Comcast’s NBCUniversal broadcast and cable TV businesses soared in revenue by double-digit gains in the third quarter, thanks to continuing hikes in distribution revenue. Advertising sales also contributed, but to a lesser degree.
At its broadcast networks, distribution and other revenue showed sharp gains of 23.9% due to higher retrans consent fees, with license revenue at its cable networks increasing 9.5%.
Overall, broadcast revenues grew 8.1% to $8.6 billion, while cable revenues added 10.8% to $2.9 billion.
In terms of advertising, NBCU broadcast networks witnessed a 9.2% hike in national TV advertising, largely due to Telemundo's airing of the “2018 FIFA World Cup Russia” event. Cable advertising grew 4.2%.
At Comcast’s local cable operations, advertising shot up 15.2% to $684 million, attributable mostly to political advertising. Taking out political, advertising inched up 0.6%.
NBC’s filmed entertainment climbed 3.8% to $1.8 billion from theatrical and content licensing revenue -- against declines in home entertainment and other revenue. Theatrical revenue rose 16.7%, with “Jurassic World: Fallen Kingdom” and “Mamma Mia! Here We Go Again.”
Theme parks revenue dropped 1.4% to $1.5 billion due to lower attendance as a result of severe weather and natural disasters in Japan.
Comcast Corp’s local cable operations' video revenues were down 2.9% to $5.6 billion, with residential video customers losing 95,000 in the period. The high-speed internet business grew 9.6% to $4.32 billion, adding 334,000 customers.
Company-wide Comcast Corp. revenues were up 5% to $22.1 billion, with net income up 8% to $2.9 billion. After its earnings release, Comcast stock was up 4.5% to $35.66.