Advertising, Studio Revenues Slip at NBCU

U.S. advertising and studio revenues at NBCUniversal slipped in Q3, with overall revenues at parent company Comcast Corporation largely stable at $30.1 billion.

“We delivered strong financial results in the third quarter, while also investing in long-term growth, accelerating share repurchase activity and maintaining our healthy balance sheet,” said Brian L. Roberts, chairman and CEO. “Our strategic focus on innovation and financial discipline facilitated by consistent execution positions us competitively both now and into the future. Among the many highlights from across the company, we delivered another quarter of double-digit adjusted EPS growth, continued to generate solid revenue growth in our connectivity businesses and expanded our adjusted EBITDA margin at connectivity and platforms. We also reported the highest adjusted EBITDA on record at theme parks; drove Oppenheimer to more than $900 million in worldwide box office—becoming the highest-grossing biopic of all time; and materially improved Peacock paid subscriber and financial metrics compared to the prior year period as well as on a sequential basis.”

Content and experiences revenues were flat at $10.6 billion, with media revenues stable at $6 billion and studios revenues down by almost 24 percent to $2.5 billion. Media revenues benefited from higher international networks and U.S. distribution revenues, lifted by improved subs numbers at Peacock, while U.S. ad revenues were down 8 percent to $1.9 billion. At the studios segment, content licensing fell by 25.4 percent to $1.7 billion and theatrical was down 25 percent to $504 million. Theme park revenues were a bright spot, rising by 17.2 percent to $2.4 billion.

In the company’s connectivity and platforms segment, revenues were up 1.1 percent to $20.3 billion. Domestic customer relationships slipped to 31.7 million, while international rose slightly to 18 million. The company shed 490,000 video customers in the U.S.