Comcast Targets Diversity in NBCU Deal

Comcast will offer new programming targeted at African and Asian Americans once it gains majority ownership of General Electric's NBC Universal
By Theresa McCabe ,

NEW YORK (

TheStreet

) --

Comcast

(CMCSA) - Get Report

is planning to offer new programming targeted at African and Asian Americans once it gains majority ownership of

General Electric's

(GE) - Get Report

NBC Universal

The company announced its plans to boost diversity efforts last week in an agreement with several civil rights groups.

Comcast will add four new cable networks to either be owned or partially owned by African Americans within eight years of acquiring NBCU. It also says it plans to expand an existing channel that carries predominantly Asian American programming to more markets.

Comcast and NBCU executives and several civil rights groups recently signed the agreements calling for an increased minority representation in all levels at the new venture.

In a letter to the FCC, several civil rights leaders including Reverend Al Sharpton said the joint venture will encourage diversity "by increasing the participation of minorities in its news and public affairs programming and enhancing opportunities for minorities within its writing staff."

Comcast is currently waiting on approval from the U.S. Justice Department and Federal Communications Commission to complete the merger announced in December 2009. Through the deal Comcast will own 51% of NBCU and 49% will be owned by GE, but managed by Comcast.

Analyst Craig Moffett of Bernstein Research recently upgraded Comcast in anticipation of the merger, which he expects to be finalized in 2011.

>>Comcast Surges on Analyst Upgrade

"With deal closure imminent for 2011, we believe it is time for investors to start thinking of Comcast as the combined Comcast-NBCU entity," Moffett said in his Dec. 14 research report. "On that basis it is attractive on valuation."

-- Written by Theresa McCabe in Boston.

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