Bloomberg News

Comcast’s NBC Approaches $1.2 Billion in Olympics Revenue

July 27, 2012

Comcast Corp. (CMCSA:US)’s NBC Universal will receive about $1.2 billion in total revenue from the Olympics, moving closer to breaking even on the games.

National broadcast and cable sales will deliver about $1 billion, with local TV and digital contributing another $200 million, Comcast Chairman and Chief Executive Officer Brian Roberts said today in an interview on CNBC.

“It’s better than we thought,” Roberts said. “It’s a good start and now we just have to, you know, make it all happen in the next 17 days.”

NBC Universal paid about $1.18 billion for rights to the London Olympics, which began today with the opening ceremony. The company is spending about $100 million on production, estimates David Joyce, an analyst at Miller Tabak & Co. in New York. He expected the network to lose $100 million to $200 million on the games.

Philadelphia-based Comcast, the biggest U.S. cable system operator, gained 2.2 percent to $32.29 at the close of New York trading (CMCSA:US). The stock has climbed 36 percent this year. Comcast owns CNBC.

To contact the reporter on this story: Andy Fixmer in Los Angeles at afixmer@bloomberg.net

To contact the editor responsible for this story: Anthony Palazzo at apalazzo@bloomberg.net


American Apparel's Future
LIMITED-TIME OFFER SUBSCRIBE NOW

(enter your email)
(enter up to 5 email addresses, separated by commas)

Max 250 characters

Companies Mentioned

  • CMCSA
    (Comcast Corp)
    • $54.55 USD
    • 0.20
    • 0.36%
Market data is delayed at least 15 minutes.
 
blog comments powered by Disqus