The network posted the interviews onto NBCU Direct, something of an internal newsletter disguised as a fun website. MTP executive producer Betsy Fischer was also there. She described her show’s plan to corner the market on “politics, politics, politics.” In the run-up to November, she and Gregory promised political debates from Illinois and Colorado senate candidates, “granular” coverage of local elections, and continued analysis of the sharp ideological divisions that are splitting the electorate.

Check out NBCU’s homespun videos below:

After a little initial awkwardness (“I used to work there,” he said), he got to the negative news for NBC – and positive news for NBC CEO Jeff Zucker.

“Looks like the Leno-Conan debacle and the Winter Olympics cost them a lot of money,” said anchor Liz MacDonald at the beginning of the segment. Gasparino’s report found that Zucker could make up to $23 million (with bonuses and salary), and he found some more details about the contract (up in 2013). If this was his former home, CNBC, he probably wouldn’t have heard the audible gasps of surprise and questions about “why?” from the anchors he was talking to. He also detailed the $223 million lost by the network last year.

That number had been reported widely earlier this month, but the reason why had not been – and Gasparino’s report got some pick-up.

Here’s yesterday’s Gasparino segment:

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The first insult comes early when Chozick’s article reveals that execs call the technique “behavior placement” which is so sinister sounding that George Orwell would have considered it too heavy-handed for 1984. The article goes on to show the reader just how much bottom-line thought goes into simple acts like Tina Fey throwing out a water bottle in an episode of 30 Rock.

From the article:

“While the network says it tries to incorporate green programming throughout the year, the special emphasis twice a year creates an “event” that provides opportunities to advertisers, an NBC spokeswoman says. For instance, a Wal-Mart ad focusing on locally grown produce ran this past November after an episode of the medical drama “Trauma” in which emergency medic Rabbit rescues a window washer dangling precariously from a building; medics are alerted to the situation by a man sitting in his hybrid vehicle.”

Ugh. And the sitcoms and dramas aren’t the only one’s who are affected. During a 2008 “Green Week,” MSNBC had correspondent Kevin Corke cover the presidential primary in Pennsylvania by driving around in something called the “Green Machine”. As a helpful side note, the news program wasn’t remiss in reminding viewers that the vehicle was a Ford Escape hybrid!

NBCU has been making huge strides in the areas of corporate integration. The product placement has been around for years (in all fairness, almost since the beginnings of television), but this “behavior placement” just seems so insulting to viewers. At the very least, the execs who gave the interview to the WSJ could pretend that it’s all actually about saving the environment. And, hey, if you like “Green Week”, get ready for “Health Week”! The WSJ article states that that new marketing opportunity will come be coming in June and it’s something NBCU has been working on for a while. Makes sense though. If those lovely car companies can show just how much they care about the earth, it’s only fair that NBC allows companies like McDonalds to show how much they care about your health!

Look, we all know that television is a business. Everything is a business. Hell, every action on this planet can pretty much be boiled down to people trying to stay alive, reproduce, or make money. Still though, there’s just something so creepy about reading all these quotes stacked together.

As soul crushing as it may be though, you really should read the article. It’s a truly interesting peek into what it takes to make “art” in this day and age and we all need a bracing splash of reality every once and again. And after you’re done, you can always spend the rest of the day watching Frank Capra movies until you cry yourself to sleep…

Comcast would own 51%, GE would own 49%, Comcast would manage and the venture consists of NBCU businesses, Comcasts’s cable networks and certain digital properties, among other things.

Some key points:

• Jeff Zucker will lead the joint venture, and report to Comcast COO Steve Burke.

• The deal put NBCU’s value at $30 billion.

• Get ready for a lengthy regulatory fight.

Here’s the full press release:

PHILADELPHIA, PA and FAIRFIELD, CT – Dec. 3, 2009 – Comcast (NASDAQ: CMCSA, CMCSK) and General Electric (NYSE: GE) announced today that they have signed a definitive agreement to form a joint venture that will be 51 percent owned by Comcast, 49 percent owned by GE and managed by Comcast. The joint venture, which will consist of the NBC Universal (NBCU) businesses and Comcast’s cable networks, regional sports networks and certain digital properties and certain unconsolidated investments, will be well positioned to compete in an increasingly dynamic and competitive media and digital environment.

