Comcast 2014 Annual Report Download - page 165

Table of Contents
NBCUniversal Media, LLC
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
Comcast’s acquisition of a controlling interest in NBCUniversal Holdings in 2011 (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 and dividend payments to GE that are
included in our consolidated statement of changes in equity and our consolidated statement of cash flows, 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 6: 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, 2014, 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 2015. Approximately 86% of unamortized film and television costs for our released productions, excluding amounts allocated
to acquired libraries, are expected to be amortized through 2017.
As of December 31, 2014, acquired film and television libraries, which are included within the “released, less amortization”
captions
in the table above, had remaining unamortized costs of $570 million. These costs are generally amortized over a period not to
exceed 20 years, and approximately 51% of these costs are expected to be amortized through 2017.
December 31 (in millions)
2014
2013
Film Costs:
Released, less amortization
$
1,371
$
1,630
Completed, not released
71
70
In production and in development
1,189
658
2,631
2,358
Television Costs:
Released, less amortization
1,273
1,155
In production and in development
505
370
1,778
1,525
Programming rights, less amortization
2,130
2,003
6,539
5,886
Less: Current portion of programming rights
825
903
Film and television costs
$
5,714
$
4,983
Comcast 2014 Annual Report on Form 10
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