Amazon Posts Net Loss for the Second Straight Quarter

Amazon.com Inc. reported slowing sales and a net loss for the second straight quarter, as strength in the tech giant’s cloud-computing business was outweighed by continued weakness in core retail operations suffering from the aftereffects of a pandemic boom, reports The Wall Street Journal.

Revenue for the tech giant in the latest period increased by 7.2% from a year earlier to $121.2 billion. That was a hair slower than the 7.3% rise in the first quarter, which had marked Amazon’s slowest growth in about two decades.

Amazon’s loss totaled $2 billion in the quarter, compared with a profit of $7.8 billion a year ago. The loss came partly because of the company’s stake in electric-vehicle maker Rivian Automotive Inc., whose valuation has plunged this year, causing Amazon to book a pretax loss of $3.9 billion in the second quarter. Amazon’s North America division, which houses its core online retail business in its biggest market, reported a third consecutive operating loss, though it narrowed from the prior quarter.

Amazon’s net loss defied expectations for a moderate profit in the period, but its revenue grew faster than analysts anticipated, helped in part by the continued strength in cloud-computing and the services it provides to other vendors that sell on its site. Shares were up more than 13% in after-hours trading, hitting their highest point in about three months—though still down sharply from the start of 2022.

Amazon and other tech giants that thrived through the pandemic—as more life and work shifted online—have consistently reported slowing growth in recent days, though in some cases not as much as investors had feared. Inflation is pushing up costs and crimping consumer spending power, and global uncertainty around issues running from Russia’s war on Ukraine to the persistence of Covid-19 has made individuals and businesses more cautious.

Amazon executives said that surging inflation is among its biggest challenges now but that the company has been able to pare costs anyway to help deal with its shifting circumstances.

Like other companies, Amazon is rethinking its hiring due to inflation and the economic environment, Brian Olsavsky, Amazon’s chief financial officer, said on a call with reporters after the quarterly report. “I don’t think you’ll see us hiring at the same pace we did in the last year or the last few years,” he said, but added that the company is still committed to hiring engineering positions, and in its cloud-computing and advertising divisions.

The cloud-computing and advertising businesses have been reliable growth engines for Amazon. Revenue for Amazon Web Services, the largest cloud-computing company by market share, grew 33% to $19.7 billion in the second quarter

Amazon’s advertising business, for which the company recently began breaking out financial data, grew 18% to $8.8 billion in the quarter.

Apple Narrowly Tops Estimates

Apple Inc. reported third-quarter results that narrowly beat Wall Street estimates, easing concerns that supply chain snags and a shaky economy would ravage the tech giant’s sales, reports Bloomberg.

Revenue rose 2 per cent to US$83 billion in the period, which ended June 25, compared with an average analyst prediction of US$82.8 billion. Earnings amounted to US$1.20 a share, topping the US$1.16 projection.

Apple’s iPhone and iPad sales fared better than expected during the quarter, though other products -- including Macs and wearables -- fell short of projections. Services, a key growth area for Apple, narrowly missed estimates.

Still, the iPhone numbers suggest that Apple is weathering a slowdown in smartphone spending. The company also has shown it can navigate supply chain constraints fueled in part by Covid-19 shutdowns in China. In April, Apple warned that the problems would erase US$4 billion to US$8 billion from third-quarter revenue.

Though it’s faring better than some tech peers, Apple has grown more cautious as it confronts a sputtering economy. The iPhone maker is planning to slow hiring and spending for some teams in 2023, Bloomberg reported earlier this month. Before releasing its results Thursday, Apple’s stock had fallen about 11 per cent this year, slightly outperforming the S&P 500 Index.

Apple also had little in the way of new products to lure customers in recent months. The company released an updated iPhone SE back in March and is expected to launch fresh iPhones in September, missing the quarter that just ended. 

Even so, that product generated US$40.7 billion last quarter, beating estimates of about US$39 billion.

Qualcomm Inc. added to investors’ concerns about the smartphone market on Wednesday, when the chipmaker said consumers’ appetite for the devices had slowed. But the company said demand was particularly weak for low-end and mid-tier phones running Android, rather than the iPhone.

Last quarter’s sales from digital services like iCloud, AppleCare, Apple TV+ and Apple Music climbed 12 per cent to US$19.6 billion during the period. That made it Apple’s fastest-growing category, but the division came up shy of Wall Street predictions of about US$19.7 billion.

Apple’s wearables, home products and accessories -- the division that includes its smartwatch, HomePod, AirPods and Beats headphones -- had sales of US$8.08 billion last quarter. Wall Street had called for about US$8.8 billion. 

Apple generated US$7.38 billion from the Mac, badly missing predictions of about US$8.45 billion. The company launched new MacBook Pro and MacBook Air models in July, but those didn’t contribute to the latest results because the quarter ended in June. That means many consumers probably stopped buying the old versions of the products -- Apple’s two most popular Macs -- hurting that category.

The Cupertino, California-based company is planning a slew of new Macs over the next several months, including high-end MacBook Pros, an iMac, upgraded Mac minis and a revamped Mac Pro, Bloomberg has reported.

Nashville Radio: Darren McFarland OUT At 102.5 the Game

 

Longtime WPRT 102.5 The Game radio host Darren McFarland is out at the station after 11 years.

The Tennessean reports the move was initially announced at the start of Tuesday's midday show by program director Chase McCabe, who had shared hosting duties with McFarland and Willy Daunic on the station's midday show, "Darren, Daunic and Chase." 

Darren McFarland

McCabe confirmed Wednesday to the Tennessean that it was the station's decision to part ways with McFarland.

"We appreciate all of Darren's contributions over the years and wish him only the best in his future endeavors," McCabe said.

McFarland has been on Nashville airwaves since 2004 and was with 102.5 The Game since the station's switch to sports radio in 2011. McFarland also was the Nashville Predators' studio host on 102.5 from 2013 through the recent season.

