Behind Comcast’s big TV deal: a bleak picture for once mighty cable industry

When Comcast swallowed NBC and Universal Studios 14 years ago, the sibling cable channels USA Network, Bravo and CNBC were considered diamonds in the rough.

USA Network had gained traction with its “Blue Skies” programming strategy: sunny and upbeat TV programs infused with a buoyant energy and natural light. The cable channels were NBCUniversal’s equivalent of blue skies, routinely delivering three-quarters of the company’s profit. In 2012, cable networks threw off a robust $3.3 billion in cash flow.