Obama renews push for grand bargain on debt

By Alan Silverleib and Tom Cohen, CNN

July 15, 2011 -- Updated 1833 GMT (0233 HKT)

 

Washington (CNN) -- President Barack Obama said Friday he has not given up hope for a broad deficit reduction deal, urging Republicans to accept a fiscal stability package that includes higher taxes on the wealthy and reforms to politically popular entitlement programs such as Medicare and Social Security.

Such a measure would be part of plan to avert a potential economic meltdown by raising the nation's current $14.3 trillion federal debt ceiling.

The president also stressed he has not ruled out less ambitious plans focused more narrowly on a debt ceiling increase.

Let's "set politics aside" and "do some tough stuff," Obama told reporters at a White House news conference. But "if Washington operates as usual and can't get anything done, let's at least avert Armageddon."

Tense negotiations between top Democrats and Republicans, reflecting core ideological principles on taxes and the size of government, have become a race against the clock. Administration officials have warned that a failure to raise the debt ceiling by August 2 could trigger a partial default.

If Washington lacks the money to pay its bills, interest rates could skyrocket and the value of the dollar could decline, among other things.

The seriousness of the situation was reinforced Thursday when a major credit rating agency, Standard and Poor's, said it was placing the United States' sovereign rating on "CreditWatch with negative implications."

Moody's Investors Services -- another major rating agency -- said Wednesday it would put the sterling bond rating of the United States on review for possible downgrade.

Obama warned this week he could not guarantee that older Americans will receive their Social Security checks next month if a deal is not reached. GOP leaders accused the president of resorting to scare tactics.

Talks over the last five days, however, have failed to produce a concrete deal. Obama has suggested that a sixth meeting could be held this weekend if sufficient progress isn't made, according to a Republican aide familiar with the latest negotiations.

The president told congressional leaders Thursday he expected them to consult with their respective caucuses and find agreement over the next 24 to 36 hours on how to proceed.

House Republicans have shown no sign of accepting higher taxes on the rich as part of a so-called "balanced" approach to debt reduction. GOP leaders, who consider tax hikes detrimental to the economic recovery, blasted the president Friday morning for failing to produce what they consider to be a legitimate spending cut plan.

The Republicans also said they intend to move forward with a vote next week with the "cut, cap, and balance" plan -- a blueprint to significantly cut spending, cap future expenditures and amend the Constitution to require a balanced budget in the future.

"No one wants the United States to default on our obligations," said House Speaker John Boehner, R-Ohio. But "it's time for Democrats to get serious."

The plan, favored by tea party conservatives, has virtually no chance of passing Congress. Obama indicated Friday he believes the plan is little more than a political stunt to appease conservatives, and argued it would require "substantial" cuts to Medicare and Social Security.

He also dismissed the push for a constitutional amendment, arguing that political leaders should just "do our jobs."

Obama repeatedly insisted GOP leaders are out of step with public opinion, arguing most voters support a combination of spending cuts and tax hikes.

Republicans should be "listening not just to lobbyists or special interests," he declared. "This is not just a Democratic understanding."

The president said he is still willing to tackle entitlement reform -- something opposed by elements of the Democratic base -- but stressed it could not be done at the expense of current benefit recipients and not in a way that would fundamentally alter the nature of the programs.

Obama made it clear at Thursday's negotiations that he still favors a package that generates savings of approximately $4 trillion over roughly the next decade, a Democrat familiar with the talks told CNN.

Fallback plans that take major entitlement reform and tax hikes off the table may include between $1.5 trillion and $1.7 trillion in savings previously agreed to in talks led by Vice President Joe Biden.

Administration officials have also discussed extending and possibly expanding the payroll tax cut -- a nod to sagging employment figures -- as well as extending unemployment insurance, according to a Democratic official familiar with the talks.

Obama said Friday that reports the talks have become "ugly" in the last week are overblown. Multiple sources, however, have indicated that discussions between the president and House Majority Leader Eric Cantor, R-Virginia, became particularly tense earlier in the week.

