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In an interview on CNBC "Squawk Box," General Electric (GE) chairman and CEO Jeff Immelt talked some on his thoughts concerning NBC and its future with the conglomerate.

While he reiterated his stand that he isn't thinking of getting rid of NBC at this time, he still didn't entirely close the door either. Here's what he said: "I look at NBC Universal as a good way to grow 10%-15% next year and good returns. I think this is the wrong time to think about exiting. We have good days ahead of us."

Now if he truly thought the company would grow at a 10% -15% rate for years, I don't think he would have even made the comment about it being the "wrong time to think about exiting." Why wouldn't Immelt just say the company has no intention of selling off the company?

Part of the reason is there is the perception that NBC is a huge drag on General Electric, and shareholders look at selling the NBC division off as the cure for the problem of a slow-moving share price. I think Immelt probably believes what he says about the prospects for NBC, but the push to sell the company has grown so strong, that if the share price of General Electric doesn't improve significantly, he'll probably be given no choice but to make the move.

Immelt has been trying to sell investors on the idea that NBC Universal is strong, citing that "in its worst year had 18% operating profit margins and participates in a big global market that has good opportunities for growth."

That may be true, but they're being pummeled by their competitors in a big way, as far as viwership goes, and there is nothing new coming out that resonates with viewers, making future prospects dim for the company.

The one thing I found hard to believe that Immelt said on the program, was his assertion that the company is better positioned to win in the drastically changing marketplace than its competitors. While he was talking about General Electric in general, and NBC as part of that, I agree with him in reference to General Electric and its other strong companies, but I can't see that in any way with NBC at this time. I don't see them particularly strong in the media sector at all currently, and neither in the near future.

I think all this is about keeping the workers upbeat in the business until the Olympics are over. He can't afford to have them think they're going to be gone soon after the Olympics, and then expect top performances from his people.

What can be counted on for sure, is nothing is going to be announced, hinted at or declared until after the Olympics are over and the impact measured. Once that happens, we'll have a clearer picture on where Immelt is going to take NBC. The other key factor will be to keep an eye on GE's share price. In the end, that more than anything else will determine the fate of NBC as it relates to General Electric, more than anything else.