<?xml version="1.0" encoding="UTF-8"?><rss version="2.0" xmlns:content="http://purl.org/rss/1.0/modules/content/"
     xmlns:dc="http://purl.org/dc/elements/1.1/"
     xmlns:atom="http://www.w3.org/2005/Atom"
     xmlns:sy="http://purl.org/rss/1.0/modules/syndication/"
     xmlns:slash="http://purl.org/rss/1.0/modules/slash/"
     xmlns:georss="http://www.georss.org/georss"
     xmlns:geo="http://www.w3.org/2003/01/geo/wgs84_pos#"
     xmlns:media="http://search.yahoo.com/mrss/">
    <channel>
        <title><![CDATA[Comcast feels sting of pandemic as theme parks, movie studio squeezed]]></title>
        <atom:link href="https://usagag.com/2020/10/29/comcast-feels-sting-of-pandemic-as-theme-parks-movie-studio-squeezed/" rel="self" type="application/rss+xml" />
        <link>https://usagag.com/2020/10/29/comcast-feels-sting-of-pandemic-as-theme-parks-movie-studio-squeezed/</link>
        <lastBuildDate>Thu, 29 Oct 2020 10:39:00 +0000</lastBuildDate>
        <sy:updatePeriod>hourly</sy:updatePeriod>
        <sy:updateFrequency>1</sy:updateFrequency>
        <generator>https://usagag.com</generator>
        <media:content url="/uploads/2020/10/30/comcast-nbcuniversal-revenue-drop-e1603982173668.jpg" medium="image">
            <media:title type="html">Comcast feels sting of pandemic as theme parks, movie studio squeezed</media:title>
        </media:content>
        <content:encoded><![CDATA[<p>Comcast saw a 19 percent drop in third-quarter revenue at its NBCUniversal unit as the coronavirus continued to wreak havoc on its theme parks and movie business.</p>
<p>The Philadelphia-based cable giant &mdash; which owns the Xfinity cable and internet business, as well as NBCUniversal, Universal Pictures and various Universal theme parks &mdash; said third-quarter net income fell 37 percent to $2.02 billion, or 44 cents a share from $3.22 billion, or 70 cents a share, a year earlier. Revenue slipped 4.8 percent to $25.53 billion from $26.83 billion. Wall Street expected EPS of 52 cents on revenue of $24.72 billion.</p>
<p>At NBCUniversal, which includes the theme parks, cable networks, TV network NBC and Universal Pictures, revenue fell 19 percent to $6.72 billion. At Universal Studios theme parks, revenue plummeted 80.9 percent to $311 million in quarter from $1.63 billion, a year earlier. The pandemic has kept Comcast-owned parks&nbsp;in California closed since March. At parks that are open in Florida in Japan, there is limited capacity, putting a chokehold on revenue. As a result, the company has <strong>laid off thousands of workers</strong> in order to keep costs in check.</p>
<p>Beyond theme parks, the largest decliner was Universal Pictures, which posted a 25 percent decline in revue to $1.28 billion. Hollywood studios have delayed most of their biggest films this year as the pandemic has caused movie theaters to operate at limited capacity or shutdown completely. Universal recently <strong>delayed the new James Bond movie</strong>, &ldquo;No Time to Die&rdquo; from Nov. 12 to April 2, 2021. It also <strong>pushed &ldquo;Fast &amp; Furious&rdquo; franchise &ldquo;F9&rdquo;</strong> from May 2020 to May 2021.</p>
<p>Elsewhere, cable networks revenue fell 1.3 percent to $2.7 billion on lower distribution and advertising sales, as broadcast revenue grew 8.3 percent to $2.4 billion on higher content licensing revenue.</p>
<p>Comcast&rsquo;s broadband business partially offset weaker areas of the business, as more house-bound consumers are working from home and rely on high-speed internet. The company added 633,000 subscribers. The firm said its cable unit, which includes internet and phone business, posted a 2.9 percent increase in revenue to $15 billion.</p>
<p>Overall, Comcast&rsquo;s cable unit &mdash; which includes a phone business &mdash; posted a 2.9-percent increase in revenue to $15 billion.</p>
<p>The company also touted the successful <strong>launch of Peacock</strong>, its new streaming service, which has garnered nearly 22 million sign-ups since July 15.</p>
<p>Comcast chief executive Brian Roberts said Thursday that despite the pandemic&rsquo;s challenges, the company is &ldquo;executing at the highest level,&rdquo; adding that he believes &ldquo;accelerating innovation&rdquo; will &ldquo;drive long-term future growth.&rdquo;</p>
<p>Even so, NBCUniversal has been going through a rough period of <strong>steep cost cuts and layoffs</strong>, related to both the <strong>coronavirus pandemic</strong> and the realignment of its TV-content-producing operations to give priority to Peacock. Top talent <strong>has exited</strong> and a <strong>new leadership structure</strong> has emerged under NBCU CEO Jeff Shell, but the company is not out of the woods yet, as <strong>layoffs continue to trickle</strong> through the end of the year.</p>]]></content:encoded>
                <dc:creator><![CDATA[GAGmen]]></dc:creator>
            </channel>
</rss><!--Time: 0.064808130264282-->