Cantor has floated the idea of a short-term debt ceiling hike, while Obama is seeking an increase lasting at least through the end of the 2012 campaign.

On Thursday, Boehner downplayed reports of a split between himself and Cantor. Analysts have speculated that Cantor, viewed in some circles as more conservative than Boehner, may be using the crisis to undermine GOP support for the speaker.

"We're in the foxhole" together, Boehner told reporters Thursday. "I'm glad Eric's there."

One of the issues at heart of the current debate is Obama's call for more tax revenue by allowing tax cuts from the Bush presidency to expire at the end of 2012 for families making more than $250,000. His plan would keep the lower tax rates for Americans who earn less.

Obama noted earlier this week he is not looking to raise any taxes until 2013 or later. In exchange, the president said, he wants to ensure that the current progressive nature of the tax code is maintained, with higher-income Americans assessed higher tax rates.

But resistance to higher taxes is now a bedrock principle for most Republicans, enforced by conservative crusaders such as political activist Grover Norquist. Norquist's group, Americans for Tax Reform, has sponsored a high-profile pledge to oppose any tax increase.

The pledge has been signed by more than 230 House members and 40 senators, almost all of them Republicans.

Senate Majority Leader Harry Reid, D-Nevada, confirmed Thursday that he and McConnell are working on a possible debt ceiling measure that could come up in the event the broader negotiations fail to reach agreement. It is based in part on a plan McConnell unveiled this week that would set up three short-term increases in the debt ceiling while at the same time registering the disapproval of Congress for such a move.

McConnell's proposal would give Obama power to raise the debt ceiling by a total of $2.5 trillion, but also would require three congressional votes on the issue before the 2012 general election.

Both Obama and Boehner said Friday the McConnell plan is not the preferred option, but indicated a variation of it could ultimately be accepted in order to avoid a larger crisis.

http://edition.cnn.com/2011/POLITICS/07/15/debt.talks/index.html?hpt=hp_bn1

Murdoch begins series of apologies in phone-hacking scandal

By the CNN Wire Staff

July 16, 2011 -- Updated 0500 GMT (1300 HKT)

