PHILADELPHIA—While cord cutting continues to plague Comcast, the nation’s largest cable TV provider reported higher Q1 2023 profits driven by its broadband and theme park divisions. 

The company said it lost 614,000 video subscribers during the quarter, an increase from the 444,000 it reported in Q4 2022. Paid subscriptions to its Peacock streaming service increased 2 million to 22 million total in Q1, which represents a 60% increase year over year. Peacock’s revenues also were up 45% to $685 million, however it reported a loss of $704 million, a decrease from the $978 million it reported in Q4.

With NBC broadcasting the Winter Olympics and Super Bowl LVI in Q1 2022—bringing in $1.5 billion in incremental revenue—the numbers were expected to be lower and they were—a decrease of 4.3% to $29.7 billion. However net income for the company was up 8% to $3.83 billion compared to $3.55 billion in the same quarter last year. 

Subscriptions to Comcast’s “Connectivity & Platforms” unit (i.e. broadband) increased by 82,000 to 52.5 million with revenue increasing 4.8% to $6.3 million. Video subscriptions fell 614,000 with video revenues down 7.7% to $7.4 million. 

Ad revenues fell 15.5% to $907 million, which the company partly attributed to the  lack of political advertising in the same quarter a year ago.

The bright spots for Comcast were the studios and its theme parks. Revenue for studios increased 13.3% to $277 million, growing 1.7% to $3 billion primarily due to higher theatrical revenue from Puss in Boots: The Last Wish and M3GAN. Theme park revenue jumped 46% year over year to $658 million, which the company attributed to the easing of Covid restrictions and higher revenue at their domestic theme parks, including Universal Studios Hollywood which opened Super Nintendo World during the quarter.

“We delivered strong first quarter results as our team executed exceptionally well," said CEO Brian Roberts. “We accomplished all of this while continuing to invest in future growth initiatives. Also, importantly, we had solid revenue growth in our high-margin connectivity businesses, while increasing our Peacock subscribers more than 60% year over year.

“Our theme parks set a new record of Adjusted EBITDA for a first quarter. In addition, we returned a healthy amount of capital to our shareholders and maintained an enviable balance sheet. As we look ahead, we have great momentum across the company, including Studios where Super Mario Bros. has smashed global box office records to become one of the most successful movies of 2023,” Roberts said. 

MIAMI—NBCUniversal Telemundo Enterprises has unveiled plans for the building of its new global headquarters in Miami-Dade County. The company is set to break ground on a 450,000 square-foot custom facility on approximately 21 acres at NW 25th street and the Florida Turnpike.

NBCUniversal and parent company Comcast will invest more than $250 million in the construction of the division’s new global headquarters, which will initially house 1,100 employees and have the capacity to expand to accommodate approximately 1,300. The headquarters will bring all of the division’s offices, broadcast and production operations under one roof including the Telemundo Network, Telemundo Studios and Telemundo International, as well as its cable network NBC Universo and its digital media operations.

The new facility will be designed to be energy efficient and fully optimized to provide operational flexibility. Equipped with the latest production technology, the new headquarters will be an advanced television production facility. The building of the new headquarters is expected to bring approximately 3,000 construction-related jobs and generate an estimated $400 million in sales for Florida businesses. The new headquarters will have prime Florida Turnpike visibility and offer direct access to the city’s major thoroughfares.

From its new global headquarters, NBCUniversal Telemundo Enterprises will be poised to provide even more compelling Spanish-language programming and multiplatform connections to the growing U.S. Hispanic market and audiences around the world. With the support of Gov. Rick Scott, Miami-Dade Mayor Carlos Gimenez and the Beacon Council, the new building will mark the largest investment ever in a multimedia production and broadcast facility in South Florida, according to the media conglomerate.

“This is a very important step in the evolution of our company at a time when we’re enjoying tremendous momentum and have just wrapped a record-breaking year,” said Cesar Conde, chairman of NBCUniversal Telemundo Enterprises and NBCUniversal International Group. “Our new global headquarters will fold all of our division’s offices and production studio spaces into one state-of-the-art facility that will help us do business in a more collaborative way. This significant investment clearly underscores once again NBCUniversal’s and Comcast’s long term commitment to our business and the U.S. Hispanic market.”

Gov. Scott praised the project.

“I am excited to announce that NBCUniversal Telemundo Enterprises has chosen Miami as the best location to build their new global headquarters and create 150 new Florida jobs,” he said. “By cutting $1 billion in taxes and creating the new $250 million Florida Enterprise Fund this year, we will make Florida more competitive so companies like Telemundo will continue to grow and create jobs for our families.”

David L. Cohen, senior executive vice president and chief diversity officer for Comcast also weighed in.

“Our investment in this technologically advanced building is the latest example of our enthusiasm for NBCUniversal Telemundo Enterprises, its bright future, and our strong commitment to Florida,” he said. “As the country’s largest provider of Spanish-language programming, we are excited about the development of this new headquarters and the opportunities it will provide as we further build on our strong commitment to the Hispanic community nationwide.”

Renderings courtesy of NBCUniversal Telemundo Enterprises.