Without Olympics revenue from last year, the broadcast TV segment’s revenue was down 41% in the third quarter, according to the earnings report from parent Comcast. But when the Olympics are factored out, revenue rose, driven by both higher retransmission consent fees and ad dollars.
QUARTERLY REPORT
Excluding Olympics, NBC TV Rev +2.6% In 3Q
Comcast Corp. today reported results for the third quarter ended Sept. 30 that included a 41.1% decrease in revenue from its broadcast television segment to $1.6 billion compared to $2.8 billion in the third quarter of 2012.
The company said that excluding $1.2 billion of revenue generated by the Olympics in the third quarter of 2012, revenue increased 2.6% driven by higher retransmission consent fees and a 2.6% increase in advertising revenue.
Operating cash flow decreased 61.1% to $34 million compared to $88 million in the third quarter of 2012. Excluding $120 million of operating cash flow generated by the Olympics in the third quarter of 2012, operating cash flow increased $66 million reflecting higher revenue and relatively flat operating costs and expenses.
Revenue from the cable networks segment increased 4% to $2.2 billion compared to the third quarter of 2012, reflecting a 5.4% increase in distribution revenue and a 4.6% increase in advertising revenue, partially offset by a 6.5% decline in content licensing and other revenue.
For the company as a whole, revenue decreased 2.4% to $16.2 billion. Excluding $1.2 billion of revenue generated by the Olympics in the third quarter of 2012, revenue increased 5.2%. Operating cash flow increased 6.4% to $5.3 billion. Excluding $120 million of operating cash flow generated by the Olympics in the third quarter of 2012 and $74 million of costs in the third quarter of 2013 associated with the termination of a pension plan, operating cash flow increased 10.5%.
Brian L. Roberts, chairman-CEO of Comcast Corp., said: “Our businesses generated strong revenue and cash flow growth and record free cash flow for the third quarter. Cable’s results highlight the underlying strength of our residential and business services. We are driving innovation, expanding our service offerings, and bringing new and rich content to more platforms than ever before. NBCUniversal delivered solid performance in every one of its segments, with healthy growth in revenue and double-digit cash flow growth, adjusting for the results of the Olympics last year. Comcast NBCUniversal has real momentum and many opportunities ahead.”
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Read the company’s report here.
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