Personally, I think GE would. I've argued in the past that the conglomerate should retain exposure to the media industry via its NBC Universal vehicle. However, I believe the market would perceive a sale of this asset as a good thing and drive shares of GE higher. Many Wall Street investors want to see GE focus on its industrial businesses. Even if I disagree, that's simply the way it is.

If I were a Comcast shareholder, I would be very skeptical about this acquisition concept. Comcast should arguably try to gain control of more content, but absorbing an entity like NBC Universal might not be as synergistic as one might think. NBC Universal is currently having growth problems. Issues such as rising content-development costs and the decline of the home-video market have been taking a toll.

Comcast's video-on-demand service could benefit from an NBC Universal purchase. However, the potential of VOD technologies hasn't been fully exploited yet, especially in terms of pricing. Figuring out exactly what viewers are willing to pay for is a tricky exercise at best. People already complain about their cable bills, as we all know.

Then there's the problem of core competencies: would it be better for Comcast to simply concentrate on maximizing cash flows and selling its various services? Integrating NBC Universal would possibly cause management to take its eye off the ball when it comes to subscriber growth and customer service.

Comcast would definitely be a sell candidate in the short-term if it ever acquired NBC Universal. GE would probably be a buy. Individual investors, however, should not speculate on this hypothetical bit of arbitrage. Any buy decision related to either of these two companies should be made based on other fundamental reasons, not potential futures.

Disclosure: I own Disney, GE; positions can change without notice.