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 firstname.lastname@example.org
To contact the editor responsible for this story: Anthony Palazzo at email@example.com