"When you have been in the radio business for 25 years, I guess you are never surprised by anything," McFarland told the Tennessean. "I’m just thankful for the 11 years I spent on the air at 102.5 The Game."

102.5 The Game's show from 10 a.m. to 2 p.m. weekdays is renamed "Chase, Willy & D-Mase" with the addition of former Titans wide receiver Derrick Mason.

YES Network To Launch Streaming Service

During an interview on the “Carton & Roberts” show on WFAN 660 AM /101.9 GM, NY  Yankees President Randy Levine, confirmed that a DTC streaming service for the YES Network, which carries the New York Yankees and Brooklyn Nets, is coming, reports The Streamable.

When asked about whether there is a backlash as a result of spreading games across streaming services like Apple TV+, Peacock, and Prime Video, Levine said: “There is always going to be a balance between digital or streaming, and linear, and you have to provide coverage for all of your fan base. Younger fans tend to stream. You’re going to see a direct-to-consumer package come out from YES, very very soon.”

YES Network is jointly-owned by the New York Yankees, Sinclair (who also owns the Bally Sports networks), and Amazon. Sinclair has soft-launched their direct-to-consumer service Bally Sports+ in five markets for their Bally Sports regional sports networks (RSNs).

Earlier this season, the Yankees moved 21 games, mostly airing on Friday nights, exclusively to Amazon Prime Video. In the past, those games aired on broadcast television, most recently, WPIX.

When asked about the “changing winds” of the media landscape, along with the move to make select games exclusively available on Prime Video, Levine said that “you have to get ahead of it.” He continued, “We have to do a much much better job explaining to our fanbase how to get to those games. I think there are a lot of people who have Amazon Prime, who don’t even know they do, and don’t know how to get to the games. That’s on us, and we got to get better at that.”

When YES Network does launch their direct-to-consumer service, it likely won’t be cheap. NESN360, the DTC service for the Red Sox, costs $29.99 per month, while Bally Sports+ costs $19.99 monthly. In February, MSG Network, which is the other regional sports network in the New York Metro area, announced plans for a DTC service to launch by the end of the year.

It's Back: Net Neutrality

Democratic lawmakers on Thursday introduced legislation to reinstate the lynchpin of the former net neutrality rules, which were passed during the Obama administration and prohibited carriers from blocking traffic due to its content.

MediaPost reports the proposed Net Neutrality and Broadband Justice Act, unveiled by Senators Ed Markey (D-Massachusetts) and Ron Wyden (D-Oregon) and Representative Doris Matsui (D-California), would classify broadband internet access as a utility service. 

That designation would unambiguously empower the Federal Communications Commission to require broadband providers to follow some of the same common carrier rules that have long applied to telephone companies -- including prohibitions against blocking or throttling traffic, and charging more for prioritized delivery

FCC Chair Jessica Rosenworcel, a longtime supporter of net neutrality, expressed support for the bill -- though also indicated the FCC could impose open internet rules regardless.

In fact, in 2015 the FCC voted to designate broadband access a utility service and to impose rules prohibiting carriers from blocking or throttling traffic, and from charging higher fees for prioritized delivery.

Jessica Rosenworcel

That utility service classification also allowed the FCC to impose privacy rules on carriers. The agency moved forward with those rules in 2016, when it voted to require broadband carriers to obtain subscribers' explicit consent before drawing on their web browsing behavior for ad purposes.

The following year, a GOP dominated Congress revoked those privacy rules, and a Republican controlled FCC rescinded the decision to classify broadband as a utility, as well as the prohibitions on blocking or throttling traffic and paid prioritization.

Former agency head Ajit Pai, who shepherded the repeal, called the prior rules “heavy handed.” But proponents say net neutrality rules are needed to prevent carriers from interfering with traffic -- such as by censoring sites for political reasons, or hindering consumers' ability to access streaming video.

While the FCC may already have the authority to restore net neutrality, it doesn't have the votes. The agency is politically deadlocked, with two Democratic commissioners and two Republicans, because the Senate has failed to confirm President Joe Biden's pick for the fifth spot, ardent net neutrality proponent Gigi Sohn.

July 29 Radio History

Florence Freeman

➦In 1911...Florence Freeman born (Died  at age 88 – April 25, 2000). She was an actress in old-time radio. She was known as a "soap opera queen" for her work in daytime serial dramas.

Freeman's initial job in radio came in 1933 as the result of a challenge. After a friend dared her "to make good as a radio actress", Freeman applied — and was hired — at WOKO in Albany, NY.  She went on to become a member of the casts of a number of serials in old-time radio, including being "the heroine of not one but two serials that ran more than a decade."

In 1949, Freeman won the "Your Favorite Daytime Serial Actress" award from Radio Mirror magazine.

➦In 1914...Theodore Vail, the president of AT&T, succeeded in transmitting his voice across the continental U.S. in July 1914.  It the first test phone conversation between New York and San Francisco.

Peter Jennings

➦In 1938...Peter Charles Archibald Ewart Jennings born (Died from cancer at age 67 – August 7, 2005). He was a Canadian-American journalist who served as the sole anchor of ABC World News Tonight from 1983 until his death from lung cancer in 2005. Despite dropping out of high school, he transformed himself into one of American television's most prominent journalists.

Jennings started his career early, hosting a Canadian radio show at the age of nine. He began his professional career with CJOH-TV in Ottawa during its early years, anchoring the local newscasts and hosting a teen dance show, Saturday Date, on Saturdays. In 1965, ABC News tapped him to anchor its flagship evening news program. His inexperience was attacked by critics and others in television news, making for a difficult first stint in the anchor chair. Jennings became a foreign correspondent in 1968, reporting from the Middle East.

