• by Wayne Friedman , April 24, 2025

NBCUniversal's domestic first-quarter advertising dipped 7% to $1.9 billion due to continuing core advertising declines at its networks, as well as lower political ad business.

But the Comcast-owned business did have steady revenue from distribution fees -- basically flat (up 0.6%) to $2.9 billion. In addition, NBCU's international networks business was up 14% to $1.2 billion.

Overall media revenue inched up 1.1% to $6.4 billion, with cash flow (EBITDA, earnings before interest taxes depreciation and amortization) rising a strong 22% to $1.0 billion.

That good news came despite overall lower losses at its streamer Peacock -- which now has a net loss of $215 million compared to $639 million in the first quarter of 2024.

Craig Moffett, media analyst/co-founder of MoffettNathanson Research, says: “For 2025, Comcast doesn’t need Peacock to actually be a ‘good’ business. Just being ‘less bad – i.e. posting steadily smaller losses – will be a happy outcome.”

Peacock grew advertising by only 2.5% in the period, and now has a 22% share of NBCU’s advertising, says Brian Wieser, media analyst of Madison & Wall.

Although Peacock’s total revenue grew by a strong 16.4% for the quarter to $1.2 billion -- primarily driven by subscriber gains and distribution revenue -- Wieser says it is “decelerating.”

NBCU’s Studio business -- primarily theatrical box=office revenues -- were up 3% to $2.8 billion, primarily coming from digital sales of “Wicked.”

Theme park revenue was down 5.2% to $1.9 billion -- with EBITDA down 32% to $429 million, in part due its pre-opening cost and expense in opening new Universal Epic Universe part of its Universal Orlando resort in Florida next month.

For its local cable systems, Comcast advertising was down 7% to $881 million, due to lower international and domestic political and nonpolitical advertising.