With content owners and distributors often butting heads, there's always going to be winners and losers, the analyst said. But with Comcast now owning both sides, "that's a pretty good diversification strategy."
NBCUniversal is the parent of both CNBC and CNBC.com.
Rethemeier also said the fourth-quarter earnings report was strong, particularly the growth in broadband.
Revenue for cable communications increased 7 percent to $10.1 billion in the fourth quarter — fueled by growth in high-speed Internet, business services, and video.
"Broadband has been the engine of growth," CEO Brian Roberts said in a CNBC interview, citing a net gain of 341,000 new customers.
But despite the good earnings and the positives from the NBCUniversal deal, Rethemeier said the stock looks fairly valued and he sees little in either announcement that would get him to change his "neutral" rating.
He is also concerned about the company's plans to increase capital expenditures by 10 percent for the cable business, noting that "most people were expecting the big investments were behind us."
—By CNBC's Justin Menza