Media and Money

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Seth Meyers has always been my favorite. I am a huge SNL fan, and I’ve seen his comedic skills grow since being a co-host on SNL’s weekend update up until hosting it on his own. He is the head writer of SNL now and he is coming back to host the ESPY Awards for a second time. I’m so happy for him (his agent is the bomb-ey)…anyways here are his remarks at the 2011 White House Correspondents’ Dinner:

The White House Correspondents’ Dinner is one of my favorite political media events of the year. Seth Meyers was the headlining speaker, but the President (once again) had the best jokes.

The president’s WHCD video has already gone viral. In less than 24 hours it has more than 1 million online video views on YouTube.
If you missed it last night or just need to watch it again…


Today, the Federal Communications Commission grants—with conditions and enforceable commitments approval of the assignment and transfer of control of broadcast, satellite, and other radio licenses from General Electric Company (GE) to Comcast Corporation. The approval will allow GE and Comcast to create a joint venture involving NBC Universal, Inc. (NBCU) and Comcast.

Some critics such as John Silver, President of the Free Press, are outraged at this merger saying:

You should be afraid and mad as hell.

The new Comcast will control an obscene number of media outlets, including the NBC broadcast network, numerous cable channels, two dozen local NBC and Telemundo stations, movie studios, online video portals, and the physical network that distributes that media content to millions of Americans through Internet and cable connections.

While even some politicians like Senator Al Franken are fighting against this push with a call to action:

This deal would mean higher cable rates and less freedom of choice for American consumers, and it would give a single media conglomerate unprecedented control over the flow of information in America. Whenever the same company owns both the content and the pipes delivering that content, consumers lose.

Already, we have seen that Comcast is not operating in good faith. By imposing a new fee on the company delivering Netflix’s online video streaming, Comcast is trying to kill off a competitor. Comcast has also refused to provide the FCC with documents necessary for the review process, and has already named the 43 executives who will take over NBC Universal.

As American consumers, we know a bad deal when we see one. Allowing this merger to proceed could lead to subsequent deals, leaving Americans at the mercy of a few powerful media conglomerates.

Sign Al Franken’s petition HERE!

Even Bloomberg has filed papers against the ruling stating the specifics:

Comcast is to pay GE $6.5 billion in cash and to contribute cable channels valued at $7.25 billion to a joint venture that will own the entertainment company. The joint venture is to include NBC Universal businesses and Comcast properties including E!, Versus and Golf Channel, the companies said in announcing the deal.

GE said in a statement today it expects about $8 billion in proceeds from the sale and a “small” after-tax gain when the transaction closes. The sale marks the end of more than two decades of ownership after GE acquired the NBC network in 1986 via its purchase of RCA Corp.

Paris-based Vivendi SA is to sell its 20 percent stake in NBC Universal as part of the deal.

Comcast was advised by Morgan Stanley, UBS AG and Bank of America Merrill Lynch, with Davis Polk & Wardwell as legal counsel. GE was advised by JPMorgan Chase & Co., Citigroup Inc. and Goldman Sachs Group Inc. Weil, Gotshal & Manges acted as legal advisers.

Bloomberg LP, the parent company of Bloomberg News, has filed documents opposing the Comcast-NBC Universal combination as it was proposed.


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Media and Money- The Money Making Side of Media

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