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NBCU, the entertainment division of General Electric (NYSE: GE), is one of the units that Wall Street wants the conglomerate to dump. Maybe shareholders would be better off if it hangs around.
Some analysts thought GE would sell NBCU after it had gotten a big profit from its rights to the Olympics in Beijing. TV advertising is being hurt by the economy. But, the network has delivered again with record sales for the Super Bowl. According to the AP, "NBC said on the eve of Sunday's Super Bowl that it has sold the last two of the 67 advertising spots for the game, pushing total ad revenue for the event to a record $206 million."
The news is some evidence that NBC is more than a boat anchor. Securities analysts who follow the networks in some cases believe that TV will outperform most other forms of media as the recession deepens. The logic is that the networks still reach a larger audience than print or the internet.
Oddly enough, NBCU could be one of GE's bright spots this year.
Douglas A. McIntyre is an editor at 24/7 Wall St.
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