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The Comcast Center in Philadelphia. The company announced a third-quarter net profit on Thursday.
Photo:
Matt Rourke / Associated Press
Comcast
Corp.
CMCSA -4.29%
on Thursday said net profit rose 9.3% in the third quarter, as growth in the content and distribution giant's broadband business more than offset a continued decline in cable-TV subscriber numbers.
The Philadelphia-based company last month
Sky
PLC for $ 38.8 billion, in a deal that Comcast said it would help it diversify its revenue base beyond the US, where cable-making is taking toll on the traditional TV business.
Comcast reported a net profit of $ 2.89 trillion, 62 cents a share, up from $ 2.64 trillion, or 55 cents a share, in the year-earlier quarter. Revenue increased 5% to $ 22.14 billion.
Comcast added 363,000 internet consumers in the period, up 70,000 from a year earlier, but lost 106,000 cable TV subscribers, its sixth straight in decline. Broadband revenue grew 9.6%, while video declined 2.9%.
Revenue at Comcast's NBCUniversal unit rose 8.1% to $ 8.63 billion, driven by growth of its cable networks and broadcast television businesses. The team was helped by the company's theme-park division, which it said was affected by bad weather at Universal Studios Japan. The profitability of its filmed-entertainment division was down compared to the year-earlier period, which the company said benefited from the success of "Despicable Me 3."
This summer, Comcast lost a bidding war to
Walt Disney
Co.
for Fox's entertainment assets. Disney agreed to pay $ 71 billion for Fox's famed Hollywood studio and international assets. If Fox had won the September auction for Sky, Disney would have taken 100% control of the British pay-TV company. Instead, it's worth $ 15 billion to Comcast.
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