The combination of assets creates a leading media and entertainment company with the proven capability to provide some of the world’s most popular entertainment, news and sports content, movies and film libraries to consumers anytime, anywhere. The joint venture will provide consumers the broadest possible access to content, and support high-quality, award-winning content development across all platforms including film, television, and online. It will be anchored by an outstanding portfolio of cable networks and regional sports networks that will account for about 80 percent of its cash flow, including USA, Bravo, Syfy, E!, Versus, CNBC and MSNBC. The joint venture will be financially strong with a robust cash-flow-generation capability.

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.

Comcast Chairman and Chief Executive Officer Brian Roberts said, “This deal is a perfect fit for Comcast and will allow us to become a leader in the development and distribution of multiplatform ‘anytime, anywhere’ media that American consumers are demanding. In particular, NBCU’s fast-growing, highly profitable cable networks are a great complement to our industry-leading distribution business. Today’s announced transaction will increase our capabilities in content and cable networks. At the same time, it will enhance consumer choice and accelerate the development of new digital products and services. GE has provided NBCU with a great home and has dramatically and positively transformed the business. We are honored that under this agreement Comcast would take over the stewardship of this important collection of assets and are absolutely committed to investing in NBCU and ensuring that it is a vibrant, financially strong company able to thrive in a rapidly evolving marketplace by delivering innovative programming. We are particularly pleased to be creating this new joint venture with GE and Jeff Immelt and to have their continued involvement.

“For Comcast, this transaction is strategically compelling and will generate attractive financial returns and build shareholder value,” continued Roberts. “It is also expected to be immediately accretive and will also allow us to maintain our strong commitment to returning capital to shareholders– all while increasing the scale, capabilities and value of our cable distribution, content and digital assets. Significantly, it is entirely consistent with our intense focus on value creation and our disciplined strategy of pursuing profitable growth in areas complementary to our distribution business.”

GE Chairman and CEO Jeff Immelt said, “The combination of Comcast’s cable and regional sports networks and digital media properties and NBCU will deliver strong returns for GE shareholders and business partners. NBCU has been a great business for GE over the past two decades. We have generated an average annual return of 11 percent, while expanding into cable, movies, parks and international media. We are reducing our ownership stake from 80 percent to 49 percent of a more valuable entity. By doing so, GE gets a good value for NBCU. This transaction will generate approximately $8 billion of cash at closing with an expected small after-tax gain. We have many opportunities to invest in our high-technology infrastructure businesses at attractive returns. I believe that the new NBCU will deliver value for both Comcast and GE in the future. We will give consumers and advertisers more choice and our cable and digital assets will be second to none. I am confident Brian Roberts and his team at Comcast will be great partners.”

Comcast also announced the creation of 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.

Comcast Chief Operating Officer Steve Burke said, “Both Comcast and NBCU have excellent track records of integrating and growing multi-billion dollar businesses, including significant content acquisitions. In addition, we have both developed some of the country’s most popular programming and built many of the most watched and valued networks in the industry. We are confident that we’ll be even stronger together, and look forward to working with Jeff Zucker and the NBCU team to deliver the best consumer experience.”

Jeff Zucker, current president and CEO of NBCU, will be CEO of the new joint venture and will report to Burke. Zucker said, “Combining the assets of NBCU, ranging from our suite of cable properties and two broadcast networks to a legendary film studio and global theme park business, with the content assets and resources of Comcast, will enable us to continue to thrive in an ever-changing media landscape. Consumers of all of our products – on screens large and small – will have the benefit of enhanced content and experiences, delivered to them in new and better ways as a result of this transaction. This marks the start of a new era for NBCU, and I’m genuinely excited that I will be leading this wonderful organization, along with the Comcast team, at this important time in our history.”

Headquarters for the business will remain in New York. The joint venture board will have three directors nominated by Comcast and two nominated by GE.

Key Elements Of The Transaction:

• NBCU will borrow approximately $9.1 billion from third-party lenders and distribute the cash to GE.
• NBCU, valued at $30 billion, will be contributed to the newly formed joint venture. Comcast will contribute its programming businesses and certain other properties valued at $7.25 billion.

