Comcast Corp. President Mike Cavanagh on Thursday tiptoed around the twin strikes that have paralyzed Hollywood.
But Comcast’s earnings underscore how some media companies are doing well, at least in the short term, despite the labor unrest that analysts expect to do lasting damage to the entertainment business. Economists have estimated that the strike could cost the economy as much as $4 billion.
NBCUniversal helped propel Comcast’s earnings. The media unit contributed $10.9 billion in revenue and $2.2 billion in adjusted earnings — a 7.5% increase from the year before. Increased attendance at its Universal Studios theme parks and ticket sales from Universal movies — including “The Super Mario Bros. Movie” — delivered in a big way.
Wall Street applauded Comcast’s results, sending its shares soaring 6% to more than $45 a share in midday trading.
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