London (CNN) -- Two key executives in Rupert Murdoch's media empire resigned Friday, and their former boss added public relations muscle as he began a series of apologies in the phone-hacking scandal.
Out are Rebekah Brooks, chief executive of News International, and her predecessor in the job, Les Hinton, who most recently served as chief executive of Dow Jones, publisher of The Wall Street Journal.
Hinton wrote Murdoch that he had seen reports of actual and alleged misconduct when he was executive chairman of News International, which operated the now-defunct News of the World.
"The pain caused to innocent people is unimaginable," Hinton said in a letter provided by Dow Jones. "That I was ignorant of what apparently happened is irrelevant and in the circumstances I feel it is proper for me to resign from News Corp., and apologize to those hurt by the actions of the News of the World."
For his part, Murdoch began a campaign of contrition and reform Friday, apologizing to the family of a murdered British teenager whose voicemail allegedly was hacked by staffers of News of the World.
"As the founder of the company, I was appalled to find out what happened," Murdoch said after speaking with relatives of Milly Dowler, 13, who went missing and was later found dead. "Of course I apologized."
Murdoch will offer a broader apology to those whose privacy may have been violated by journalists in an ad that is to appear in newspapers Saturday.
Police in the United Kingdom have identified almost 4,000 potential targets of phone hacking. There were also allegations that News Corp. reporters may have bribed law enforcement officers.
Some of the claims Brooks faces relate to the News of the World's alleged hacking, while she was editor, into Dowler's mobile phone account.
Staffers were accused of intercepting messages in search of news. They then allegedly deleted messages to keep Dowler's mailbox from filling up, giving her family and friends false hope that the schoolgirl was still alive.
The family's attorney, Mark Lewis, said the family will seek "legal remedies" after their ordeal.
"They were suffering private grief," Lewis said. "People were intruding into it."
Murdoch appeared humble and sincere during the meeting, Lewis added. "He apologized many times."
Murdoch's News of the World, a 168-year-old tabloid that was Britain's biggest Sunday newspaper, folded over the weekend in the wake of accusations that its reporters illegally eavesdropped on the phone messages of murder and terrorism victims, politicians and celebrities.
"We are sorry for the serious wrongdoing that occurred," Murdoch will say in Saturday's ad. "We are deeply sorry for the hurt suffered by the individuals affected."
"The News of the World was in the business of holding others to account. It failed when it came to itself," according to text of the ad provided by News International, which will also express regret for not acting more quickly "to sort things out."
Murdoch will say in the ad that he realizes that apologizing is not enough and he pledges concrete action.
British Prime Minister David Cameron has been among those publicly decrying the hacking, blasting Murdoch's company Wednesday as he launched a high-powered investigation into the nation's press.
Yet he has his own ties to the scandal, given his relationship with Andy Coulson.
Coulson quit as News of the World editor in 2007, after his former royal editor and a private detective were convicted of conspiracy to hack into royals' voicemails. But even while offering his resignation, he claimed to be unaware of the crimes and he was not charged at the time.
Months later, Coulson joined up with Cameron, then the Conservative Party leader. After last year's election, Cameron rose to prime minister -- and took Coulson with him, as his communications director.
Coulson worked from Downing Street through January, when he resigned as Cameron's spokesman when the scandal blew up afresh.
Cameron hosted Coulson overnight in March at Chequers, the prime minister's country estate, a Downing Street source said Friday. The aim of the invite, added the source, was to thank his former communications director for his work on Cameron's behalf.
Then, earlier this month, Coulson was himself arrested in connection with claims of phone hacking and corruption dating to his days as the News of the World editor.
After the arrest, the prime minister took full responsibility for hiring Coulson. But while not denying this personal connection, Cameron has maintained public pressure against News Corp.
This is just one of a flurry of dizzying developments related to the scandal in recent days. News Corp., which has been at the center of the storm, has hired the firm Edelman to handle its public relations and prominent U.S. attorney Brendan V. Sullivan Jr. to help navigate.
One brick to fall Friday was Brooks, who had been under pressure to step down. A chief executive of News International, she was News of the World editor at the time of some of the most serious allegations against the newspaper.
"As chief executive of the company, I feel a deep sense of responsibility for the people we have hurt, and I want to reiterate how sorry I am for what we now know to have taken place," Brooks said in a statement through News International.
"I have believed that the right and responsible action has been to lead us through the heat of the crisis. However, my desire to remain on the bridge has made me a focal point of the debate."
She said that the focus on her is "detracting attention" from endeavors to fix the problems and that her resignation gives her more time to fight the allegations against her.
Cameron believes that Brooks' resignation was the right decision, a Downing Street spokesman said. Opposition Labour leader Ed Miliband said he was pleased she had "finally taken responsibility for the terrible events that happened on her watch, like the hacking of Milly Dowler's phone."
Former Deputy Prime Minister John Prescott, who says police now tell him his phone was hacked 44 times, also welcomed Brooks' resignation.
"She seems to be the center of all of it, and yet she keeps saying 'Not me' -- that seems to be the common line at News International," he said, adding that her resignation is "a decent step towards getting better and decent reporting in this country."
Prescott described Murdoch as a "spider in the middle of this web" and said it was "about time we took him on rather than running away from him."
Campaign group Hacked Off, which has been calling for a full inquiry into alleged phone hacking by News of the World, said: "The key issue is not however whether Rebekah Brooks is in work, but whether she lied to Parliament, told the full truth to the police or was engaged in a massive cover-up. That is what we want. The victims want to know."
James Murdoch, Rupert's son and chairman of News International, thanked Brooks for "her 22 years of service to the company" and said he understood her decision to resign.
"She has been one of the outstanding editors of her generation and she can be proud of many accomplishments as an executive. We support her as she takes this step to clear her name," he said in a statement.
"We will follow this up in the future with communications about the actions we have taken to address the wrongdoing that occurred," he said.
A day before she resigned, Brooks agreed to attend a hearing before British lawmakers Tuesday into the phone-hacking scandal. However, she said her answers might be limited by ongoing police and judicial inquiries.
James and Rupert Murdoch confirmed late Thursday that they would also appear at the July 19 hearing before the Culture, Media and Sport Select Committee, after initially declining to attend.
In Friday's statement, James Murdoch said he and his father would speak to the committee "directly about our determination to put things right. The company has made mistakes. It is not only receiving appropriate scrutiny, but is also responding to unfair attacks by setting the record straight."
Tom Mockridge will replace Brooks, News Corp. said Friday. Mockridge is a former newspaper journalist who has been the chief executive of Sky Italia since 2003.
Murdoch said Mockridge is an "outstanding executive with unrivalled experience across our journalism and television businesses."
Meanwhile, the FBI is investigating News Corp. after a report that employees or associates may have tried to hack into phone conversations and voice mail of September 11 survivors, victims and their families.