He returned as one of World News Tonight's three anchors in 1978, and was promoted to sole anchor in 1983. Jennings was also known for his marathon coverage of breaking news stories, staying on the air for 15 or more hours straight to anchor the live broadcast of events such as the Gulf War in 1991, the O.J. Simpson phony phone call and subsequent trial in 1994, the Millennium celebrations in 2000, and the September 11 attacks in 2001. In addition to anchoring, he was the host of many ABC News special reports and moderated several American presidential debates. Jennings was always fascinated with the United States and became a naturalized United States citizen in 2003.

Along with Tom Brokaw of NBC and Dan Rather of CBS, Jennings formed part of the "Big Three" news anchors who dominated American evening network news from the early 1980s until his death in 2005, which closely followed the retirements of Brokaw in 2004 and Rather in 2005.

➦In 1940...the pilot for the radio comedy Duffy’s Tavern aired on CBS. Duffy’s won its own weekly slot the following March, and would continue as a radio staple into 1952.

The program often featured celebrity guest stars but always hooked them around the misadventures, get-rich-quick schemes and romantic missteps of the title establishment's malaprop-prone, metaphor-mixing manager, Archie, portrayed by Ed Gardner, the writer/actor who co-created the series. Gardner had performed the character of Archie, talking about Duffy's Tavern, as early as November 9, 1939, when he appeared on NBC's Good News of 1940

Clint Buehlmann

➦In 1977...Buffalo radio personality Clint Buehlmann aired his final show on WBEN 930 AM. He had been a highly-rated morning personality for about 40 years.

➦In 1995...bandleader Les Elgart died of heart failure at age 76. Elgart’s recording of Bandstand Boogie was adopted by Dick Clark as the theme for American Bandstand. Elgart also had two top-selling albums in the 50’s: The Elgart Touch and For Dancers Also. He often jointly led a band with his brother Larry in the 1950s and 60s.

Tom Snyder

➦In 2007...Talk Show Host and newscaster Tom Snyder died at age 71.

Snyder had loved radio since he was a child and at some point changed his field of study from pre-med to journalism. He once told Milwaukee Journal Sentinel reporter Tim Cuprisin that broadcasting became more important to him than attending classes, and he skipped a lot of them.

Snyder began his career as a radio reporter at WRIT (unrelated to the present-day FM station) in Milwaukee and at WKZO in Kalamazoo (where he was fired by John Fetzer) in the 1950s. For a time he worked at Savannah, Georgia, AM station WSAV (now WBMQ).

After moving to TV in the 1960s, he was a news anchor for KYW-TV in Cleveland (now WKYC-TV) and, after a 1965 station switch, Philadelphia, and WNBC-TV and WABC-TV in New York City.

Snyder WRIT

He talked about driving cross country in an early Corvair from Atlanta to Los Angeles around 1963, where he landed a news job at KTLA, then on to KNBC-TV, also in Los Angeles, where from 1970 to 1974 he was an anchor for the 6 p.m. newscast working with KNBC broadcaster Kelly Lange, who was then a weather reporter before serving as a long-time KNBC news anchor.

Lange later became Snyder's regular substitute guest host on the Tomorrow program, prior to the hiring of co-host Rona Barrett in the program's last year. Even after attaining fame as host of Tomorrow, Snyder kept his hand in news anchoring with the Sunday broadcasts of NBC Nightly News during 1975 and 1976.

Ken Burns is 69

🎂HAPPY BIRTHDAYS:

• Actor Robert Fuller (“Laramie,” ″Emergency!”) is 89. 
• Actor David Warner (“Titanic”) is 81. 
• Actor Roz Kelly (“Happy Days”) is 80. 
• Keyboardist Neal Doughty of REO Speedwagon is 76. 
• Actor Mike Starr (“Ed,” ″Goodfellas”) is 72. 
• Singer-bassist Geddy Lee of Rush is 69. 
• Documentary maker Ken Burns is 69. 
• TV personality Tim Gunn (“Project Runway”) is 69. 

• 

  Martina McBride is 56

  Singer Patti Scialfa of Bruce Springsteen and the E Street Band is 69. 
• Actor Alexandra Paul (“Baywatch”) is 59. 
• Actor Dean Haglund (“The X Files”) is 57. 
• Country singer Martina McBride is 56. 
• Drummer Chris Gorman of Belly is 55. 
• Actor Tim Omundson (“Psych”) is 53. 
• Actor Ato Essandoh (film’s “Django Unchained,” TV’s “Elementary”) is 50. 
• Actor Wil Wheaton (“Star Trek: The Next Generation,” “Stand By Me”) is 50. 
• Singer Wanya Morris of Boyz II Men is 49. 
• Actor Stephen Dorff is 49. 
• Country singer James Otto is 49. 
• Actor Josh Radnor (“How I Met Your Mother”) is 48. 
• Musician Danger Mouse is 45. 
• Actor Rachel Miner (“Supernatural”) is 42. 
• Actor Kaitlyn Black (“Hart of Dixie”) is 39. 
• Actor Cait Fairbanks (“The Young and the Restless”) is 29.

✞DEATH ANNIVERSARIES

• Singer "Mama" Cass Elliot of The Mamas and the Papas died of heart failure on this day in 1974. She was 32. Contrary to the widely-circulated story, she did not choke to death on a sandwich.
• Painter Vincent van Gogh committed suicide on this day in 1890. He was 37.

Meta Platforms Report First Ever Revenue Drop

• Meta missed on the top and bottom lines and gave a troubling forecast for the third quarter.
• The shares have lost about half their value this year as marketers pull back on ad spending.
• The company said its guidance reflects “continuation of the weak advertising demand environment.”

Facebook parent Meta Platforms Inc. posted its first decline in revenue and issued a muted outlook on digital advertising as it contends with growing competition from rival TikTok, reports The Wall Street Journal.

The company reported quarterly revenue of $28.8 billion, down almost 1% from a year earlier and slightly below the $28.9 billion Wall Street was expecting. It marks the first time that the company has posted a quarterly drop in revenue from the year earlier.

