The blurry divisions among cable TV, content companies and the Internet got a little blurrier Wednesday. But some basic boundaries remain.

The Wednesday deal under which Disney ( DIS) programming will appear on Comcast's ( CMCSA) high-speed Internet portal isn't just a sign that Disney's Michael Eisner can forgive and forget the mercilessly timed, unwelcome takeover bid that Comcast attempted earlier this year.

The transaction illustrates Comcast's ongoing efforts to build up a package of Internet-based programming, similar to how it has assembled a lineup of video programming over the years for its cable TV customers.

It also illustrates -- to a limited extent -- the inexorable march that television is taking from a medium that operates on its own schedule toward a medium that viewers program on their own schedule.

That progression is speeded up by the popularity of high-speed Internet connections to the home -- spearheaded by Comcast, both the nation's largest provider of broadband home Internet and its largest operator of cable TV systems.

And yet the progression is slowed by broadcasters' unwillingness to fiddle with the advertising-supported, network-scheduled broadcasting business that has been chugging along for decades, no matter how loudly companies like Comcast might be announcing that we're moving to a video-on-demand world.

Putting that video on demand on an increasing video-capable computer screen rather than the living room TV, it would appear, is a compromise that cable operators and broadcasters can easily agree on.

On Wednesday, Disney's shares fell 23 cents to $23.67, and Comcast's fell 12 cents to $28.23.

In a separate deal announced Wednesday, Comcast traded stock in Liberty Media ( L) that it had received when it sold its stake in the QVC home shopping network to Liberty, in return receiving $545 million in cash, certain programming assets and the settlement of a legal dispute with Liberty over fees Liberty alleged Comcast owed it.

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