TNT may rule over 'Law & Order' -- will NBC pass on new episodes?

The familiar "thunk-thunk" sound that separates scenes on NBC's Law & Order may be finding a new, albeit familiar, home. Yesterday, executives negotiating for the new season at NBC -- a division of General Electric Co. (NYSE: GE) -- said Time Warner Inc.'s (NYSE: TWX) TNT is a contender to pick up new episodes of the long-running drama if the Peacock fails to commit.

The beloved procedural, among the first of its kind, is wrapping up its 17th season. However, ratings aren't what they used to be in the Jerry Orbach days, and the program is expensive to produce, at about $4 million an episode. Show creator Dick Wolf said he is weighing cost-cutting options, which could include changing some cast members (that would be nothing new).

TNT is already bedfellows with the drama; it airs repeats of the show, along with episodes of the franchise's spinoffs, Special Victims Unit and Criminal Intent, multiple times each day. According to a story in today's New York Times, NBC Universal Television would continue to produce the program, even if it did move to the cable network.

NBC is scheduled to announce its fall prime-time schedule on Monday. Special Victims Unit, currently the most-watched of the trio, has already been renewed by the network.

Beth Gaston Moon is an analyst at Schaeffer's Investment Research.