Sochi Games Provide Q1 Financial Jolt For NBCUniversal, Comcast
The Sochi Games "boosted TV ratings, revenue and profit" at NBCUniversal, while parent company Comcast "reported its second quarterly video subscriber increase in a row," according to Georg Szalai of the HOLLYWOOD REPORTER. NBCU "aired the Winter Games on its broadcast and cable networks in the latest quarter" and generated more than $1.1B in revenue. Quarterly broadcast TV revenue rose 72.8% to $2.6B, including $846M "generated by the Sochi Olympics." Excluding that, revenue increased 17% "amid higher advertising revenue and retransmission consent fees." Broadcast operating cash flow of $122M "meant a swing" from a year-ago loss of $35M. Higher revenue was "partially offset by higher programming and production costs due to the Olympics." Cable networks revenue jumped 12.6% to $2.5B in Q1, including $257M in Sochi revenue. Excluding that, revenue edged up 1% amid a 1.4% drop in ad revenue. Cable operating cash flow of $895M rose 5% as higher revenue was "partially offset by higher programming and production costs due to the Olympics" (HOLLYWOODREPORTER.com, 4/22). Comcast said that its Q1 '14 profit came to $1.87B compared to $1.44B in the year-earlier period. Comcast added that revenue "rose 14%" to $17.4B, compared with $15.3B a year earlier. Revenue without Sochi rose 6.5% to $16.3B (VARIETY.com, 4/22). At press time, shares of Comcast were trading at $51.49, up 3.22% from Monday's close of $49.88 (THE DAILY).