“We seem to have entered an economic downturn that will have a broad impact on the digital advertising business,” Chief Executive Mark Zuckerberg said Wednesday. “It’s always hard to predict how deep or how long these cycles will be, but I’d say that the situation seems worse than it did a quarter ago,” he said on an earnings call.

Meta is grappling with a digital advertising market in upheaval from surging inflation and other factors that are causing a slowdown in ad spending. Google parent Alphabet Inc. on Tuesday reported the slowest rate of growth since the second quarter of 2020, when the pandemic crimped demand for advertising in some areas. Rival Snap Inc. reported its weakest-ever quarterly sales growth last week while Twitter Inc. reported a decline in revenue.

Meta also disclosed that Facebook’s daily active user base rose to 1.97 billion users. The figure was 1.96 billion three months ago. The increase defied expectations of analysts surveyed by FactSet who thought user numbers would fall.

The company posted a net profit of $6.7 billion for the second quarter, the third quarter in a row Meta’s bottom line has fallen. The company hasn’t experienced such a slump since the fourth quarter of 2012.

The weak advertising demand was reflected in Meta’s average price per ad, which fell 14% in the quarter. A year ago, the company reported an increase of 47%, year over year, for its average price per ad.

SiriusXM Reports Revenue Growth, Subs Stable

• Revenue in Second Quarter 2022 of $2.25 Billion; an Increase of 4% Year-Over-Year
• Second Quarter 2022 Net Income of $292 Million; Diluted EPS of $0.07
• Adjusted EBITDA of $679 Million
• Year-to-Date Capital Returns to Stockholders of $1.6 Billion
• SiriusXM Reiterates Full-Year Financial Guidance; Expects Positive Full-Year Self Pay Net Subscriber Additions

SiriusXM today announced second quarter 2022 operating and financial results, including revenue of $2.25 billion, an increase of 4% year over year. The company recorded net income of $292 million in the second quarter 2022 compared to $433 million in the prior year period. The prior year period benefited from $140 million of satellite insurance recoveries. Net income per diluted common share was $0.07 in the second quarter 2022 compared to $0.10 in the prior year period, or $0.08 excluding the satellite insurance recoveries recorded in the second quarter of 2021.

Adjusted EBITDA was $679 million in the second quarter of 2022, down 3% from the second quarter of 2021. 

Jennifer Witz

"We are pleased with our results in the second quarter, and while we continue to navigate an uncertain economic environment, we delivered strong financial performance and continued to make strategic investments in our business that will set us up for an exciting new era at SiriusXM," said Jennifer Witz, Chief Executive Officer of SiriusXM. 

"We remain committed to creating compelling experiences for our listeners by investing in innovative technologies to deliver best-in-class, curated, comprehensive audio entertainment. We remain equally committed to delivering consumers the best and widest choice in premium audio content. From launching pop-up channels celebrating Black Music Appreciation Month to acquiring Conan O'Brien's Team Coco to produce new content for our listeners, and most recently, expanding our relationship with the NFL to deliver the most extensive sports lineup in audio entertainment, we will continue to enhance our platform to ensure broad appeal."

"SiriusXM's churn was steady at approximately 1.5% in the quarter, underscoring the strength of our business, our products, and loyalty of our customers. In the second quarter, we delivered focused expansion in key streaming offerings and maintained a strong balance sheet," said Sean Sullivan, Executive Vice President, and Chief Financial Officer. "This quarter we returned over $300 million in capital to stockholders, comprising $217 million in common stock repurchases and $86 million in dividends, and ended the quarter with net debt to adjusted EBITDA of 3.6 times."

➤SiriusXM Financial Metrics and Key Highlights

Self-Pay Subscribers Remain at 32.0 Million

During the second quarter of 2022, SiriusXM self-pay subscribers increased by 23,000 and paid promotional subscribers increased by 54,000. Total subscribers were 34.0 million on June 30, 2022. The SiriusXM trial funnel stood at approximately 7.3 million at the end of the quarter, up from 6.9 million at the end of the first quarter of 2022. Self-pay monthly churn remained at approximately 1.5%.

SiriusXM Revenue Increased 5% to $1.7 Billion

Second quarter 2022 revenue grew 5% to $1.7 billion compared to the second quarter of 2021. This growth was driven by a $1.05 increase in average revenue per user (ARPU), up 7% year over year, resulting in a total ARPU of $15.62. Second quarter 2022 revenue also benefited from a 2% increase in SiriusXM self-pay subscribers, partially offset by the effects of a lower base of paid promotional subscribers.

Gross Profit Increased 6% to $1.1 Billion and Gross Margin Remained Stable

Total cost of services at SiriusXM increased by 3% to $668 million for the quarter compared to the corresponding quarter in 2021. Gross profit at SiriusXM totaled $1.1 billion, an increase of 6% compared to the 2021 period, producing a gross margin of 61%, consistent with the prior year period.

➤Pandora and Off-Platform Financial Metrics and Key Highlights

Advertising Revenue Increased 5% to $403 Million

Second quarter 2022 ad revenue in the Pandora and Off-Platform segment increased by 5% year over year to $403 million. Off-platform advertising, including the company's podcast business, climbed 50% year over year to nearly $119 million in the second quarter of 2022. Ad revenue maintained monetization of approximately $100 per thousand hours at Pandora, remaining roughly flat compared to the second quarter of 2021.

Total Advertising-Supported Listener Hours of 2.84 Billion

Monthly Active Users (MAUs) at Pandora were 50.5 million in the second quarter of 2022, down from 55.1 million in the prior year period. Total ad-supported listener hours were 2.84 billion in the second quarter of 2022, down from 3.03 billion in the 2021 period. Average monthly hours per ad-supported user climbed 3% to 21.1 in the second quarter of 2022 compared to 20.4 in the second quarter of 2021.

