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05.09.2024 / 14:26

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Comcast CFO Weighs In On A Great Paris Olympics – “Big Moment For Company” And “Not Without Risk”

Comcast is still crunching numbers on the Summer Olympics in Paris but Chief Financial Officer Jason Armstrong said today “it was a big moment for the company” and “quite frankly, it was one that was not without risk.”

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Hot August Write-Downs: Big Media Can’t Hide From Hard Decisions on Cable Valuations Any More

Cynthia Littleton Business Editor It may not have registered on the scale of the Moon landing, the “MASH” finale or the denouement of “Survivor” Season 1, but this was an incredibly momentous week for the business of television. The parade of second quarter earnings reports for major showbiz conglomerates made it crystal-clear that there is no more avoiding the 800-pound gorilla on the balance sheets of Big Media. It’s been a long time coming that the valuations long applied to old-fashioned cable channels have to be slashed by double digits.

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Disney may have to pay $5B more for Comcast’s Hulu stake to resolve dispute

agreement for Hulu in 2019 with an option strike date of January 2024, after Disney’s $71 billion takeover of Fox’s assets, including its minority stake in Hulu.The deal gave Disney majority control over Hulu as it already owned a 33% stake. Comcast retained its stake at the time, believing that its value would rise significantly by 2024.In November last year, Disney agreed to take control of Hulu and pay Comcast at least $8.6 billion for the remaining 33% stake, after Comcast triggered the deal as part of the 2019 agreement.Disney said Wednesday if the independent adviser’s valuation is equal to or below the guaranteed floor value of $27.5 billion, it would not have to pay Comcast anything more than the $8.6 billion that it paid out last year.If RBC’s appraisal is in line with Comcast’s evaluation, Disney will have to pay Comcast $5 billion more.

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No Surprise, Disney & NBCUniversal Disagree On Hulu Valuation With $5 Billion In The Balance

Disney and NBCUniversal are locked in a dispute about how much the former must pay the latter for absorbing the rest of Hulu.

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Universal Orlando Resort Unveils First Look at Harry Potter ‘Ministry of Magic’ Attraction, Spanning Paris and London Locales, Slated to Debut in 2025

Todd Spangler NY Digital Editor Hoping to conjure a magical lift in attendance, Universal Resort Orlando announced new details for “The Wizarding World of Harry Potter – Ministry of Magic” attraction, slated to open in 2025. The new Harry Potter world will blend the environs of “wizarding Paris” and the British Ministry of Magic.

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NBCU Expects to Surpass $1.25 Billion in Paris Olympics Ad Sales, Setting New Record

Brian Steinberg Senior TV Editor NBCUniversal is setting a record of its own in the 2024 Paris Olympics. The Comcast-backed media conglomerate expects to win more than $1.25 billion in advertising tied to the big athletic extravaganza, a new high in terms of Madison Avenue backing. “The 2024 Paris Games have delivered a uniquely powerful halo for brands at an incredible scale with a highly engaged and passionate audience,” said Mark Marshall, NBCU’s chairman of global advertising and partnerships, in a statement.

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Comcast And Diamond Sports Group Reach Carriage Deal, Ending 3-Month Blackout Of 15 Regional Sports Networks

Bankrupt regional sports network operator Diamond Sports Group has reached terms with Comcast on a carriage deal restoring 15 RSNs to Xfinity pay-TV systems.

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Universal Theme Parks Dip From Post-Covid Highs But Epic Universe Awaits, Fan Enthusiasm “Off The Charts”

NBCUniversal parent Comcast reported lower numbers at its theme parks, which had vaunted to new heights post-Covid. Revenue fell nearly 10% and earnings dropped 24% for the second quarter ended in June, the conglom reported today.

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Comcast President Mike Cavanagh Hails Return Of NBA To NBCUniversal, Calling Deal A “Testament To Our Breadth And Reach”

In the first on-the-record comments by a media partner in the NBA‘s pending $76 billion rights bonanza, Comcast President Mike Cavanagh said the league will be a fixture for NBCUniversal for “decades to come.”

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Peacock Sheds 500,000 Subscribers in Q2 Ahead of Olympics, Price Hikes

Jennifer Maas TV Business Writer NBCUniversal‘s streamer Peacock shed 500,000 customers in the second quarter, dipping from 33.5 million to 33 million paid customers. The drop, reported Tuesday in parent company Comcast’s Q2 earnings results, comes amid price hikes at Peacock and just before NBCUniversal’s giant programming push for the Paris Olympics.

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Comcast Says NBC Has Deal in Place With NBA

Brian Steinberg Senior TV Editor NBCUniversal expects to complete an 11-year rights deal that will bring the NBA to NBC and Peacock over an 11-year period and that will transform the schedule of the broadcast network. “Soon we will have an 11 year rights deal,” said Mike Cavanagh, president of NBCU parent Comcast, in remarks delivered during a conference call Tuesday with investors.

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Comcast Q2 Revenue Dips On Studio And Theme Park Wobbles; Peacock Sheds 1M Subscribers But Trims Losses And Hits $1B In Revenue

Comcast posted second-quarter revenue below Wall Street analysts’ expectations and also saw Peacock subscriber levels decline after a burst in the prior quarter.

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Netflix Dismisses Idea Of Bundling With Rival Streamers Like Disney+ & Max

Disney and Warner Bros. Discovery made noise earlier this spring when they announced plans to bundle their streaming services Disney+, Hulu and Max, a move that WBD boss David Zaslav called a “moment” for programmers in the streaming wars.

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Pharrell Williams, LVMH to Co-Host Olympics Event Prelude in Paris With Charlize Theron, Serena Williams

Elsa Keslassy International Correspondent Charlize Theron, Serena Williams, Rosalía and Omar Sy will be in Paris to kick off Olympics festivities at Prelude, an exclusive event co-hosted by Pharrell Williams and LVMH boss Bernard Arnault. Prelude will take place on the eve of the Opening Ceremony, on July 25, in Paris at the Foundation Louis Vuitton. Williams and Arnault will be hosting alongside Comcast NBCUniversal’s Brian Roberts and Vogue editor-in-chief Anna Wintour.

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Comcast Reveals Pricing for Netflix, Peacock, Apple TV+ Bundle

Todd Spangler NY Digital Editor Comcast, as its legacy cable TV business continues to shrink, has built a new cable-style bundle for the streaming era. This month, the cable giant will launch StreamSaver, a package that includes NBCUniversal’s Peacock Premium (with ads), Netflix Basic (with ads) and Apple TV+ for one discounted price, available to TV and broadband customers in its footprint. As an add-on to Comcast TV or broadband, the StreamSaver bundle will cost $15 per month — a 30%-plus discount compared with the services sold separately.