NBCU Earnings Drop on Theme Parks Loss Amid Pandemic, TV Advertising Takes Hit

Comcast's entertainment unit NBCUniversal reported lower second-quarter revenue and earnings as the coronavirus pandemic hit TV advertising revenue and led to a loss at its theme parks unit. Its film, cable TV and broadcast TV units posted higher earnings though thanks to lower operating costs amid the pandemic.

Adjusted EBITDA for the period rose in the film division even though cinemas were closed in most major markets around the world due to the virus crisis, and also percent in the cable networks, where ad revenue fell 27 percent, and the broadcast TV unit, where ad revenue fell 28 percent due to the pandemic. The theme parks unit swung to a loss, because of the park closures due to the pandemic.

Addressing Comcast's European pay TV unit, Roberts said: "At Sky, our flexible strategy helped retain customers until key sports returned in May and June. Overall, based on our results and the many organic growth opportunities that we have across our company, I am confident in our ability to continue to successfully navigate the impact of COVID-19, and emerge from the crisis even stronger.

Cable Networks adjusted EBITDA in the latest quarter climbed 3.5 percent to $1.2 billion as lower revenue again was more than offset by lower operating costs. "The decrease in operating costs was driven by lower programming and production expenses, primarily reflecting the postponement or cancellation of sporting events due to COVID-19," the company said. Cable networks revenue fell 14.7 percent to $2.

Roberts on Thursday's earnings conference call said the company has been "performing incredibly well" despite the pandemic challenges at NBCU and Sky and was focused on positioning its businesses for strong, long-term growth. He argued Comcast was in an "enviable" position despite likely "noise" in quarterly results across Corporate America ahead.

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Source: THR - 🏆 411. / 53 Read more »