NBCU Profits Down 15 Percent
By Mansha Daswani
Published: October 15, 2010
NEW YORK: Third quarter profits at NBC Universal fell 15 percent to $625 million, on revenues that were stable at $4.07 billion.
Announcing the results, GE noted, however, that revenue and operating profit were favorable compared to the year-ago period after adjusting for one-time occurrences in 2009, notably an impairment charge and a $283 million gain from the AETN and Lifetime merger. The company reported a 22-percent profit gain at its cable networks, while revenues and profit fell at the flagship NBC broadcast network.
Comcast Corporation is in the midst of securing regulatory approval to take majority control of NBCU, with that transaction likely to close by year-end. Steve Burke, Comcast's COO, is due to take the reins at NBCU following the exit of Jeff Zucker.
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