By NYU Staff

The lines between network and cable television will be blurred forever once (and if) the Comcast/NBC Universal deal closes next year.  If you’ve been a hermit, not reading any news, here’s the basics:

Comcast, the largest U.S. cable TV company, announced that it would enter into a joint venture with General Electric’s entertainment unit, NBC Universal, ending a long-time partnerships between GE and Italy’s Vivendi SA.  The deal is valued at about $37 billion, giving Comcast a controlling 51% stake in the company and an undeniable position as a film and TV content Goliath.

In another push to solidify Comcast’s plans, the Philadelphia-based cable company said it is come up with a name for Comcast’s new Hulu-like video on demand portal.  Broadcastingcable.com, a site dedicated to tv and cable-related news, said the company will call it Fancast Xfinity TV.  According to B&C, Comcast has purchased URL’s for the subscriber-only streaming video service, including Xfinity.com and Twitter.com/Xfinity.  It’s expected to launch early this month.

If approved by antitrust regulators, the deal, which is expected to close by the end of 2010, will represent a major shift in power in the TV landscape from network to cable tv operators.  First, the new company is bound to test the limits of current FCC rules that manage the type of content on network tv–expect racier shows.  Next, other cable providers may be squeezed out of plum programming like NBCU’s top-rated The Office, 30 Rock, and Universal Studios’ movies on demand.  Finally, combining the country’s largest cable company, with the most widely recognized TV and film company (think colorful peacock and 3 tong bell sound) is likely to set off a wave of similar deals, as network TV stations run to the arms of wealthier suitors and conglomerates, like GE, shed non-strategic businesses in this tough economic environment.

We are indeed in a brave new world.

For Broadcastingcable.com’s complete coverage of the deal, read here