Comcast Corp. today reported results for the third quarter of 2016. Revenue from its Broadcast Television segment was $3.1 billion, up 56.6% from the same quarter a year ago.
The company said the increase was due higher advertising and distribution and other revenue. Ad revenue increased 92.4%, primarily driven by the 2016 Rio Olympics. Distribution and other revenue increased 77.5%, due to the broadcast of the Olympics, as well as higher retransmission consent fees.
The company said that excluding $1.2 billion of revenue associated with the Olympics, Broadcast Television revenue decreased 3.6%.
Operating cash flow increased by $228 million to $378 million in the third quarter of 2016, reflecting higher revenue, partially offset by increased programming and production costs associated with the Olympics.
Revenue for the Cable Communications segment increased 22% to $2.9 billion in the third quarter of 2016, reflecting higher distribution, advertising and content licensing and other revenue.
Revenue for NBCUniversal increased 28.3% to $9.2 billion in the third quarter of 2016 and operating cash flow increased 31.5% to $2.1 billion.
Brian L. Roberts, chairman-CEO of Comcast, said: “I’m pleased to report that our businesses generated double-digit revenue and operating cash flow growth for the third quarter of 2016. Cable delivered solid operating cash flow growth coupled with great customer metrics, and has now added 170,000 video subscribers over the past twelve months. The Rio Olympics were the most profitable and successful games in our history, and demonstrated our ability to deliver an unparalleled entertainment experience through NBCUniversal together with Comcast Cable and the X1 platform.
“NBCUniversal reported operating cash flow growth of over 30%, benefitting from the Olympics, continued growth at our Theme Parks, and the theatrical success of The Secret Life of Pets this quarter. I’m proud of our consistent execution and excited about the opportunities ahead for Comcast NBCUniversal.”
Read the company’s report here.
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