Friday, July 26, 2019
NBCUniversal Reports Strong Results Driven By TV Business
That incredibly shrinking cable-TV business was a big takeaway from Comcast’s second-quarter earnings performance on Thursday, when the company’s revenues rose 23.6% to $26.9 billion, mostly because of the contribution of Sky. Comcast acquired the European company for $40 billion in late 2018. Net income fell 3% to $3.1 billion.
The Philadelphia Inquirer quotes telecom analyst Craig Moffett of the MoffettNathanson firm in New York City: “If the first thing you think of when you think of Comcast is ‘cable TV,’ then think again. The truth is, cable video is a nothing more sideshow now. Comcast is an [internet service provider] attached to a media and theme parks company.”
In 2011, Comcast bought entertainment conglomerate NBCUniversal — which includes the Universal theme parks, cable networks, and NBC broadcast-television business — from General Electric.
Posted 1:46:00 AM