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        <title><![CDATA[Comcast hit by coronavirus-related declines at NBCUniversal]]></title>
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        <lastBuildDate>Thu, 30 Jul 2020 16:41:38 +0000</lastBuildDate>
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            <media:title type="html">Comcast hit by coronavirus-related declines at NBCUniversal</media:title>
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        <content:encoded><![CDATA[<p>Comcast said its second-quarter revenue slumped 12 percent as the impact of the coronavirus squeezed its NBCUniversal entertainment division.</p><p>The Philadelphia-based cable-TV giant had some bright spots in the quarter &#8212; namely an uptick in internet customers and the launch of streaming service <strong>Peacock</strong>, which has garnered 10 million sign-ups since April, even as cord-cutting continues to slam Comcast&#8217;s core business.</p><p>Nevertheless, revenue its NBCU unit plunged 25.4 percent to $6.1 billion, with its theme parks suffering a 94-percent revenue drop. While Universal Studios&#8217; Orlando and Japan theme parks have been open since June, the Hollywood location has yet to reopen.</p><p>Meanwhile, advertising revenue at NBCU’s cable networks and broadcast-television units fell by 27 percent and 28 percent, respectively.</p><p>NBCU Chief Executive <strong>Jeff Shell</strong> is hoping his firm&#8217;s <strong>deal with AMC Theatres</strong>, which will allow it to bring its movies to streaming services after 17 days, will give it a much-needed cash infusion.</p><p>Shell said Thursday that the deal, which shortens the theatrical window from three months to under three weeks,&nbsp;will benefit his company even after the pandemic is over.</p><p>&#8220;We’ve always believed there’s a growing segment of the population who don’t go to movie theaters,&#8221; Shell said.</p><p>Comcast CEO Brian Roberts echoed that both Peacock and the AMC deal shows how his &#8220;company is really trying to lean into streaming,&#8221; as more consumers cut their cable services.</p><p>Indeed, during the quarter, Roberts said Comcast&#8217;s core cable systems continued to lose pay-TV subscribers, but delivered a strong uptick in internet customers.</p><p>The firm added 323,000 high-speed internet customers, but lost 477,000 pay TV customers during the quarter compared with a loss of 224,000 in the same period of 2019.</p><p>Coronavirus-related <strong>theme park closures</strong>, TV and film <strong>production delays</strong> and a pullback in advertising spend caused Comcast&#8217;s<span > revenue for the period ended June 30 to fall 11.7 percent to $23.72 billion from $26.86 a year earlier. </span>Net income slid 4.4 percent to $3 billion or 65 cents a share from year-ago profit of $3.12 billion or 68 cents.</p>]]></content:encoded>
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