Murdoch's News Corp. encompasses Fox News, The Wall Street Journal, the New York Post and Harper Collins publishers in the United States. News International -- a British subsidiary of News Corp. -- owns the Sun, The Times and The Sunday Times in Britain.

http://edition.cnn.com/2011/WORLD/europe/07/15/uk.phonehacking.scandal/index.html

China official plays down yuan shift

BEIJING (Reuters) - Chinese Vice Commerce Minister Chen Jian on Sunday played down talk of a shift in the central bank's currency policy as well as mounting expectations of a rise in the yuan's exchange rate. Speculation that China might let the yuan resume its climb after a 16-month pause swirled after a change last Wednesday in the long-standing wording used by the People's Bank of China to describe its currency stance.



137334
China official plays down yuan shift

BEIJING (Reuters) - Chinese Vice Commerce Minister Chen Jian on Sunday played down talk of a shift in the central bank's currency policy as well as mounting expectations of a rise in the yuan's exchange rate.

Speculation that China might let the yuan resume its climb after a 16-month pause swirled after a change last Wednesday in the long-standing wording used by the People's Bank of China to describe its currency stance.

In its third quarter monetary policy report, the central bank failed to refer to keeping the yuan "basically stable at a reasonable and balanced level" when discussing the outlook for the exchange rate.

Asked whether the PBOC was heralding a return to the gradual appreciation of the yuan against the dollar seen from July 2005-July 2008, Chen told Reuters: "I don't think the central bank meant to say that."

Chen, however, said the yuan should reflect movements in major international currencies, which was also part of the PBOC's policy formulation.

China is coming under growing international pressure to let the yuan rise. Its manufacturers have been gaining market share at the expense of rivals in countries whose currencies have risen against the falling dollar, to which the yuan is pegged.

But, speaking on the sidelines of a forum, Chen said his ministry was not worried about rising appreciation expectations.

Turning to China's trade, Chen said there was only a small chance that exports would resume year-on-year growth by the end of 2009.

Many private economists, by contrast, expect positive growth in November or December because of the low base of comparison in 2008. Exports in October were 13.8 percent lower than a year earlier.

Chen also said a leap in China's trade surplus to $24 billion in October from $12.9 billion in September did not constitute a new trend.

(Reporting by Aileen Wang and Alan Wheatley; Editing by Alex Richardson)

(c) Reuters 2009. All rights reserved. Republication or redistribution of Reuters content, including by caching, framing or similar means, is expressly prohibited without the prior written consent of Reuters. Reuters and the Reuters sphere logo are registered trademarks and trademarks of the Reuters group of companies around the world.

