As struggles at
NBC have mounted in recent years, NBC Universal CEO Jeff Zucker has suggested the failures have been more of an image problem than a financial one. It's a venerable brand, but NBC prime time accounts
for a minimum of operating profits at the company.
Yet, as Comcast evaluated whether to make a bid for NBCU and turned to Peter Chernin for help, the former News Corp. executive offered a
different take. "Don't do this deal if you can't fall in love with NBC," Chernin told Comcast CEO Brian Roberts.
Roberts said he took that to heart, and Comcast is committed to resuscitating
NBC, which has such a successful run in prime time. "That won't happen overnight," Roberts said at an annual cable event. "That's going to require some risk and some investment and some patience."
But even as "creative cycles happen" and NBC waits for the next "Seinfeld," Roberts said he is more bullish on the broadcasting business than he was when Comcast reached the deal to take
control of NBCU. One reason is the emergence of a second revenue stream in retransmission consent revenues. Another is a recovery in the local ad business, where NBC has 10 owned-and-operated
stations.
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Separately, Roberts said Tuesday the "single most awesome asset" at NBCU is NBC News. Finding a way to "wall it off" and "let it have its own voice" while "keeping (it) down the middle"
will be a focus.
But in that, he seemed to be going with an image over profit metric. "I look at NBC News and say it will help define Comcast as part of that higher purpose that says what does
your company stand for," he said.
Perhaps referring to a difference between producing blockbuster movies at Universal studios and laying telephony pipes, Roberts said: "We're not going to try
to Comcast-ize NBC Universal. There's no reason for doing that. It's not even productive."
He said "there should be a distinct culture" at NBCU, and Comcast will respect and reward employees.
Exactly when Comcast will finalize the deal with General Electric to begin managing NBCU is unclear. Government regulators are reviewing the merger.
On Tuesday at the cable conference in Los
Angeles, Roberts was interviewed by Chernin in a fireside-chat format. On other issues, he said 30 networks are working with Comcast on its "TV Everywhere" initiative to give its pay-TV subscribers
access to cable programming on the Internet. And a new version of the system is coming.
Also, Comcast plans to set up an offering where its customers can access shows on the iPad if they
authenticate that they are cable subscribers.
Roberts said the new Comcast will have content and distribution assets allowing it to use technology to advance both sides of the company.
As for Comcast's traditional cable business, he said the company can learn some new tricks about promotion and marketing from NBCU.