• by Joe Mandese  @mp_joemandese, December 3, 2009

The merger of Comcast and NBC Universal is one of those mega deals that come along every so often that promise to fundamentally change the media marketplace. But the deal also shows how much the marketplace, or at the very least, the rules that govern it, have changed. The deal combines the biggest operator of cable and broadband communications services with one of the most powerful and broadest reach broadcast operations, giving the merged entity unparalleled distribution, and some of the most popular programming content and brands ever.

The deal, which has been expected for weeks, was officially announced early this morning, and was described as a "joint venture," but Philadelphia-based Comcast will control a 51% stake to former NBCU parent GE's 49%. Current NBCU CEO Jeff Zucker will lead the new entity, which will be headquartered in New York.

Under the terms of the transaction, GE will contribute to the joint venture NBCU's businesses valued at $30 billion, including its cable networks, filmed entertainment, televised entertainment, theme parks, and unconsolidated investments, subject to $9.1 billion in debt to third party lenders. Comcast will contribute its cable networks including E!, Versus and the Golf Channel, its ten regional sports networks, and certain digital media properties, collectively valued at $7.25 billion, and make a payment to GE of approximately $6.5 billion of cash subject to certain adjustments based on various events between signing and closing.

The companies said that the combined mix of cable and regional sports networks, including USA, Bravo, Syfy, E!, Versus, CNBC, and MSNBC, would account for about 80% of its cash flow.

In a related move, Comcast announced the creation of the Comcast Entertainment Group (CEG), which will house Comcast's interest in the joint venture and will stand alongside Comcast Cable, which operates the company's traditional cable business.