Minority interest in equity of consolidated affiliates includes common shares in consolidated affiliates and preferred stock issued by GE Capital and by affiliates of GE Capital. The balance is summarized as follows:

December 31 (In millions)	2004			2003
Minority interest in consolidated affiliates
NBC Universal(a)	$	6,529		$	—
Genworth Financial, Inc.(b)		3,778			—
Others(c)		2,158			1,753
Minority interest in preferred stock(d)
GE Capital		2,600			2,600
GE Capital affiliates		1,318			1,841
Total	$	16,383		$	6,194

(a)	Resulted from the combination of NBC and VUE. See note 16.
(b)	Resulted from the sale of approximately 30% of the common shares of our previously wholly-owned subsidiary.
(c)	Included minority interest in consolidated, liquidating securitization entities, partnerships and common shares of consolidated affiliates.
(d)	The preferred stock primarily pays cumulative dividends at variable rates. Dividend rates in local currency on the preferred stock ranged from 0.99% to 5.46% during 2004 and 0.91% to 5.65% during 2003.

Our minority interest in VUE reflects $1,582 million for shares of cumulative redeemable preferred interests (VUE preferred) held by IAC/InterActiveCorp (IAC) at December 31, 2004. VUE preferred pays dividends of 5%, with cash of 3.6% and the remaining 1.4% in kind. VUE holds IAC securities, with a fair value of $1,564 million, that may be used to redeem the VUE preferred in 2022. After redemption, any remaining IAC securities are for the exclusive benefit of VU. We have designated this entire position as a hedge of the disposition of the IAC shares.

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