• GE will acquire Vivendi’s 20% interest in NBCU for $5.8 billion. GE will purchase approximately 38% of Vivendi’s interest (or approximately 7.66% of all outstanding NBCU shares) from Vivendi for $2 billion in September 2010, if the Comcast transaction is not closed by then. GE will acquire the remaining 62% of Vivendi’s interest (or approximately 12.34% of all outstanding NBCU shares) for $3.8 billion when the transaction closes.

• Comcast will make a payment to GE of approximately $6.5 billion in cash subject to certain adjustments based on various events between signing and closing.

• The new venture will be 51% owned by Comcast and 49% owned by GE.
• GE expects to realize $9.8 billion pre-tax in cash before debt reduction and transaction fees and after buyout of the Vivendi stake. GE expects to realize approximately $8 billion in cash after paying down the existing NBCU debt and transaction fees.

• GE will be entitled to elect to cause the joint venture to redeem one-half of its interest at year 3 ½ and its remaining interest at year 7. The joint venture’s obligations to complete those purchases will be subject to the venture’s leverage ratio not exceeding 2.75X EBITDA and the venture continuing to hold investment-grade ratings. Comcast also has certain rights to purchase GE’s interest in the venture at specified times. All such transactions would be done at a 20% premium to public market value with 50% sharing of upside above the closing valuation.

• To the extent the joint venture is not required to meet GE’s redemption requests, Comcast will provide a backstop up to a maximum of $2.875 billion for the first redemption and a total backstop of $5.750 billion.

The transaction has been approved by the Board of Directors of GE and Comcast. It is subject to receipt of various regulatory approvals, including clearance under the Hart-Scott-Rodino Antitrust Improvements Act, and approvals of the Federal Communications Commission and certain international agencies. The transaction is also subject to other customary closing conditions. NBCU has obtained $9.85 billion of committed financing through a consortium of banks led by J.P. Morgan, Goldman Sachs, Morgan Stanley, BofA Merrill Lynch and Citi. This financing is expected to receive solid investment-grade ratings from S&P and Moody’s.

Comcast and GE intend to submit regulatory applications supporting the pro-competitive and strong public interest benefits of the transaction, including how the joint venture will better meet the entertainment, communications and information needs of the American public.

“We are prepared to make affirmative commitments to ensure that the pro-consumer and public interest benefits of the transaction are realized,” Roberts said. “Today, we have announced a number of initial commitments that expand on the capabilities that Comcast and NBCU have built over the years, and the new opportunities that this combination makes possible. These commitments address the needs of various audiences and stakeholders, and we will provide additional details on these and other commitments in our public interest filing with the Federal Communications Commission.”

Advisors
Morgan Stanley is lead financial advisor to Comcast with UBS and BofA Merrill Lynch acting as co-advisors. Davis Polk & Wardwell LLP is Comcast’s legal advisor. J.P. Morgan is lead financial advisor to GE with Goldman Sachs and Citi acting as co-advisors. Weil, Gotshal & Manges LLP is GE’s and NBCU’s legal advisor.

Teleconference and Webcast
Comcast will host a conference call with the financial community today, December 3, 2009, at 8:30 a.m. Eastern Time (ET) to discuss this morning’s announcement with Comcast Chairman and CEO Brian L. Roberts, Comcast Chief Operating Officer Stephen B. Burke and Comcast Chief Financial Officer, Michael J. Angelakis. The conference call will be broadcast live via the Company’s Investor Relations website at www.cmcsa.com or www.cmcsk.com. Those parties interested in participating via telephone should dial (800) 263- 8495 with the conference ID number 44380493. A telephone replay of the call will be available on the Investor Relations website starting at 12:30 p.m. Eastern Time on December 3, 2009 and will be available until December 8, 2009 at midnight Eastern Time. To access the rebroadcast, please dial (800) 642-1687 conference ID 44380493.

GE will also host a webcast with the financial community today, December 3, 2009, at 8:30 a.m. Eastern Time / 7:30 a.m. Central Time to discuss this morning’s announcement with GE Chairman and CEO Jeff Immelt, GE Chief Financial Officer Keith Sherin and NBCU President and CEO Jeff Zucker. The webcast will be available at www.ge.com/investors. A replay will be available later in the day on the site.

