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Comcast beat Wall Street's third-quarter earnings expectations, as strength in its media unit offset headwinds at its theme parks. Peacock posted a quarterly profit for the second time since its 2020 launch, with 261 million USD in adjusted EBITDA on 1.8 billion USD in revenue, helped by record World Cup viewership. Media revenue rose 13% to 5.4 billion USD, while connectivity and platforms revenue fell 2.7%, with net losses of 144,000 domestic broadband customers and 274,000 cable customers offset by 368,000 mobile additions. Theme park revenue fell 4.4% to 2.6 billion USD and adjusted EBITDA dropped 17%, while adjusted EPS of 1.07 USD beat the 98 cents expected. Comcast also plans to spin off NBCUniversal and Sky into a separate publicly traded company, a process expected to take about a year.
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Elon Musk has reportedly invested about $1 billion in Skydance, according to Semafor, as the company looks to cut costs. Paramount closed its acquisition of Warner Bros. Discovery on Oct. 6 and named the combined entity Skydance. Co-CEOs David Ellison and Ynon Kreiz must merge two film studios, two streaming platforms and many corporate functions. Skydance expects $6 billion in cost savings over three years but faces nearly $80 billion in debt, and its shares fell about 1% after the report. Larry Ellison, David's father, previously invested $1 billion in Musk's 2022 deal to buy Twitter.
- Netflix vows to revive viewership trends, but investors hit 'sell' on the stock
- Netflix Addresses Engagement Concerns Head-On. The Stock Is Still Down.
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