USA Network is the most valuable part of NBC Universal at $11.7 billion, but the NBC network is worth a negative $600 million, according to Wunderlich Securities analyst Matthew Harrigan. He also puts
the value of the Universal studio arm at about $4 billion. According to the analyst, the NBC Universal cable networks make up 78% of NBC Universal's valuation. Thanks to the stronger-than-anticipated
recovery in the advertising market, the total company is likely worth slightly more than $32.5 billion, he said. In the Comcast deal, NBC Universal was value at $30 billion.
The
negative $600 million value for NBC comes "as it remains a capital call for programming development as long as it remains mired in the #4 network position" in prime time, Harrigan said. His valuation
on Walt Disney's ABC network is a positive $1.2 billion in comparison with NBC's negative value.
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