Additional media materials are available at www.ge.com/newnbcu, www.comcast.com/nbcutransaction and https://www.nbcumv.com/mv/.

The description of this transaction included in this press release is qualified in its entirety by, and is subject to, the terms of the definitive documentation for the transaction to be filed by Comcast with the Securities and Exchange Commission on a Current Report on Form 8-K.

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The two sides have been in talks to reach a deal that would give Comcast a 51 percent stake in the NBC Universal venture, which would also house the cable networks now belonging to Comcast. They recently agreed to value NBC Universal at about $30 billion, sources previously told Reuters.

Under the terms being discussed, Zucker will lead the new entity, with no clauses for him to leave after a specific period, the sources said on Tuesday. They spoke on condition of anonymity because the details have not been made public.

As part of the proposal, NBC Universal would become a joint venture, 51 percent owned by Comcast and 49 percent by GE. Comcast would contribute around $4 billion to $6 billion in cash, as well as its collection of cable networks to pay for its stake.

There has been a lot of speculation about who will head the new company, especially since Peter Chernin — the former president of News Corp (NWSA.O) — has been advising Comcast.

The sources said Zucker would be chief executive, but no decisions had been made on what role Chernin might play, if any.

As for the potential sale, Wright said, “This is a very depressed time for media, so NBC Universal’s value is certainly a lot lower than it would have been two, three or four years ago.”

Claman quoted an analyst, who told her, “The NBC empire has fallen apart since Bob Wright left.”

“I think its been a tougher time for broadcasting,” responded Wright. “We’re not on a roll, we haven’t been on a roll with entertainment, the entertainment side.”

Claman asked specifically about Leno, whose low ratings have forced some NBC affiliates to speak up about the move. “When you make a decision like that you have to have a long time view,” said Wright. “When News Corporation made a decision to go into this business, you have to have a long point of view. And I think that was a decision with a long point of view. Jay has talent and ability to produce the show that’s going to work and they’re going to have to wait a while.”

The reference to News Corp., which Claman agreed with, was to Fox Business Network, which has seen its own slow ratings build in its two years of existence.

The interesting part of Wright’s appearance is not that he was on a competitor business news network to NBCU – he has every right to be. But unlike an appearance on CNBC in May, he’s free in this setting to be as brutally honest about his assessment of the company he once ran. It provides a platform for a news-making moment.

Here’s the full interview (with the NBCU part coming around 6:00):

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Act 1
Ben Silverman and everyone else lied to Finke. EVERYONE. Also, she was asleep this morning when the news broke.

Act 2
“Here’s The Email This Putz Sent Around.” Actually, it is totally a putzy email: “Its go time brother!!!!!!! Let’s rock it out!!!!!”

Act 3
Finke discusses who got screwed the most from the subsequent shuffling. Finke says it was Marc Graboff.

Act 4
The backstory!

First mea culpa. I was fast asleep when the announcement that Ben Silverman, the gift that kept on giving to me for all his NBCU screw-ups, was finally letting boss Jeff Zucker off the hook for a hiring decision that will go down in the annals of television entertainment as one of the worst….I knew back on June 24th that Ben was engaged in a desperate search for another job or financial backing to leave NBC so he could make it look like he’d jumped before he was pushed. I also knew Ben was telling Hollywood between July 21-23 that he’d be leaving NBCU “in 2 or 3 weeks”….tt wasn’t until late Friday that Barry Diller’s name was whispered to me as Silverman’s savior. And each and every time I contacted NBCU, executives there lied to me. Jeff Zucker lied to me. Ben Silverman lied to me. They had their PR lie to me. (NBCU’s claim now is that the deal came together “quicker than expected” and “only this past weekend”, and then Silverman, IAC, and NBCU “scrambled to get this together” before the market opened today.)

Read about all the shady dealings here.

Part 5
Tying up loose ends:

Isn’t it amusing how Jeff Zucker couldn’t find one positive specific to say about Ben Silverman in the official NBCU news release this morning beyond “Ben brought us tremendous new thinking in this changing media age.” Because Silverman leaves behind a record of abject failure.

This is where the story left off as of this posting. As to what Finke will be blogging about for the foreseeable future? Let’s just say, Silverman may be leaving NBCU but one suspects he won’t be out of Finke’s site for a while to come.