To I.P.O. or Not to I.P.O.: That is NBC Universal's Question

NBC is in fourth place many nights. Jay Leno's ratings are down, as are Conan O'Brien's. The network's much-hyped new series Trauma has been canceled.

What's a limping Peacock to do? Go for an IPO! (Of course?)

According to Bloomberg's Matthew Campbell, Jean-Bernard Lévy, CEO of Vivendi—holders of a coveted 20 percent of NBC Universal—it's a possibility. "Maybe that’s what will happen,” a coy Lévy told attendees at a media conference in the U.K. Vivendi's stake in the company is currently being considered for purchase by Comcast, which could lead to a complete change of hands for the General Electric-owned media company.

Then again, maybe not.

The New York Times' DealBook blog quotes a Fox Business Network interview with former NBC Universal chairman Bob Wright, who said, "I don’t think an IPO is such an attractive proposition right in this market either, and I’m sure the French are very sophisticated, so they’re not going to miss that." (Making fun of the French? Was Wright also chairman of Fox?)

NBC Universal's parent company, General Electric, released its third-quarter earnings two weeks ago and reported that its media unit had a 4 percent rise in profits compared to the same time last year. Vivendi has to decide if it's selling its stake in NBC Universal sometime before mid-December.