No double-dip US recession

The pace of the recovery in the US economy remains sluggish but Mr Strauss-Kahn does not believe there will be a double-dip recession. -- PHOTO: AFP

THE International Monetary Fund's managing director, Dominique Strauss-Kahn, said on Friday the pace of the recovery in the US economy remains sluggish but he does not believe there will be a double-dip recession.

He also said China's economic stimulus is helping to rebalance its economy towards relying more on domestic demand but it still needs to let its currency rise over time.

In October, the IMF raised its US growth outlook to 1.5 per cent in 2010 but Mr Strauss-Kahn said that forecast could be on the pessimistic side.

'Our forecast has that, not only in the United States but also for the rest of the world, 2010 will be a year of recovery,' Mr Strauss-Kahn told a news conference in Singapore where he was attending an Asia Pacific Economic Cooperation (Apec) meeting.

'I must say, in some respects, we had been a little pessimistic because growth has resumed a little earlier than expected, by one quarter or so.'

He said the dollar had remained resilient throughout the global crisis but most Asian currencies were undervalued and reiterated calls for the Chinese yuan to be revalued. 'China's economy in the coming years will be focused on domestic growth and the value of renminbi will have to be increased,' he said. -- THOMSON REUTERS

Obama under fire on trade as Asia-Pacific leaders meet

US President Barack Obama, left, shakes hands with Singapore's Prime Minister Lee Hsien Loong before the gala dinner for APEC leaders in Singapore. Photo: AP

US President Barack Obama has come under fire from Asia-Pacific leaders for backsliding on free trade at a regional summit devoted to driving the world economy out of crisis.

"President Obama is facing severe political constraints that run counter to free trade," Mexican President Felipe Calderon said, complaining about US foot-dragging on full implementation of the NAFTA pact for North America.

"The cruel paradox is that within a global economy, what really kills companies is inefficiency and lack of competition. Therefore protectionism is killing North American companies," he said in a speech in Singapore on Saturday.

"So I think this has to do with the fact that the US government is under strong political pressure that really is not being counteracted from the political perspective" of the Obama administration.

The US Congress has turned even more sour on free trade after the worst economic crisis since World War II.

One landmark pact with South Korea is languishing and critics say the White House has done little to revive it.

The US economy is picking up but unemployment has breached 10 per cent and economic leaders, including the heads of the International Monetary Fund and World Bank, warned in Singapore that protectionism could choke off recovery.

Russian President Dmitry Medvedev said controversial tariffs enacted by his government to shore up ailing industries were temporary and urged his regional colleagues to "do anything we can to refrain from protectionism in any sphere".

The warnings came as a two-day summit of the Asia-Pacific Economic Co-operation (APEC) forum began on Saturday.

Obama arrived later in Singapore to join the 20 other leaders, after a visit to Tokyo.

In a speech in the Japanese capital, Obama reaffirmed a US commitment to finally concluding the World Trade Organisation's Doha round of talks - a long-running bid to tear down barriers to global commerce.

And he said the United States was interested in an obscure trade pact that leaders say could become the nucleus for a massive trans-Pacific free-trade zone covering 2.6 billion people.

"The United States will also be engaging with the Trans-Pacific Partnership (TPP) countries with the goal of shaping a regional agreement that will have broad-based membership and the high standards worthy of a 21st century trade agreement," he said.

The TPP now involves Brunei, Chile, New Zealand and Singapore.

Australia, Peru and Vietnam have expressed interest in joining, and Obama's remarks were the clearest so far about Washington's plans.

"The US announcement is a significant statement of its intent to the Asia-Pacific region," Australian Trade Minister Simon Crean said.

"Importantly, it provides the critical mass essential for this initiative to go forward."

Obama meanwhile called for "balanced and sustained" growth around the world in the post-crisis phase, pressing Asian exporters including China to wean themselves off US consumers and build up their own demand.

His comments underlined a central theme of the APEC summit - that the world economy must be rebalanced so that voracious US consumerism is no longer the sole cylinder firing global growth.

