GE's Big Blunder

Back in 2009, then-GE chief Jeff Immelt famously dumped NBCUniversal onto Comcast for what now looks like a paltry $30 billion. At the time, Immelt justified the panic-sale by comparing it to "burning furniture to heat the house" while GE Capital was hemorrhaging cash. NBCU was treated like a luxury GE simply couldn’t afford to keep around.

Fast forward to today, and that piece of "furniture" is worth well north of $100 billion.

Comcast CEO Brian Roberts took what Immelt practically gave away, polished it into one of the most massive media empires on the planet, and is now ready to set it free. Comcast announced on Monday that it is spinning off NBCUniversal—which includes Universal Studios, NBC, Telemundo, Peacock, Bravo, and Sky—into a fully independent, publicly traded company. Wall Street loved the move, sending Comcast stock surging 25%.

With a massive target now painted on NBCU's back, the ultimate question is: Who is going to buy it?

The industry consensus is that the next owner of NBC almost certainly won’t be a traditional media company. Look at Apple, sitting on a casual $160 billion in cash with a services division that has never fully committed to the entertainment game. Swallowing NBCU would instantly hand them Universal's IP, a theme park empire, NBC Sports, and Sky’s massive European footprint in one single bite.

Then there is Netflix, which has been the looming wildcard all year. Snagging NBCU would give the streaming giant the legendary Universal library, a legacy broadcast network, and immediate scale across Europe. Meanwhile, Warner Bros. Discovery is likely breathing a sigh of relief that they missed out, given their own ongoing corporate drama.

Ultimately, the punchline to Immelt's infamous fire sale has officially landed. The furniture he burned to keep GE warm is now worth significantly more than the house itself.