Comcast and NBC Universal: Behold a $37 billion colossus

The media world has just met the new sheriff in town.

Comcast Corp. (CMCSA) Thursday officially announced its long-awaited deal to gain control of NBC Universal from General Electric Co. (GE). The parent company of the NBC television network and Universal Pictures will be run through a joint venture that will be 51% owned by Comcast and 49% owned by GE. Philadelphia-based Comcast will run the business, which will consist of the NBC Universal operations and Comcast's cable networks, regional sports networks and certain digital properties and unconsolidated investments.