Officials said the realignment was a main item of summit discussion prior to an evening dinner, when the leaders continued an APEC tradition by donning specially designed shirts reflecting the host nation's culture.

AFP

China bank regulator: US dollar's decline adding risk

Liu Mingkang, chairman of the China Banking Regulatory Commission

(AFP) – BEIJING — China's chief banking regulator warned Sunday that persistently low US interest rates and a declining dollar were seriously affecting asset prices and threatening the global economic recovery.

China Banking Regulatory Commission Chairman Liu Mingkang told a finance forum in Beijing that Washington's promise to keep interest rates low for an extended period was encouraging a dollar "carry trade" and fuelling massive speculation.

He was referring to investors who have been taking advantage of low US interest rates to borrow cheap credit there to invest in higher-yielding assets elsewhere.

These conditions "are seriously impacting global asset prices and encouraging speculation in stock and property markets," Liu said.

Liu warned the declining US dollar was threatening the global economic recovery, especially in emerging economies.

He spoke at the Beijing International Finance Forum ahead of US President Barack Obama's first visit to China, which was scheduled to start late Sunday.

-- Dow Jones Newswires contributed to this report --

Broadcast pioneer NBC prepares for cable takeover

By DAVID BAUDER (AP)

FILE - In this Oct. 11, 1976 file photo, NBC's "Today" show host Tom Brokaw and newswoman Jane Pauley share a moment prior to Pauley's first appearance on the network morning news program. Eight decades after pioneering the concept of broadcasting, NBC is on the verge of a startling move that illustrates broadcast television's decline. (AP Photo/File)

NEW YORK — Eight decades after pioneering the concept of broadcasting, NBC is on the verge of a startling move that illustrates broadcast television's decline.

Cable TV operator Comcast Corp. is expected to buy a controlling stake in NBC Universal, perhaps as early as next week, bringing the network of Johnny Carson, Jerry Seinfeld, Bob Hope, Milton Berle and Tom Brokaw under the corporate control of the company that owns the Golf Channel and E! Entertainment Television.

"This is highly symbolic," said Tim Brooks, who had worked at NBC for 20 years and now writes books on television history.

Starting Sunday, Vivendi SA has an option to sell its 20 percent stake in NBC Universal. Majority owner General Electric Co. is expected to buy it and then sell a 51 percent stake of the entire NBC Universal unit to Comcast, which serves about a quarter of the nation's subscription TV households.

Broadcast people, the folks who remember when television was ABC, CBS, NBC and little else, used to look down upon cable.

The idea of broadcast TV was implied in the name; the networks tried to reach the broadest possible audience. For cable it's important to do something specific and do it well, and the audience doesn't need to be as large.

NBC Universal Chief Executive Jeff Zucker recognizes this. Cable properties such as USA, SyFy, CNBC and The Weather Channel mean more to NBC Universal's bottom line than staggering NBC, fourth place in the ratings.

And those cable properties — more than the flagship "Peacock" network — were the draw for Comcast. By owning more content, Comcast further hedges its bets as mainly a distributor of shows in case viewers ditch their cable TV subscriptions and migrate to the Internet, mobile devices or a platform that has yet to emerge. The company could charge for the shows or sell ads wherever the viewers are.

In a sense, NBC would become a pioneer again, as it seeks to stay relevant amid intensifying audience fragmentation.

NBC was established as the nation's first radio network in 1926. Its parent company, the Radio Corporation of America, made radios and realized the best way to get people to buy the product was to make sure there were interesting things to listen to.

"Without NBC, there wouldn't be broadcasting as we know it," said Walter J. Podrazik, a consulting curator at the Museum of Broadcast Communications.

NBC was the leading radio network, so powerful in those days it had two networks: NBC-Red and NBC-Blue. It was forced by the Federal Communications Commission in the early 1940s to divest itself of one network. NBC-Blue eventually became ABC. In fact, all three original broadcast networks can be traced back to NBC. One of its original owners, Westinghouse Electric Co., bought CBS in 1995.

