Sports Help Power Comcast To $30B Quarter

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Finance Sports Help Power Comcast to $30B Quarter

• Comcast reported $30 billion in second-quarter revenue.
• The company’s net income increased 9.2% to $3.4 billion.

By Abigail Gentrup Jul 28, 2022 | 12:49 pm UPDATED Jul 28, 2022 | 02:38 pm Raj Mehta-USA TODAY Sports

Comcast reported $30 billion in second-quarter revenue, beating analysts’ estimates of $29.68 billion. Net income increased 9.2% to $3.4 billion.

NBCUniversal, which includes Peacock and NBC Sports, recorded an 18.7% revenue increase to $9.4 billion. Media revenue alone brought in $5.3 billion.

Sky, the European media and entertainment company Comcast acquired in 2018 for $39 billion, recorded a 16.4% decrease in content revenue to $265 millionfor the quarter, primarily attributed to changes in its sports programming licensing agreements in Italy and Germany.

• The division’s overall revenue decreased 13.8% to $4.5 billion.
• In 2021, Sky Italia entered a three-year, $318.7 million agreement with Serie A for domestic broadcasting rights. The first year’s fee was $103.2 million, the second $106.2 million, and the third $109.2 million.

During the quarter, Sky renewed broadcasting deals for the Masters Tournament and PGA Tour in the U.K. and Ireland.

On July 1, NBCUniversal announced plans to shut down The Olympic Channel. NBCU paid $7.75 billion in 2014 for Olympic broadcasting rights through 2032.

Coming Up at Comcast

Brian L. Roberts, chairman and CEO of Comcast, says the company expects properties including “Sunday Night Football” and the World Cup to “make significant contributions this year.”

NBC Sports is also expected to make a major push for Big Ten media rights, which could reportedly fetch up to $1.1 billion annually.

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