Self-Pay Subscribers Decreased Modestly

Self-pay subscribers to the Pandora Plus and Pandora Premium services decreased modestly in the second quarter of 2022 to end the period at 6.3 million.

Gross Profit Falls

Subscriber revenue decreased by 2%, advertising revenue increased by 5% and total cost of services increased by 14% during the second quarter of 2022 driven by investments in new podcast content. This resulted in gross profit in the Pandora and Off-platform segment of $167 million, a decrease of 13% compared to the corresponding 2021 period, and produced a gross margin for the quarter of 31%, down 6 percentage points from the prior year period.

➤Podcast Growth and Expanded Ad Representation

SXM Media, the company's combined advertising sales organization, continues to be a dominant force in podcast ad sales, ranking as the #1 podcast advertising network in weekly U.S. listener reach, according to Edison Research. SXM Media currently represents four of the top 15 podcasts in the country, including "Crime Junkies," "Office Ladies," "Dateline NBC," and "Pod Save America."

As part of the previously mentioned acquisition of Team Coco, SiriusXM expanded its exclusive global ad representation beyond Team Coco's acclaimed podcasts to also include digital video, social media, and live events associated with Team Coco's properties. During the quarter, the company also signed new agreements with multi-platform internet star Lyle Forever, which includes his hit podcast Therapy Gecko and Critical Role, the D&D role-playing collective with millions of fans. These agreements secured the global advertising sales rights for SXM Media and continued to expand the company's off-platform business, and solidified SXM Media as a leader in the sales of audio advertising for podcasts.

Comcast Broadband Growth Stalls, Peacock Subs Stable

• Comcast reported earnings for the second quarter before the bell on Thursday
• The company’s broadband subscribers were flat at 32.2 million for the quarter.
• Revenue rose 5.1% from a year earlier to $30.02 billion, boosted by theme parks and studios.
• Peacock paid subscribers remained flat at 13 million after adding 4 million last quarter.

Comcast Corp failed to gain broadband subscribers during the latest quarter, a sudden downshift after many years of solid subscriber growth in that business reports The Wall Street Journal.

The Philadelphia-based company, owner of Xfinity-branded broadband and cable services, the NBCUniversal media empire and the U.K.’s Sky TV business, posted higher revenue in the second quarter than it did a year ago, boosted by its movie-studio and theme-park businesses, which have rebounded sharply from their pandemic lows.

Comcast had 32.16 million subscribers at the end of the second quarter, the exact same number it had at the end of the first.

WSJ Graphic

The cornerstone of Comcast’s operations, the broadband business has been a longstanding driver of growth. During the first two years of the coronavirus pandemic, the company added more than a million broadband subscribers every year, often setting records. But like its peers, Comcast warned late last year that broadband subscriber growth was waning.

Overall, the company said net profit declined 9.2% to $3.4 billion.

Comcast said the number of paying subscribers to its Peacock streaming service remained stable at around 13 million. During the first quarter of this year, Peacock’s paying subscriber base had jumped by more than 40%, largely due to top sporting events such as the Super Bowl and Beijing Winter Olympics, as well as new original content, including “Bel-Air.”

The company’s Universal Studios theme-park business reported $1.8 billion in revenue, a 65% increase from the previous year. Its movie studios-unit posted a 33% increase in revenue to nearly $3 billion, which was driven by the successful theatrical release of “Jurassic World: Dominion.”

Overall, NBCUniversal—the Comcast division that comprises theme parks, the movie studio, Peacock and TV stations including NBC—had revenue of $9.45 billion, up 19% from a year earlier

Comcast’s cable unit—which includes the Xfinity-branded broadband, cable-TV, and mobile businesses—saw revenue increase 3.7% to $16.6 billion, and continued to make up the bulk of Comcast’s overall revenue.

Despite the broadband-subscriber slowdown, company executives said there have been few broadband customers leaving Comcast. In past quarters, the company has attributed the slowdown to fewer people changing homes.

Cable-TV customers continued to cut the cord, with Comcast losing 521,000 video subscribers. The Xfinity Mobile cellphone segment continued to be a bright spot for Comcast, with the addition of 317,000 customers. There are now more than 4.6 million Xfinity Mobile lines.

Philly Radio: Two New Voices Added To Sport 94.1 WIP

 94.1 WIP host Glen Macnow is getting not one, but two new radio partners to replace the recently retired Ray Didinger, reports The Philly Inquirer.

Inquirer columnist Mike Sielski will co-host alongside Macnow on Saturday mornings from 10 a.m. to 1 p.m., while longtime WIP host Jody McDonald will join Macnow on Sundays, though that show will be cut short most weeks by the station’s Eagles pregame show.

Both Sielski and McDonald will start this weekend on WIP. Macnow’s on-air relationship with McDonald dates back nearly 30 years, when the pair hosted Mac and Mac on WIP for six years during the mid-1990s. McDonald, the son of former Major League Baseball executive Joe McDonald, has been affiliated with WIP since 1990.

Meanwhile, Sielski is just the latest Inquirer writer to take their talents to radio, where he’ll join fellow columnist Marcus Hayes at WIP. Current Philly sports talkers Angelo Cataldi, Al Morganti, Mike Missanelli, Anthony Gargano, and Bob Cooney all once worked for the Inquirer or Daily News during their careers, as did both Macnow and Didinger.

Sielski isn’t leaving the Inquirer, where he has been a sports columnist since 2013. In fact, he just published a new column today about hard-working Eagles quarterback Jalen Hurts.

Speaking of Cataldi, the retiring morning show host told his listeners back in June that WIP would announce his successor in July. Now it looks like that will be bumped back into August, but you can certainly expect a decision before the Eagles kick off their season on Sept. 11 against the Detroit Lions.

➤Phillies TV ratings way up compared to last year

While the Phillies haven’t always been must-watch TV this season, the team is certainly driving viewers to NBC Sports Philadelphia.

