Comcast and General Electric formally announced today (Thursday) that they had signed an agreement that will bring together GE’s NBC and Universal properties and Comcast’s cable networks to form a joint venture that will be controlled and managed by Comcast. Comcast will own 51 percent of the media company and GE will get 49 percent. Under the deal, NBCU’s properties are valued at $30 billion; Comcast’s at $7.25 billion. In a joint statement, Comcast Chairman/CEO Brian Roberts said, “This deal is a perfect fit for Comcast and will allow us to become a leader in the development and distribution of multiplatform ‘anytime, anywhere’ media that American consumers are demanding.” In the same statement, GE Chairman/CEO Jeffrey Immelt said that the partnership “will give consumers and advertisers more choice and our cable and digital assets will be second to none.” Jeff Zucker, the current president and CEO of NBCU, has been designated CEO of the new company, which apparently does not yet have a name. In today’s official announcement, Zucker said that the deal marks “the start of a new era” for NBC. But several reports observed that the television network represents a small slice of the new company, with cable networks -- which can draw revenue from both advertisers and subscribers -- accounting for the lion’s share of the company’s revenue. In its report of the deal, the New York Times commented, “GE’s decision to sell reflects the deteriorating state of the broadcast television industry, and a desire to exit a business that never quite fit well with its industrial side.” The deal still faces somewhat uncertain regulatory scrutiny, with many analysts predicting that it could take more than a year to be completed. Indeed, some have suggested that before the deal finally passes muster, the NBC network will have to be removed from the collection of properties. Consumer and media-watchdog groups immediately slammed the deal. "No entity should have control over such a large audience," said Andrew Schwartzman, president of Media Access Project. "It's the most important merger since Lucy met Desi."

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