Comcast earnings soar; now the hard part begins

Now the work begins. Despite all of the talk about the importance of fixing the ailing NBC broadcast network or the glamour of entering the movie business, Comcast CEO Brian Roberts said the first priority of his lieutenant, NBC Universal Chief Executive Steve Burke, would be "to maintain the strong momentum and focus of the cable channels." Cable channels, after all, provide 80% of the operating profit of NBC Universal. And Comcast is, by definition, a cable company.

Burke indicated that he has his work cut out when it comes to the broadcast business. "There is big opportunity in the next few years for NBC." Perhaps in "three, four, five years," he said. While NBC News is strong, NBC's prime-time lineup is weak. Sports properties lose hundreds of millions of dollars a year. Burke cautioned that there won't be any rapid turnarounds. "I don't think that we are going to see anything for awhile," he said. He also sprinkled a little cold water on some people's expectations that NBC would bid aggressively to maintain its rights to broadcast the Olympics. Negotiations for the TV rights for the 2014 and 2016 Olympics are expected to begin in a few months, and NBC has long outdistanced its rivals. But last time around, in 2010, NBC lost more than $220 million on its broadcast of the Vancouver Olympics. Comcast doesn't appear to be as willing to bid for the games at any cost.