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/ 04.19.2010 12:00AM
NBC Falls on Winter Olympics
NEW YORK: NBC Universal ended the first quarter with more
revenues but less profit than a year ago. The entertainment unit of General
Electric posted $199 million in operating profit for the first quarter of 2010,
down 49 percent from 1Q09. Revenues rose 10 percent to $4.3
billion, up from $3.5 billion a year ago.
Both revenues and loss were attributable to the Olympics, which generated $782
million in revenues, but drove a $194 million operating loss for the quarter.
Excluding the Olympics, NBCU had $393 million in operating profit, up 1 percent
on flat revenues of $3.5 million.
NBCU cable networks generated $1.2 billion in revenues, up 3 percent from 1Q09.
Operating profit was up 4 percent for the group.
Combined ad sales for the broadcast and cable networks were up 15 percent from
a year ago and 10 percent from the fourth quarter, GE executives said.
GE reported total revenues of $36.6 billion, down 5 percent, with earnings of
$2.3 billion, down 18 percent. Earnings per share was 21.5 cents, down 19
percent, but exceeding Oppenheimer’s estimate of 16 cents. GE shares fell from
a year-to-date high on Thursday of more than $19.50, to just under $19 in this
morning’s trading. However, Oppenheimer raised its price target on the stock
(NYSE: GE) from $20 to $23 because of the company’s cash position of $10
billion and expected free cash flow of up to $10 billion by year end.
-- Deborah D. McAdams
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Thursday 12:00AM
Broadcasters File Suit Against FCC’s Political File Rules
“The FCC decision to put the political files online will bring broadcasters into the 21st century, and will make already public information more easily accessible to everyone.” Free Press Senior Policy Counsel Corie Wright.