Something weird is happening at Comcast--it'll be bad for Comcast shareholders, but good for Comcast shorters.
The cable giant seems poised to buy NBC-Universal, thus ending GE's long nightmare, but Comcast seems determined to recreate the nightmare at their shiny headquarters on Market Street in Philadelphia. How so? Comcast seems eager to recruit a crew of losers and castoffs to run the new content acquisition.
The biggest loser, as noted here at TCG yesterday, is Jeff (We're Number Four!) Zucker. It appears that he will still be heading up NBC-U when it becomes the new Comcast subsidiary.
And it also appears that Peter Chernin will play a major role, too; we see increasing signs of Comcast and Chernin snuggling up.
The Cable Gamer never had a terribly high impression of Chernin, through all the years that he was at the News Corporation. Yes, he got a great press, and during the time that he was negotiating on whether or not to stay at NWS, the papers were full of breathless insider-y reports, warning Rupert Murdoch what would happen if he let Precious Peter slip out the door. (No prize for figuring out where those reports came from.)
But was the loss of Chernin any great loss to Murdoch & Co.? Let's look at what's happened to NWS stock since Chernin's departure. (See graphic above, from Google Finance, showing the rise of NWS stock in recent months.) On his last day on the job, June 30, NWS stock was 11. Now it's almost 15. Obviously, other factors are involved, but just as obviously, NWS is doing fine without Chernin.
Still don't be surprised to see Chernin going to Comcast, in some senior capacity.
Also, don't be surprised if longtime Chernin lieutenant Gary Ginsberg ends up, too, at Comcast. He is the outgoing head of communications for News Corp.; he just announced that he is leaving NWS. Without plans, if you know what I mean, and I think you do.
TCG claims no insider information, and has no position in Comcast stock. So there's no reason for anyone not to heed my friendly and dispassionate advice to fellow Cable Gamers: If this deal goes through, with this bunch at the top, Sell Comcast!
