When Comcast (Nasdaq: CMCSA) (Nasdaq: CMCSK) made an unsolicited buyout bid for Disney (NYSE: DIS), the cable giant wanted it all. Comcast CEO Brian Roberts argued that the combined company would be "uniquely positioned to take advantage of an extraordinary collection of assets."

Comcast would naturally relish ESPN and ABC, but also Disney's movie studios, consumer products, and theme parks.

What would Comcast do with Disney's theme parks? Thankfully, we never got to find out. Disney rebuffed the $54 billion all-stock offer. Disneyland is not the most Comcastic place on Earth.

However, now Comcast has a shot to do more than just play RollerCoaster Tycoon. As the owner of a 51% stake in NBCUniversal -- with General Electric (NYSE: GE) holding on to the rest -- Roberts has owned a piece of the Universal Orlando resort in Florida for a few weeks. NBCUniversal owns a 50% interest in the tourist magnet that includes the Universal Studios Florida and Islands of Adventure theme parks, the CityWalk entertainment complex, and three third-party-managed hotels.

Blackstone (NYSE: BX), the private equity giant that owns the other half of Universal Orlando, wants out. It has filed its intention to sell. NBCUniversal now has three months to decide if it wants to buy Blackstone's position for an undisclosed sum. If NBCUniversal balks, Blackstone can sell the entire resort -- including NBCUniversal's 50% stake -- to someone else.

In short, it's time for Roberts to put up or shut up.

There are plenty of good reasons for him to go all-in here. Comcast's cable television business has been shedding cord-cutters during the past few quarters. Universal Orlando is also rolling. Attendance spiked 20% last year, as the opening of The Wizarding World of Harry Potter attraction drew flip-flop-wearing muggles to Hogwarts.

Investors have also been warming up to amusement park operators. Six Flags (NYSE: SIX) has seen its stock nearly double since emerging from bankruptcy reorganization last year. Cedar Fair (NYSE: FUN) units have more than tripled since bottoming out 16 months ago.

If the price is right, Comcast would be nuts to pass on the opportunity to capitalize on the "extraordinary collection of assets" that it always wanted.

Should Comcast buy into Universal Orlando or cash out? Share your thoughts in the comment box below.

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Longtime Fool contributor Rick Munarriz loves hitting amusement parks with his family over the summer. He does own shares in Disney. He is also part of the Rule Breakers newsletter research team, seeking out tomorrow's ultimate growth stocks a day early. The Fool has a disclosure policy.