Peacock Turns Its First-Ever Profit in Q2 as NBCUniversal Split Looms - The Hollywood Reporter

What the report says

Hollywood Reporter, citing Comcast’s second-quarter earnings released early Thursday, reported that Peacock posted its first profitable quarter nearly six years after NBCUniversal launched the streaming service. The platform recorded $189 million in EBITDA and grew to 48 million subscribers, with Comcast pointing to viewing tied to the NBA playoffs, the FIFA World Cup and Love Island as contributors.

Comcast’s broader content and experiences segment brought in $10.7 billion in revenue, a 22.9% increase from the prior year, while adjusted EBITA rose 7.1% to $1.3 billion. Media revenue reached $5.7 billion, and Telemundo’s Spanish-language World Cup rights added $440 million in incremental quarterly revenue, according to the report. Studio revenue also rose sharply to $3 billion, helped by titles including The Super Mario Galaxy Movie and Obsession.

Executives cautioned that Peacock’s profitability may not continue in a straight line because sports schedules and major content releases can shift costs and revenue between quarters. Comcast also flagged weaker conditions in its theme parks unit: revenue rose 2.7% to $2.4 billion, but adjusted EBITDA fell 5.1% to $609 million. Company leaders Brian Roberts and Mike Cavanagh cited factors including higher fuel prices and softer consumer sentiment while saying they still see long-term strength in the parks business.

The earnings arrived as Comcast prepares to split its connectivity operations from its entertainment and content assets. Roberts told analysts the response from employees and partners has been positive, while Cavanagh said the company expects the separation to be completed in about a year and aims to give both businesses investment-grade financial profiles.