In 2001, the merger between America Online (AOL) and Time Warner was accompanied by lofty hopes of synergies between new-world Internet prowess and old-world content delivery. But those hopes were short-lived. Now, with a billion deal to take control of NBC Universal (NBCU), Philadelphia-based Comcast is looking to integrate its cable pipes with many of the channels it distributes. What does Comcast CEO Brian Roberts know that the rest of the media industry doesn’t? Under a deal announced on December 4, Comcast will own 51% of NBCU. General Electric, the network’s previous owner, will own 49%. The new joint venture that will emerge, pending approval from the Federal Communications Commission (FCC) and Department of Justice (DOJ), features a vast array of programming assets ranging from CNBC and USA Network to NBC Sports, Versus and E! Entertainment Television.…