NBC now gives us a clearer picture of how "The Tonight Show with Conan O'Brien" was doing: apparently, dripping in red ink. Surprise! That show has never lost money before -- ever.

Don't be fooled by the new surge in some TV ad spending -- there's more going on than meets the eye. Take Olympic spending this year. Interpublic Cos. Magna research group says that this year's Olympic games will generate $488 million in "incremental revenue," much of it going to TV platforms. But this is way down from the $650 million in incremental revenue during the 2006 Winter Olympics in Torino, Italy.

TV stations need to embrace more of their localism to be successful in the coming years -- which could mean no more new court or tabloid magazine shows. We're talking about the current failure of trying to cater to an entire DMA the same way. In the digital age, this is too much "broadcasting." Stations need to go far beyond local efforts and focus much more on micro-localism.

t's never a black-and-white TV world, despite all the negatively charged feelings around Jay Leno, Conan O'Brien and NBC in general. All this begs the question: What has NBC Universal President/CEO Jeff Zucker done right?

Years ago, an editor pushed me to write a story about how "American Idol" would save the music business. I didn't write that story because I didn't believe it -- along with the fact that no music business forecasters would offer up such a theory.

Decency and indecency are back in the courts -- and onscreen in late night. Judges from a Federal Appeals Court are on the verge of throwing out those flimsy Federal Communication Commission rules that would fine networks for the slightest of indecent infractions. But there's more on the profanity front. Jay Leno, Conan O'Brien, and David Letterman are revealing much of the profane when bashing NBC

Many TV networks pride themselves on encouraging youth and transformation. But if that strategy is applied incorrectly, it can pull networks into a dark, unforgiving programming hole.

NBC should have a Plan B in place now that Conan O'Brien has rejected the network's idea to move "The Tonight Show" to 12:05 a.m. Not a Plan B about programming, but marketing. Over seven months ago, it began to tell viewers the long-term view of its late evening schedule would consist of Leno at 10 p.m. and O'Brien at 11:35 p.m. What will NBC now tell its viewers about its late-night schedule?

Whatever you think the new drama around Jay Leno and Conan O'Brien means to NBC viewers, think about what Jerry Seinfeld said during the NBC portion of the Television Critics Association meeting about the explosive late-night situation: "There are no rules in show business." But, alas, there could be penalties, especially if O'Brien's lawyers determine his "Tonight Show" deal isn't the real deal they signed up for.

U.S. consumers are just getting used to big new HDTV TV sets, while U.S. manufacturers are offering another expensive alternative: 3D TV. This is the way the U.S. electronics business has worked for decades: leave them wanting more to help drive business, and also give consumers more headaches over what new TV technology to consider.