Last year, I composed a not-so-bullish appraisal of NBC Universal's Jay Leno strategy. NBC Universal, which General Electric (NYSE: GE) has an 80% stake in, wanted to make sure that Leno's services did not wind up in the hands of a competing media entity when they handed The Tonight Show over to Conan O'Brien, so they bestowed upon him a talk program to be aired weeknights at 10 PM. It debuts tonight. I basically argued that NBC would survive without Leno, and that such an odd programming choice at 10 PM, when scripted intellectual assets are usually broadcast, might not be the optimal paradigm to engage.

Well, I still feel this is a risky move, but I do have to say that an article by Scott Collins over at the Los Angeles Times has piqued my interest in the expected economical benefit that Leno-at-10 might imply. Leno might not bring in a ton of eyeballs, but his profit margin could be acceptable given the lower capital necessary to fund his extravaganza.

I found myself writing about General Electric's (NYSE: GE) NBC the other day, specifically about CEO Jeff Zucker's apparent flummoxed realization that radical changes may be needed to stanch the ratings erosion that have plagued the major broadcast networks in this brave new media world. Now, I have another, equally interesting subject to look at: Jay Leno will be given a talk show after he hands The Tonight Show over to Conan O'Brien. The program will air on weeknights from 10 p.m. to 11 p.m.

As we all probably know by now, NBC was intent on having O'Brien take over Leno's position as a way of ensuring that he would stay at the network. Leno, as one would imagine, reportedly hated giving the job up. NBC, however, did not want Leno to head over to another network. Supposedly, Disney's (NYSE: DIS) ABC was perhaps interested in taking Leno on. So, the powers that be at the Peacock net have secured the services of Mr. Leno by offering him the chance to do something new: namely, distribute his schtick at an earlier time.

Okay, I'll tell you, I think this is a ridiculous idea. On many levels. Let's talk about level one: is this even going to work? Do people want to see Leno at 10 p.m.? Hey, maybe they will. But I get the feeling that this might be too much of a change for people used to seeing Leno at 11:30. Let's go to level two: why does NBC want to program what would essentially be two Tonight Shows? Won't there be some cannibalization going on here? You always hear media companies whining about cannibalization.