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NBCUniversal Media, LLC
Consolidated Statement of Income
Year ended December 31 (in millions) 2015 2014 2013
Transactions with Comcast and Consolidated Subsidiaries
Revenue $ 1,349 $ 1,315 $ 1,262
Operating costs and expenses $ (246) $ (162) $ (190)
Other income (expense) $ (37) $ (43) $ —
Distributions to NBCUniversal Holdings
In addition to the transactions presented in the table above, we make distributions to NBCUniversal Holdings
on a periodic basis to enable its owners to meet their obligations to pay taxes on taxable income generated
by our businesses. We also make quarterly distributions to NBCUniversal Holdings to enable it to make its
required quarterly payments 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 Comcast’s acquisition of a controlling inter-
est 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.
Comcast 2015 Annual Report on Form 10-K 156