Comcast 2013 Annual Report Download - page 162

Table of Contents
NBCUniversal Media, LLC
ments to NBCUniversal Enterprise at an initial annual rate of 8.25% on the $9.4 billion aggregate liquidation preference of its
preferred units. These distributions are presented under the caption “distributions to member”
in our consolidated statement of cash
flows. Following the close of the Redemption Transaction, none of these distributions to NBCUniversal Holdings are attributable to
GE.
In connection with the Redemption Transaction, we also made a distribution of $3.2 billion to NBCUniversal Holdings to fund a
portion of the Redemption Transaction. This distribution is presented separately in our consolidated statement of cash flows.
Transactions with GE
Following the close of the Redemption Transaction and the subsequent sale of NBCUniversal Enterprise’
s preferred stock and
senior notes by GE to unaffiliated third parties in March 2013, we no longer consider GE to be a related party.
In February 2013, Comcast closed an agreement with GE, General Electric Capital Corporation (“GECC”)
and LIN TV under which,
among other things, we purchased a note held by Station Venture Holdings, LLC (“Station Venture”)
from GECC for $602 million,
which effectively settled a liability of $482 million that had been recorded in the allocation of purchase price associated with the
Joint Venture transaction. Due to the related party nature of this transaction, the excess of the purchase price of the Station
Venture note over the recorded amount of the liability was recorded to member
’
s capital. Other than the Station Venture
transaction, dividend payments to GE that are included under the caption “dividends”
on our consolidated statement of changes in
equity and our consolidated statement of cash flows, and the transactions discussed in Note 3, the amounts related to our
transactions with GE and its consolidated subsidiaries that occurred prior to the close of the Redemption Transaction were not
material.
Note 5: Film and Television Costs
Based on our estimates of the ratio of the current period’
s actual revenue to the estimated total remaining gross revenue from all
sources (“ultimate revenue”),
as of December 31, 2013, approximately $ 1.3 billion of film and television costs associated with our
original film and television productions that have been released, or completed and not yet released, are expected to be amortized
during 2014. Approximately 85% of
Successor
December 31 (in millions)
2013
2012
Film Costs:
Released, less amortization
$
1,630
$
1,472
Completed, not released
70
99
In production and in development
658
1,048
2,358
2,619
Television Costs:
Released, less amortization
1,155
1,124
In production and in development
370
334
1,525
1,458
Programming rights, less amortization
2,003
1,808
5,886
5,885
Less: Current portion of programming rights
903
844
Film and television costs
$
4,983
$
5,041
157
Comcast 2013 Annual Report on Form 10-
K