Comcast-NBCU: Reaction Across The Web

NBC Studios

You can follow our full coverage of the Comcast-NBC Universal (NYSE: GE) deal here — but here is some additional analysis from around the web that has caught our attention:

» The deal is likely to ultimately pass regulatory muster since Comcast (NSDQ: CMCSA) and NBC Universal’s main businesses (content for NBC and distribution for Comcast) don’t overlap. That, however, doesn’t mean the companies won’t have to make concessions, Marketwatch reports.

» David Coursey at PCWorld makes the case that the deal should not get approval because “it will create yet another instance where a company that delivers digital content will have a profit motive to discriminate against other content providers.”

» Forrester’s James McQuivey provides a counterpoint to Rafat’s argument that the deal is not about digital, saying that “because the future of cable is entirely dependent on digital … The future of all media of any sort is dependent on digital. Ergo, so is this deal.”

» At VideoNuze, Will Richmond takes stock of the winners, losers, and unknowns created by the deal. The big winner? Comcast, he says. The loser? The NBC broadcast network, which will contribute only a small percentage of the joint venture’s cash flow.

» Morningstar has put its “fair value estimate” of Comcast under review, saying that the $30 billion valuation being put on NBC Universal is too high, considering the market value of competitors.

» Fitch Ratings, on the other hand, is optimistic that the deal “increases Comcast’s size and scale, and creates a company with a more diversified revenue and asset base.” It reaffirms its credit ratings on Comcast, saying it will “only have a modest negative effect on Comcast’s balance sheet.”

» Todd Bishop at TechFlash notes that the deal once again ties Microsoft (NSDQ: MSFT) with Comcast, which it once owned a significant stake in. Both companies will now be co-owners of — which could perhaps lead to additional partnerships between the firms, he speculates.

» And for a light-hearted take, here’s a nutritional information chart from Boing Boing summarizing the deal’s key points, along with some warnings.

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