Comcast’s bet on NBCU begins to pay off

When cable operator Comcast bought 51 per cent of NBCUniversal, the television and film group, many in the media industry doubted the marriage would be a happy one.
Valuing NBCU at $30bn as it was separated from General Electric, the deal represented a bold bet by Comcast that it could successfully unite content and distribution. If it did so, it would succeed where its peers had failed, transforming the buttoned-down Philadelphia cable guys into bona fide media moguls. But critics worried the two companies had impossibly different cultures, with Comcast’s numbers-oriented discipline contrasting with NBCU’s creative culture. Analysts were wary of the acquisition, which made the enlarged company more complicated to assess. The deal, which closed a year ago this week, is still in its early stages.

Yet there are already signs Comcast is applying the same strategic acumen to its new content assets that helped make it the largest cable operator in the US. It has invested in new original programming, with shows such as The Voice, in an effort to turn round the struggling broadcast network. It secured critical sports rights at a cost of billions of dollars a year. And it has shown a willingness to redouble investment in businesses with which it was unfamiliar, such as films and theme parks.