Comcast 2013 Annual Report Download - page 157

Table of Contents
NBCUniversal Media, LLC
Notes to Consolidated Financial Statements
Note 1: Business and Basis of Presentation
We are one of the world’
s leading media and entertainment companies that develops, produces and distributes entertainment,
news and information, sports, and other content for global audiences. In 2011, Comcast closed its transaction with General Electric
Company (“GE”), in which Comcast acquired control of the businesses of NBCUniversal Media, LLC (“NBCUniversal”),
and in 2013,
Comcast acquired GE’s remaining 49% common equity interest in our parent NBCUniversal, LLC (“NBCUniversal Holdings”).
See
Note 3 for additional information on these transactions.
We present our operations as the following four reportable business segments: Cable Networks, Broadcast Television, Filmed
Entertainment and Theme Parks. See Note 18 for additional information on our reportable business segments.
Our Cable Networks segment consists primarily of a diversified portfolio of cable television networks. Our cable networks are
comprised of our national cable networks, which provide a variety of entertainment, news and information, and sports content, our
regional sports and news networks, our international cable networks, and our cable television production operations.
Our Broadcast Television segment consists primarily of the NBC and Telemundo broadcast networks, our NBC and Telemundo
owned local television stations, and our broadcast television production operations.
Our Filmed Entertainment segment primarily produces, acquires, markets and distributes filmed entertainment worldwide. Our films
are produced primarily under the Universal Pictures, Focus Features and Illumination names.
Our Theme Parks segment consists primarily of our Universal theme parks in Orlando and Hollywood. We also receive fees from
third parties that own and operate Universal Studios Japan and Universal Studios Singapore for intellectual property licenses and
other services.
Basis of Presentation
The accompanying consolidated financial statements include all entities in which we have a controlling voting interest
(“subsidiaries”) and variable interest entities (“VIEs”)
required to be consolidated in accordance with generally accepted accounting
principles in the United States (“GAAP”).
Transactions between NBCUniversal and Comcast, and their consolidated subsidiaries
are reflected in these consolidated financial statements and disclosed as related party transactions when material.
We translate assets and liabilities of our foreign subsidiaries where the functional currency is the local currency, primarily the euro
and the British pound, into U.S. dollars at the exchange rate in effect as of the balance sheet date. The related translation
adjustments are recorded as a component of accumulated other comprehensive income (loss). We translate revenue and
expenses using average monthly exchange rates, and the related foreign currency transaction gains and losses are included in our
consolidated statement of income.
As a result of the change in control of our company on January 28, 2011, Comcast applied the acquisition method of accounting
with respect to the assets and liabilities of the NBCUniversal businesses it acquired (
“NBCUniversal contributed business”),
which
were remeasured to fair value as of the date of the Joint Venture transaction. Our consolidated financial statements for periods
following the close of the Joint Venture transaction are labeled “Successor” and reflect both Comcast’
s basis of accounting in the
new fair values of the assets and liabilities of the NBCUniversal contributed businesses and the consolidation of the Comcast
Content Business at historical cost. All periods prior to the close of the Joint Venture transaction reflect the historical accounting
basis in our assets and liabilities and are labeled “Predecessor.” Our consolidated finan-
Comcast 2011 Annual Report on Form 10-K
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