Olympics Coverage Lifts NBCU Q3 Results

Revenues at NBCUniversal in the third quarter rose by 57.9 percent to $10 billion, driven by its coverage of the Tokyo Olympics.

Media revenues at the company gained 47.5 percent to $6.8 billion; excluding the Olympics revenues, up 9.2 percent to $5 billion. Ad revenues in the media segment were up 73 percent, reflecting the broadcast of the Tokyo Olympics, higher pricing and additional Peacock sales, partially offset by the timing of other sporting events and a decline in ratings. Studios revenues rose 26.8 percent to $2.4 billion, reflecting higher theatrical revenues and content licensing revenue. Distribution revenues were up 36.2 percent, driven by the broadcast of the Tokyo Olympics, contractual rate increases and increases at Peacock, partially offset by a decline in subscribers at its networks. The theme parks saw revenues rise to $1.4 billion.

At Sky, revenues were up 4 percent to $5 billion, flat on a constant currency basis. D2C revenues were up 4.7 percent to $4.1 billion. Content revenues dropped 22.8 percent to $300 million due to a change in sports programming licensing agreements in Italy and Germany, as well as the timing of sporting events. Advertising was up 21.4 percent to $561 million. Total customer relationships fell by 233,000 to 23 million, with losses in Italy as a result of a change in access to Serie A coverage but gains in the U.K.

At Comcast Cable, overall revenues were up 7.4 percent to $16 billion, driven by increases in broadband, wireless, business services, video, other and advertising revenue, partially offset by a decrease in voice revenue. Total customer relationships increased by 255,000 to 34 million.

Overall revenues at Comcast Corporation rose by 18.7 percent to $30.3 billion, with a net profit of $4 billion, almost double the same period last year.

“I am pleased with our strong operating and financial results this quarter,” said Chairman and CEO Brian L. Roberts. “Each of our businesses posted significant growth in adjusted EBITDA, contributing to a double-digit increase in our adjusted EPS. At Cable, our customer and financial metrics remained strong, highlighted by 10 percent growth in adjusted EBITDA, the highest level of customer retention on record for a third quarter, and the most wireless net additions since the launch of Xfinity Mobile in 2017. Our results at NBCUniversal continue to be driven by the ongoing recovery at our domestic theme parks, as well as the success of our linear and streaming media platforms. At Sky, our U.K. business maintained its momentum, delivering healthy growth in revenue, EBITDA and customer relationships. Going forward, I am excited about the opportunity to continue to invest in our global technology platform and other businesses while returning more capital to shareholders. This strategy is reflected in our most recent product launches—XClass TV in the U.S. and Sky Glass in Europe—as well as the $2.7 billion we returned to shareholders through a combination of share repurchases and dividend payments.”