PHILADELPHIA – Comcast Corp. is buying control of NBC Universal from GE largely because Comcast wants to own more movies and TV shows. The point is to give it a position of strength if fewer people sign up for its cable TV services and watch more video online.
It's understandable why the strategy might seem dubious: Another media company, Time Warner Inc., just gave up on that and spun off its cable TV division.
Yet while Comcast seems to be taking a different approach — marrying entertainment content with the largest cable TV system in the nation — it and Time Warner have arrived at the same conclusion: The future is in content, and the pipes that carry it matter less.
That's why Time Warner could jettison the business of selling subscription TV service and focus on the Warner Bros. movie studio, cable channels such as CNN and HBO and magazines such as People and Sports Illustrated.
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