• by David Goetzl  @dgoetzl, December 4, 2009

Speaking on CNBC Friday to discuss the Comcast and NBC Universal joint venture, NBCU CEO Jeff Zucker had some thoughts on the "Jay Leno" experiment that may hearten network affiliates.

While the comedian's 10 p.m. show may be posting satisfactory ratings for NBC, he said he understands the lower numbers could be a lackluster lead-in for the late local news on stations around the country.

"It's doing in terms of ratings exactly what we thought it would do," he said in an interview. "In terms of what it's done to the local stations and affiliates -- obviously it's had a greater impact there. That's something we're assessing, and we have to look at."

Still, he said, more time is needed for the dynamic to "play out," before the Leno at 10 p.m. obituary is written. On the broader opportunities of the joint venture, Zucker emphasized that the deal offers a chance to better navigate the new digital order.

"The ability to manage content across all platforms, make it available when and where people want to watch it -- that's really what the promise is," he said. "That's ... what's exciting about this."

With respect to Hulu, NBC.com and other sites that offer full episodes of shows with a relatively low commercial load and revenues that pale beside traditional models, Zucker said Comcast and NBCU are "grappling" with how to invigorate that business.

The joint venture "will help us experiment with that, think about new ways to do that ... we're so early in the game, but we're in the game."

NBCU has shown a willingness not to charge cable and satellite operators fees to carry the NBC and Telemundo stations it owns, looking instead for higher payments to carry its cable networks. But Zucker reiterated that this model may be changing. News Corp. CEO Rupert Murdoch has recently taken a similar stance with his company.

"Obviously, we need to find a model that's similar to the cable model ... we need to find a second revenue stream," he said.