The deal between General Electric and Comcast over a majority stake in NBC Universal is complete, and there is nothing left to do but process paper, a source close to the merger told CNBC Tuesday.

A deal is expected to be completed on Thursday morning, as the companies await Vivendi to sign an agreement over the the sale of its 20 percent stake in the entity, which was valued Monday at $5.8 billion, the source said.

Some expect it could take more than a year to close the transaction, as the companies await approval from the Federal Communications Commission. But sources think that ultimately, the deal will be approved by regulators.

The deal would make NBCU 51 percent owned by Comcast (NASDAQ: cmcsa) and 49 percent owned by GE (NYSE: ge).

Currently, GE owns 80 percent of NBCU, which the two companies have valued at about $30 billion.

The deal includes the spinoff of NBC Universal and $9 billion in debt. It also includes the merger of Comcast's content assets and a $6 billion cash contribution.

The deal would make Comcast one of the nation's largest entertainment companies rivaling the heft of its former takeover target, The Walt Disney Co (NYSE: dis).

Comcast wants NBC Universal largely for its lucrative cable channels, such as Bravo and CNBC. NBC Universal also spans the NBC and Telemundo broadcast networks, the Universal Pictures movie studio and Universal theme parks.

Comcast is eager to diversify its holdings amid an encroaching threat from online video and more aggressive competition from satellite and phone companies that offer subscription TV services.

Although the deal holds the promise that movies could reach cable TV more quickly after showing in theaters, and that TV shows could appear faster on cell phones, it has already raised concerns that Comcast would wield too much power over entertainment.

Comcast and GE have already resolved how to value the joint venture in the years after the deal closes, giving more clarity on how GE could exit its stake, sources have said.

Exit provisions are critical in joint ventures because they deal with when and how a partner can get out. In the case of GE, many of its shareholders have urged the conglomerate to offload NBC Universal, whose broadcast and cable networks, movie studio and theme parks are considered misfits among GE's mostly industrial operations.

The parties have discussed an option for GE to sell all or part of its stake in the new venture to Comcast within seven years, sources have said.

GE shares rose more than 1 percent Tuesday, while Comcast shares were up nearly 2 percent.

-AP and Reuters contributed to this report