Through July 24, ratings on NBC Sports Philadelphia are up 23% compared to the same time last year, according to the network. Ratings are also up 21% compared to 2019, which featured the debut of Phillies slugger Bryce Harper. Among viewers between the ages of 18 and 49, a coveted demographic for advertisers, ratings are up 29% compared to this time last season.

Wake-Up Call: Feds Raise Key Rate Again

The Federal Reserve raised its benchmark interest rate by a big three-quarters of a point yesterday for a second straight time as it continues its fight against high inflation. The rate hike will raise its key interest rate, which affects many consumer and business loans, to a range of 2.25 percent to 2.5 percent, its highest level since 2018. Fed Chair Jerome Powell said at a news conference that the Fed remains committed to reducing inflation, but also held out the possibility that it may soon shift to smaller rate increases.

The newest rate hike comes after inflation increased to 9.1 percent, the fastest annual rate in 41 years.

➤MANCHIN, SCHUMER REACH SURPRISE DEAL ON HEALTH CARE, CLIMATE, TEXAS, DEBT: Senate Majority Leader Chuck Schumer and Democratic Senator Joe Manchin announced a surprise agreement yesterday after months of negotiation that will address health care, climate change, raising taxes on large corporations and high earners, and reducing the federal debt. Schumer and Manchin said the measure would reduce carbon emissions by around 40 percent by 2030. Until the unexpected announcement, it had been expected that there would be a much narrower package on just reducing drug prices and extending health care subsidies, because of Manchin's opposition to anything larger due to inflation concerns. There wasn't an immediate explanation for Machin's abrupt reversal to back a broader package, but it does include provisions aimed at helping Americans deal with higher prices and is called "The Inflation Reduction Act of 2022." A vote is expected next week, which under the process the Democrats are using will only require 50 votes, not 60 to defeat what would otherwise be an assured Republican filibuster.

➤BIDEN ENDS COVID ISOLATION AFTER TESTING NEGATIVE: President Biden ended his Covid-19 isolation Wednesday after he tested negative for the virus both in the morning and Tuesday night, and appeared in the Rose Garden, his first time in public since testing positive last Thursday. Biden, who is fully vaccinated and had two boosters, had five days of treatment with the anti-viral Paxlovid, and had mild symptoms during his illness. Biden pointed to his own experience in saying that Americans can, quote, "live without fear" of the pandemic if they take advantage of what's available to them by getting booster shots, taking home tests, and using Paxlovid if they do get infected. He siad, "You don’t need to be president to get these tools to be used for your defense. In fact, the same booster shots, the same at-home test, the same treatment that I got is available to you."

Once Pres. Biden’s best demographic, young Americans have shown the largest drop in support.

More, via @FiveThirtyEight: https://t.co/oxRQrp9XB6

— ABC News (@ABC) July 28, 2022

➤SENATE PASSES BILL TO INCREASE COMPUTER CHIP PRODUCTION IN U.S.: The Senate passed legislation yesterday that's intended to encourage semiconductor companies to build plants to make more computer chips in the U.S. The measure, which passed on a bipartisan 64-33 vote, includes federal grants and tax breaks for companies that build their chip facilities in the U.S., and also directs Congress to significantly increase spending on high-tech research programs that will help the country stay economically competitive. Backers of the legislation say the U.S. must move to make computer chips in the U.S. to avoid the risk of losing a secure supply of the semiconductors that power automobiles, computers, appliances and some of the military’s most advanced weapons systems. The House is expected to vote on the measure late this week.

Some of the nation's most popular eateries — both large and small — are hiking their prices, passing higher supply costs onto customers. https://t.co/UjdHUJf1Vb

— CBS News (@CBSNews) July 28, 2022

➤TWO EX-MINNEAPOLIS COPS SENTENCED FOR VIOLATING GEORGE FLOYD'S CIVIL RIGHTS: Two former Minneapolis police officers, J. Alexander Keung and Tou Thao, were sentenced yesterday after being convicted on federal charges of violating George Floyd’s civil rights. U.S. District Judge Paul Magnuson sentenced the two to lighter terms than is in the sentencing guidelines, giving Keung a three-year sentence and Thao three-and-a-half years. Kueng pinned Floyd's back and Thao held back concerned bystanders while then-Officer Derek Chauvin kneeled on Floyd's neck for more than nine minutes, leading to his death, in May 2020. A fourth officer, Thomas Lane, held Floyd’s feet, and he was sentenced last week to two years, also below guidelines. Chauvin was sentenced earlier to 21 years, which he's serving concurrently with his 22 1/2-year state sentence.

‘Leave It to Beaver’ star Jerry Mathers mourns ‘brother’ Tony Dow: ‘My lifelong friend’ https://t.co/pXwW5JVglc

— Fox News (@FoxNews) July 27, 2022

➤FLORIDA FILES COMPLAINT AGAINST MIAMI BAR FOR DRAG SHOWS IN PRECENSE OF KIDS:  The administration of Florida Republican Governor Ron DeSantis filed a state complaint of disorderly conduct against a Miami bar on Tuesday, charging that its weekend drag shows expose children to "sexually explicit" performances. The complaint against R House says, "The nature of the performances . . . particularly when conducted in the presence of young children, corrupts the public morals and outrages the sense of public decency." R House's owners said they are "working with the Department of Business and Professional Regulation . . . to rectify the situation," which it called a "misunderstanding." If found to be in violation of local laws and codes, R House could lose its liquor license. The complaint references a July 3rd video that circulated on social media showing a drag dancer in a G-string bottom and breasts covered only in pasties with dollar bills in the G-string leading a girl who looked to be about 3 to 5 years old around the restaurant. After that, investigators went to a few drag brunches, and found other drag brunch videos on social media. They noted the drag brunch menu has an Under 12 section, meaning kids are welcome. The complaint contends that that, quote, "performances and simulated sexual activity -- particularly when conducted in the presence of young children -- constituted lewd activity and warrants revocation of respondent’s license."

