As they do with the network neutrality rules, Comcast has program access conditions as part its acquisition of NBCUniversal that extend into 2018. Despite the debate over the issue, Bernstein- Research analyst Craig Moffett downplays the signi! cance. "In reality, I don't think this will have much impact," Moffett said. "Today, the only vertically integrated cable operator is Comcast, with its 51% stake in NBCUniversal. Cablevision spun off its programming assets into Madison Square Garden and Rainbow over the last few years, and Time Warner Cable was fully separated from former parent Time Warner Inc. in 2009," he wrote in a note to investors last week. Moffett also pointed out that Comcast is subject to a consent decree as part of the NBCU deal that guarantees access to both its RSNs and cable networks on fair and reasonable terms enforced by arbitration. Moffett also doesn't see much of a change when the consent decree expires.