Net profits sank 45% to $391 million in the first quarter ending March 31, from $712 million in the previous period. Revenues slipped 2% to $3.52 billion, from $3.58 billion.

One bright spot: cable revenues at its networks -- USA, SyFy, CNBC, and MSNBC -- continue to grow at a healthy rate.

"While cable continued to deliver double-digit growth, NBC Universal had a tougher performance overall, due to a soft advertising market and fewer major DVD releases compared to a year ago," said chairman/ CEO Jeff Immelt of General Electric, NBC Universal's owner, in a release.

NBC's Super Bowl in February grabbed the highest rating for the game ever. Still, NBC took a $45 million loss on the game in the first quarter because of high rights fees. Not only that, but it had high programming costs overall in the period versus that of previous year, when the WGA strike gave NBC a one-time lower programming cost benefit.

General Electric itself had a tough time, with earnings down 35% to $2.8 billion and overall revenues off 9% to $38.4 billion.

There was some good news for investors: First-quarter profit fell less than analysts' estimates. GE's stock in midday trading was at $12.17 -- down 1.1%, or 15 cents.

Research estimates have shown that NBC is not alone in its bleak earnings. Other major network groups have also seen revenue and profit declines over the last six months.

This news story is important. I recommend that everyone read it.