Comcast wisely used a page from NBC's playbook and agreed to pay up for another decade of exclusive Olympic Game rights. But the real test will be whether the new controlling owner of NBC Universal can leverage one of television's remaining great live events as a platform for innovation -- not just marketing.

The moment Groupon goes public later this year, it becomes a takeover target -- it can't happen too soon, given the latest turn of events. The daily deal wonder has effectively created a booming industry from scratch -- at a time when financially withering consumers are showing renewed reluctance to spend.

Just when network and local broadcasters are getting comfortable with the notion that hefty retransmission fees are a solid second revenue stream, new technology comes along to undercut their sustainability.