Entertainment

NBCU’s Q3 earnings up, but Peacock loses $614 million – The Hollywood Reporter


Peacock, the streaming service of Comcast’s NBCUniversal entertainment unit, posted strong third-quarter revenue growth, but its losses grew, while NBCU boosted earnings in the most recent period. up more than 20%.

Studios sales and earnings have skyrocketed with the help of the likes of Minions: The Rise of Gru.

Comcast also said it had recorded “unpaid loss charges related to goodwill and intangibles in our Sky segment totaling $8.6 billion.” It said the declines “primarily reflect an increased discount rate and a decrease in estimated future cash flows due to macroeconomic conditions in Sky territories”.

Peacock ended the first quarter with over 13 million paid subscribers and 28 million monthly active accounts in the U.S. Paid subscribers were “relatively stable at 13 million” as of the end of the second quarter . And NBCU CEO Jeff Shell told CNBC in early October, shortly after the end of the third quarter, that the number of paid Peacock subscribers has since grown to 15 million. The company confirmed that on Thursday, it mentioned that Peacock’s US paid subscribers “passed 15 million”.

Comcast in its third-quarter financial results on Thursday announced NBCU earnings before interest, taxes, depreciation and amortization (EBITDA) rose 24.6% to $1.68 billion, despite a 4 percent drop in revenue. .3% to $9.57 billion. NBCU’s media unit results include $506 million in revenue and an adjusted EBITDA loss of $614 million related to Peacock. That compares to $230 million in revenue and an adjusted EBITDA loss of $520 million related to streamers for the year-ago period.

Comcast on Thursday also revealed the latest results at its core cabling systems. Broadband users grew by 14,000 amid growth challenges in the cable industry; in the span of a year ago, they added 300,000. The total net loss of video customers in the third quarter continued after falling to 408,000 in the third quarter of 2021.

At NBCU’s Studios unit, Q3 results were supported by theatrical releases like Minions: The Rise of Gru, No, Beast and continue in business from the second quarter release Jurassic World Dominion.

Thursday’s earnings report is the first since Comcast recently promoted chief financial officer Mike Cavanagh to the role of additional chairman.

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