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NBCUniversal lifts Comcast's profit

Wednesday, July 31, 2013 - 01:24

July 31 - Hits like ''Fast and Furious 6'' and ''The Voice'' boosted Comcast's profit to $1.7 billion. And the cable company pulled in more broadband subscribers. Fred Katayama reports.

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The picture is looking sharper at NBCUniversal. Big hits like Universal Studios' Fast and Furious 6 and NBC's singing show, The Voice, helped pump up second quarter revenues nearly 9 percent, boosting profits of its parent, Comcast, to $1.7 billion. This marks the first quarter in which Comcast fully owned NBC after buying the remaining stake of the broadcaster from General Electric, and that purchase is looking like a wise move. Comcast CEO Brian Roberts said "NBCUniversal has real momentum, with solid growth in revenue and double-digit cash flow growth." The U.S. largest cable TV company also added a lot more customers than expected for its high speed Internet service - the best quarter for broadband sales in five years. That earnings news lifted the stock, which is up 14 percent this year - half the increase of rivals Disney and Time Warner. But Wells Fargo senior analyst Marci Ryvicker says the stock is worth more., "We really like what we are seeing here. ...We continue to like Comcast's execution and inexpensive valuation relative to peers." NBCUniversal may not be looking so despicable now. But all is not rosy. Last week, ABC's flagship newscast beat NBC in the ratings, snapping NBC's nearly five-year winning streak.

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NBCUniversal lifts Comcast's profit

Wednesday, July 31, 2013 - 01:24