Comcast posts better-than-expected Q4 results; Penske Media Eldridge acquires Dick Clark Productions; and more
Streaming service Peacock closed 2022 with more than 20 million subs, helping Comcast slip past Wall Street estimates during a challenging fourth quarter in the media business.
Total revenue came in at $30.55 billion in the period, less than 1% ahead of the prior-year quarter but slightly better than analysts’ consensus. Earnings per share of 70 cents fell short of estimates, but exceeded them on an adjusted basis.
Along with Peacock, a strong return for theme parks helped NBCUniversal post solid numbers on the top line, with revenue up 6% to $9.9 billion. Advertising revenue increased 4%, which the company credited to Spanish-language coverage of the World Cup by Telemundo and rising Peacock ad revenue. The profit story was less encouraging, with adjusted EBITDA falling 36% to $817?million.
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Cineworld, the UK parent of major U.S. theater chain Regal, said it has opted to pursue a sale of assets and the process “is well under way” with non-binding bids due February 16.
The company said in a bankruptcy filing this week that it’s reached out to 30 “potential transaction parties,” including many competitors. If the debtors (Cineworld and its affiliates) find one or more of the bids to be “a potential value maximizing proposition, a second phase of the process will commence with the solicitation of binding offers.”?It announced early this month that it had started a marketing process to find a strategic or financial buyer.
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Penske Media Eldridge has acquired Dick Clark Productions, the owner and producer of televised live entertainment programming including the Golden Globe Awards, American Music Awards and Billboard Music Awards. PME owner PMC owns Deadline.?Deadline will retain its editorial independence, as was evidenced by the critical gaze cast on the recent Golden Globes?broadcast, which followed turmoil, abuses, and changes in the Hollywood Foreign Press Association and returned to NBC in the final year of its long association with the broadcaster and NBC Comcast.
Read the full story?here.?
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Edited by Thomas Tapp, Dade Hayes, Nancy Tartaglione, and Scott Shilstone.
Realtor Associate @ Next Trend Realty LLC | HAR REALTOR, IRS Tax Preparer
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