Largest provider of pay TV in most of its markets; Expected continued healthy growth in revenue, along with solid operating margins; Cost advantages from position as largest U.S. cable-TV company, especially in programming costs; Reasonable growth in residential and small-business voice services; Solid balance sheet and expected good growth in discretionary cash flow; and NBCUniversal Media LLC's (NBCU) cable programming business provides predictable ongoing cash flows from long-term contracts with cable and satellite TV providers. Mature video subscriber base and maturing residential high-speed Internet market; Continuing aggressive competition from satellite TV; and Ongoing competition from Verizon and AT&T, at least partly responsible for recent video subscriber erosion NBCU's noncable programming businesses are much less predictable in terms of cash-generating ability.
