Peacock Losses Double to $520 Million in Third Quarter

NBCUniversal Peacock
(Image credit: NBCUniversal)

The Tokyo Olympics powered an increase in profits and revenue for Comcast’s NBCUniversal’s media business, despite larger losses from its Peacock streaming service.

Comcast, which released third quarter earnings Thursday said Peacock lost $520 million in the quarter, up from $233 million a year ago. Peacock revenue was $230 million, up from just $41 million a year ago. In the second quarter, Peacock lost $363 million on revenues of $122 million.

NBCUniversal’s media earnings before interest, taxes, depreciation and amortization rose 1.2% to $997 million.

Also Read: No Details Provided, But NBCU’s Jeff Shell Says Peacock Doing Great

Revenue went up 47.9% to $6.77 billion. Excluding $1.8 billion generated by the Olympics, media revenue went up 9.2% to $5.01 billion.

Ad revenue went up 73%, largely thank to the Olympics. Distribution revenue rose 36.2%.

NBCUniversal also got a boost as its theme parks came back online after being shut down last year because of the pandemic. The theme parks had EBITDA of $434 million, compared to a $174 million loss a year ago.

Overall, NBCU EBITDA was up 48.2% to $1.35 billion. Revenue went up 57.9% to $10 billion.

Also Read: Comcast Broadband Subscriber Growth Slows to 300,000 in Q3, Wireless Adds Best Ever

Comcast reported that third-quarter net income nearly doubled to $4.04 billion, or 86 cents a share, from $2.02 billion, or 44 cents a share, a year ago. 

Revenue rose 18.7% to $30.3 billion. 

Cable EBITDA rose 10.3% to $7.07 billion. Revenue increased 7.4% to $16.1 billion.

Broadband revenue rose 11.6% to $$5.8 billion, while video revenue rose 1.4% to $5.5 billion. The company lost 408,000 video customers.

“Our results at NBCUniversal continue to be driven by the ongoing recovery at our domestic Theme Parks, as well as the success of our linear and streaming Media platforms. At Sky, our UK business maintained its momentum, delivering healthy growth in revenue, EBITDA, and customer relationships,” Comcast CEO Brian Roberts said. 

“Going forward, I am excited about the opportunity to continue to invest in our global technology platform and other businesses while returning more capital to shareholders,” Roberts said. “This strategy is reflected in our most recent product launches — XClass TV in the U.S. and Sky Glass in Europe — as well as the $2.7 billion we returned to shareholders through a combination of share repurchases and dividend payments.”

Jon has been business editor of Broadcasting+Cable since 2010. He focuses on revenue-generating activities, including advertising and distribution, as well as executive intrigue and merger and acquisition activity. Just about any story is fair game, if a dollar sign can make its way into the article. Before B+C, Jon covered the industry for TVWeek, Cable World, Electronic Media, Advertising Age and The New York Post. A native New Yorker, Jon is hiding in plain sight in the suburbs of Chicago.