You can read the details over at Gizmodo
This is a big deal as Comcast already is a large telecommunications company, and fully or partly owns numerous networks already. The really interesting piece is how this will play out for Hulu. NBC owns a part of it along with Fox Entertainment Group and ABC Inc. It could play out any number of ways, but the two big scenarios I see are:
Comcast could take Hulu and run with it giving it a great head start on the competition. Streaming video content will happen whether the cable companies want it or not. Comcast could nurture the already flourishing product and make a ton of money while staying current with technology.
Comcast could do everything in its power to kill Hulu. This is a likely scenario as Comcast already sees it as competition to its traditional cable services, and rightly so. Comcast could hinder further development for Hulu in order to keep traditional cable afloat, thus setting back quality streaming video content in overall as Hulu is one of the largest providers. After all, why innovate when you can just buy the competition.
While I would prefer the former, as it would benefit everyone the most, given Comcast’s track record, I expect the latter to be the more likely scenario.