Some of NBC's radio profits were funneled into researching the new television technology. NBC began television broadcasts in 1939 by covering the opening of the New York World's Fair.

RCA's chief David Sarnoff took to the airwaves to introduce that broadcast, and his description of the moment — "the birth of a new art bound to affect all society" — was prescient and maybe even understated. The Nielsen Co. reported that just last year, the average American watched four hours and 49 minutes of television each day.

"He was as much a cheerleader as he was an investor," Podrazik said, "and he was right."

In 1947 came the first NBC program that's still around today — Sunday morning's "Meet the Press." But 1948's "Texaco Star Theater" with Milton Berle was television's first big hit. Many people bought their first TVs, or crowded around the few ones available, to see a comic who'd mine for laughs each week by wearing a dress.

Television's early years had NBC and CBS fighting for dominance, with CBS more often than not gaining the upper hand. NBC settled for innovation, and the work of executive Sylvester "Pat" Weaver is still apparent today. He introduced the concept of multiple ads appearing on shows, instead of programs that had single sponsors, according to the Museum of Broadcast Communications.

Weaver expanded television's day by introducing the "Today" and "Tonight" shows, which became huge profit centers for the network.

"Tonight" was particularly influential, with Steve Allen, Jack Paar and, for more than a quarter-century, Carson. His monologues were the bedtime stories for millions, and he introduced hundreds of talented artists to the public. "Saturday Night Live" is a new generation's comic touchstone.

NBC News expanded in the 1960s, and the evening news report with David Brinkley and Chet Huntley made "Good night, David" and "Good night, Chet" simple catch phrases. News is a strong suit for NBC today, with Brokaw retiring at the top and Brian Williams continuing the legacy. The "Today" show has been No. 1 in the ratings for 726 consecutive weeks.

There's been no such consistency in prime time through the years, however.

NBC slumped in the late 1970s and early 1980s, when the "Supertrain" series became a shorthand for a comically inept idea. Spinoff ABC surpassed NBC in ratings. One man changed all that: Bill Cosby's sitcom dominated television in the mid-1980s, as millions of Americans checked in each week on the Huxtable family.

In the 1990s, NBC's promotion team dubbed Thursdays as a "must-see" night of television. The slogan stuck because it was true. The network's run of memorable series including "Cheers," "Seinfeld," "ER," "Frasier," "Friends" and "The West Wing" represented a golden age. NBC was not simply the most popular network. It was the best. That seems more distant each year, and not just in time.

NBC's decline has been slow, steady and sad. Their "must-see" series all ran their course, replaced by nothing comparable. Each of their rivals minted influential, highly popular reality series — Fox's "American Idol," ABC's "Who Wants to Be a Millionaire" and CBS' "Survivor" — yet the best NBC could do were the moderately successful "The Apprentice" and gross-out show "Fear Factor."

Worse yet is Hollywood's impression that NBC now is more interested in saving money than in producing memorable television.

Famed producer John Wells said as much in criticizing the network for canceling his expensive drama "Southland" this fall before the season's first episode aired. Jay Leno's move to prime-time, replacing more expensive scripted show at the 10 p.m. slot, reduced NBC's audience and influence even more.

NBC is turning, some of its fans fear, into something comparable to a cable network in ambition and reach.

Yet Comcast may give the network hope as audiences turn to video on the Internet and mobile phones. NBC is a founding partner in Hulu, an ad-supported site that lets viewers watch shows for free. NBC's combination with Comcast could let the network take advantage of the cable operator's efforts to reach additional platforms.

The fact that Zucker would likely stay at the helm, reporting to Comcast executives, suggests that the cable operator won't be making major changes overnight.

A Comcast takeover is largely symbolic now, though practical reality ultimately may overshadow that as NBC and other broadcasters face declining audiences.

"The question," Brooks said, "is what will they do with it?"