.@ClayTravis rips Lori Lightfoot over surging crime: 'The worst mayor in America' https://t.co/GBI3NYXwBj

— Fox News (@FoxNews) July 27, 2022

➤FTC MOVES TO BLOCK FACEBOOK PARENT META'S ACQUISITION OF VIRTUAL REALITY COMPANY: The Federal Trade Commission (FTC) moved yesterday to block Facebook parent company Meta from acquiring virtual reality company Within Unlimited and its fitness app Supernatural, saying it would hurt competition and violate antitrust laws. The FTC filed a court complaint seeking a temporary restraining order and preliminary injunction against the acquistion, saying Meta is already a key player, quote, "at each level of the virtual reality sector." Meta said in a statement, "The FTC's case is based on ideology and speculation, not evidence."

➤BLACK FAMILY SUES SESAME PLACE ALLEGING RACIAL DISCRIMINATION BY CHARACTERS: A Black family filed a class action lawsuit Wednesday alleging that character peformers at Sesame Place Philadelphia racially discriminated against them during a visit to the park last month. The suit filed on behalf of Quinton Burns and his child says that employees dressed as Sesame Street characters only interacted with white visitors during a "Meet and Greet" event, refusing to interact with them or other Black visitors. It names the performers dressed as the characters Elmo, Ernie, Telly Monster, and Abby Cadabby, and alleges company leadership had known the four performers held racial biases. The lawsuit comes soon after Sesame Street park officials apologized to another Black family after a video went viral showing two Black children seemingly snubbed by the Rosita character. In addition to money, the suit wants the company to issue formal apology to Black Americans, conduct psychological screenings to avoid hiring racially bigoted workers, and give employees mandatory cultural sensitivity training and educational courses "on the history of discrimination against Black people in America."

➤SPRITE WILL NO LONGER USE GREEN PLASTIC BOTTLES: Say goodbye to Sprite soda coming in its iconic green plastic bottle, with the Coca-Cola Company saying yesterday that the company would be changing its Sprite bottles from green to clear. The goal is to reduce plastic waste by using a new clear bottle that it more recyclable. Sprite's current packaging contains green polyethylene terephthalate, and although it is recyclable, it can't be specifically recycled into new bottles.

Michigan Wolverines' coach Jim Harbaugh says he would raise baby for player in instance of unplanned pregnancy. https://t.co/4ZmXRZLdS5

— NBC News (@NBCNews) July 28, 2022

🏀U.S. OFFERS DEAL TO BRING GRINER, WHELAN HOME: Secretary of State Antony Blinken said yesterday that the U.S. had offered a deal to Russia to bring WNBA star Brittney Griner and other American jailed in Russia, Paul Whelan, home. Blinken didn't offer details of the proposed deal, but media reports said the U.S. has offered to trade convicted Russian arms dealer Viktor Bout for Griner and Whelan. Bout has served 10 years of his 25-year sentence.

WNBA star Brittney Griner claims she was never informed of her rights, was not provided thorough interpretations, and was not told which documents she was signing when she was detained in a Moscow airport in February, she testified on Wednesday. pic.twitter.com/MjQpBYF1Ux

— CBS Evening News (@CBSEveningNews) July 27, 2022

Meanwhile, Griner testified yesterday for the first time in her Russian trial on drug charges, after she was found with vape cartridges containing cannabis oil in her luggage at a Moscow airport in February. Griner said that an interpreter translated only a little of what was being said when she was detained, and that officials told her to sign documents, but, quote, "no one explained any of it to me." Griner had pleaded guilty, but said she hadn't intend to bring the cartridges and had packed quickly to return to Russia, where she plays in a basketball league in the WNBA's offseason. She said, "I still don’t understand to this day how they ended up in my bags," saying she was aware of the Russian law outlawing cannabis oil and she hadn't intended to break it.

🏈QB BURROW TO MISS SOME OF BENGALS' CAMP AFTER APPENDECTOMY: Cincinnati quarterback Joe Burrow will miss some of the Bengals' camp that just began after having a successful appendectomy on Tuesday. Head coach Zac Taylor said there's no timetable for Burrow's return, but he didn't expect him to fall behind in practice, saying, "The good news is he has two years in [the system]. He knows it. He still has his iPad. He won’t be behind the eight ball."

Andrew Benintendi

⚾YANKEES ACQUIRE ALL-STAR BENINTENDI: The New York Yankees acquired All-Star outfielder Andrew Benintendi from the Kansas City Royals in exchange for three minor league pitching prospects, it was announced last night. The 28-year-old Benintendi was named to the All-Star Game for the first time this season. Through Wednesday, he's batting a career-best .320 with three home runs and 39 RBIs.

⚾TROUT, WITH RARE SPINAL CONDITION, SAYS 'CAREER IS NOT OVER': The Los Angeles Angels' head trainer, Mike Forstad, revealed yesterday that star outfielder Mike Trout has a rare spinal condition that could affect him for the rest of his life. But Trout said later that while he appreciated all the support he got in the wake of Forstad's comments, quote, "my career is not over." The three-time American League MVP said, "I think he meant that I have to stay on top of the routine I do on a daily basis to keep it from coming back." Trout left a game on July 12th with what was called back spasms and went on the injured list a week later with what was then called rib cage inflammation. Trout said his goal is to be back this year.

🏌WATSON TO JOIN LIV GOLF: U.S. golfer Bubba Watson, a two-time Masters champion, will reportedly be joining Saudi-backed LIV Golf, the latest high-profile player to do so. U.K.-based The Telegraph first reported the news yesterday, saying the 43-year-old is set to make his LIV debut in their event outside Boston over Labor Day weekend. Watson has been out of action since late May due to a torn meniscus.

