like all of you so I learn about all the negotiations with GE that way. Apparently they're close to a deal with Comcast, which means that they would need to be close to a deal with us," Vivendi's Philippe Capron said Thursday, according to a recording of his comments.

Capron said "It's clear we're not interested in staying onboard" the new Comcast-controlled NBC Universal but that its decision on whether to exit the company is "a bit more complex" this year.

Vivendi has an annual option that allows it to dispose of its stake in NBC Universal via a stock market listing. The window it has to make its decision runs from Nov. 15 to Dec. 10. GE has right of first refusal and is expected to buy that stake.

However, if Vivendi does not agree on a price with GE, Vivendi can open up the listing of NBC Universal to other investors, which would block the GE-Comcast deal.

"This year's a bit different because this decision that we have to take in the next three weeks is in conflict with the GE-Comcast deal," Capron said.

The executive underlined that Vivendi could still decide to sit tight and hold onto its stake another year. "We're not forced to do anything. We can also just say no," Capron said.

Under a deal that could be announced shortly after a Vivendi sale to GE, GE would then sell 51 percent of the entire NBC Universal unit to Comcast. GE would get the right to divest its entire stake to Comcast in subsequent years.

Comcast would contribute about $15 billion for the stake — $5 billion to $7 billion in cash and the rest by giving its cable networks such as E! and Style to an NBC Universal joint venture with GE. The new NBC Universal would carry $8 billion to $10 billion of debt and operate under Comcast as its majority owner. CEO Jeff Zucker would report to Comcast's chief operating officer, Steve Burke, a former president of ABC Broadcasting at Walt Disney Co.

NBC Universal spans the NBC and Telemundo broadcast networks; cable channels such as Bravo and CNBC; the Universal Pictures movie studio and Universal theme parks. The cable networks have been among the strongest performers. Meanwhile the NBC network is fourth in the ratings, Universal Pictures has had inconsistent box office results, and the recession has lowered attendance at Universal theme parks.