NYC Radio: WFAN Extends Flagship Partnership With Yankees

Audacy’s WFAN 101.9 FM / 660 AM has announced a multi-year extension to its flagship broadcast and digital partnership with the New York Yankees for both English and Spanish broadcasts.

As part of the extended partnership, English broadcasts of Yankees baseball will continue to be heard on WFAN and streamed digitally via the Audacy app for fans within the Yankees broadcast territory. WFAN will also continue to produce the Spanish language broadcasts for local radio affiliates as well as for the Audacy app.

“The New York Yankees are the city's premier sports franchise and WFAN is the city's premier sports platform, so together we form a potent combination for fans and client partners,” said Chris Oliviero, Market President, Audacy New York. “2022 is our 21st consecutive season of broadcasting the Bronx Bombers, and we look forward to continuing to have the honor of being the soundtrack to more memorable and historic pinstripe moments.”

“The Yankees are excited to extend our longstanding relationship with WFAN and Audacy,” said Lonn Trost, Chief Operating Officer, New York Yankees. “WFAN has been our flagship station for over two decades, and we look forward to fans continuing to enjoy Yankees baseball over its airways and on the Audacy app.”

Beyond the game broadcasts, later this season WFAN will also launch additional year-round Yankees-themed content, included as part of station host Keith McPherson's weeknight program. WFAN will also continue to collaborate with the Yankees on an assortment of listener contests and promotions for premium fan experiences. In addition, as part of Audacy’s partnership with Major League Baseball, WFAN and the Yankees will produce co-branded podcasts. Audacy is the official audio and podcast partner of Major League Baseball.

WFAN has served as the flagship station of the Yankees since 2014. From 2002 to 2014, games were heard on sister station WCBS 880 (WCBS-AM). John Sterling, Suzyn Waldman and Sweeny Murti are the broadcasters for WFAN's English broadcasts, and Rickie Ricardo, Francisco Rivera and Rene Luna are the voices for WFAN's Spanish broadcasts.

➤Listeners can tune in to WFAN 101.9 FM / 660 AM in New York on air and nationwide on the Audacy app and website. Fans can also connect with the station via Twitter, Facebook and Instagram.

NYC Radio: Report..Brendan Burke Emerges As Sterling Replacement

John Sterling is 84

Brendan Burke, the lead play-by-play announcer for Islanders television broadcasts, has emerged as the leading candidate to succeed John Sterling as the Yankees’ lead radio voice on WFAN 660 AM / 101.9 FM , The NY Post is reporting.

Sterling is not going anywhere yet, but the plan for succession has begun and is expected to be further instituted this offseason, according to sources.

Brendan Burke

The 84-year-old Sterling, who has been an iron man throughout his career, has cut down on the number of games he will call in the second half of this season as he increasingly disdains traveling.

He has been the Yankees’ radio play-by-play announcer for more than three decades, including a streak of 5,058 consecutive games broadcast, which ended in July 2019.

While no formal plan is in place, it’s possible Sterling will call just the home games and some road games, though he may not be fully on board with that idea just yet.

In a phone interview on Wednesday, Sterling confirmed that he doesn’t like traveling anymore, but said he feels good and plans to continue calling a lot of games, even raising the possibility that he will return to a full 162-game slate.

While Sterling will have a say, the beginning of a transition to Burke could happen in earnest next year. Burke could have a dual role, as Howie Rose once did.

Rose used to call both the Islanders and the Mets. 

Las Vegas Radio: Jason Horowitz Named New NFL Raiders Voice

Jason Horowitz

Jason Horowitz has been named the radio play-by-play voice of the Raiders, the team announced Tuesday.

Horowitz replaces Brent Musburger, who announced his departure in June, according to The Las Vegas Review-Journal.

The 2005 Syracuse graduate has been serving as the host of NCAA football and basketball broadcasts on Westwood One radio network, while working for the Big Ten Network and ESPN. He has also been calling Army football games for CBS Sports Network. 

“As a kid, I used to pretend I was the voice for a team calling an epic interception, or the game-winning touchdown,” Horowitz said in a statement. “I want to thank Mark Davis and the Raiders organization for making that dream become a reality. “I am humbled to join an historic franchise, following in the footsteps of the legends who have called games for the Silver and Black to the sport’s greatest fanbase. ”

Horowitz has done play-by-play and anchoring roles for the Olympics and was the voice of the WNBA’s New York Liberty for two seasons, as well as hosting shows on SiriusXM NFL Radio and ESPNU. The native of suburban Detroit has worked Super Bowls, Final Fours and the NFL draft.

Musburger, 83, filled the role since 2018, calling games covering the franchise’s last two seasons in Oakland and their first two years in Las Vegas.

Former Raiders offensive lineman Lincoln Kennedy is the analyst on the game broadcasts, which air on KOMP 92.3 FM and KRLV 920 AM in Las Vegas.

Boston Radio: WMJX Imports Delilah For Evenings

Delilah

Premiere Networks has announced its syndicated personality Delilah is added to the programming lineup at Audacy's WMJX-FM (Magic 106.7) in Boston. 

The night time host is now heard on the station weekdays and Sundays from 7-12am ET. Often referred to as the "Oprah of Radio," Delilah is heard by millions of listeners on more than 150 radio stations.

"I have the honor, the blessing, of being on Magic 106.7 FM, following David Allan Boucher's long and successful career of some 40 years with the Boston audience," said Delilah. "I enjoyed some great years on the air in Boston in the 1990s, and I'm happy to be back each evening, Sunday through Friday nights."

"We're delighted to add Delilah's wildly popular nighttime show to our programming slate and give fans in Boston another home to listen to her each week," added Audacy Boston Senior Vice President and Market Manager Mike Thomas. "Her award-winning show will be a welcomed complement to our strong lineup of shows."

She replaces the longtime airing show Bedtime Magic with David Allan Boucher, who has previously announced his retirement.