Revenue for NBCUniversal decreased 12.7% to $8.0 billion in the third quarter of 2017. Excluding $1.6 billion of revenue generated by the broadcast of the Rio Olympics in the third quarter of 2016, revenue increased 6.0% (see Table 6).
Adjusted EBITDA increased 6.0% to $2.3 billion, reflecting increases at Theme Parks, Filmed Entertainment, and Cable Networks, partially offset by a decline at Broadcast Television. Excluding $250 million of Adjusted EBITDA generated by the Rio Olympics in the third quarter of 2016, Adjusted EBITDA increased 19.9% (see Table 6).
For the nine months ended September 30, 2017, NBCUniversal revenue increased 4.6% to $24.2 billion compared to 2016. Excluding $1.6 billion of revenue generated by the broadcast of the Rio Olympics in the third quarter of 2016, revenue increased 12.5% (see Table 6). Adjusted EBITDA increased 16.6% to $6.4 billion, reflecting increases at Filmed Entertainment, Cable Networks, Theme Parks, and Broadcast Television. Excluding $250 million of Adjusted EBITDA generated by the Rio Olympics in the third quarter of 2016, Adjusted EBITDA increased 22.2% (see Table 6).
Cable Networks
Cable Networks revenue decreased 11.5% to $2.6 billion in the third quarter of 2017, reflecting lower distribution and advertising revenue, partially offset by higher content licensing and other revenue. Excluding $432 million of revenue generated by the broadcast of the Rio Olympics in the third quarter of 2016, Cable Networks revenue increased 3.7% (see Table 6). Distribution revenue decreased 13.4%, due to the broadcast of the Rio Olympics in the third quarter of 2016 and a decline in subscribers at our cable networks, partially offset by contractual rate increases and contract renewals. Advertising revenue decreased 16.5%, due to revenue associated with the broadcast of the Rio Olympics in the third quarter of 2016. Content licensing and other revenue increased 24.0%, reflecting the timing of content provided under licensing agreements. Adjusted EBITDA increased 1.5% to $905 million in the third quarter of 2017, reflecting a decrease in programming and production costs, partially offset by lower revenue, due to the broadcast of the Rio Olympics in the third quarter of 2016.
For the nine months ended September 30, 2017, revenue from the Cable Networks segment decreased 0.3% to $7.9 billion compared to 2016, reflecting a decline in advertising revenue, partially offset by higher content licensing and other revenue. Excluding $432 million of revenue generated by the broadcast of the Rio Olympics in the third quarter of 2016, Cable Networks revenue increased 5.5% (see Table 6). Adjusted EBITDA increased 10.1% to $3.1 billion compared to 2016, reflecting a decrease in programming and production costs, partially offset by modestly lower revenue, due to the broadcast of the Rio Olympics in the third quarter of 2016.
Broadcast Television
Broadcast Television revenue decreased 30.9% to $2.1 billion in the third quarter of 2017, reflecting lower advertising revenue, partially offset by increased content licensing and distribution and other revenue. Excluding $1.2 billion of revenue generated by the broadcast of the Rio Olympics in the third quarter of 2016, Broadcast Television revenue increased 12.3% (see Table 6). Advertising revenue decreased 45.6%, due to revenue associated with the broadcast of the Rio Olympics in the third quarter of 2016. Content licensing revenue increased 20.5%, reflecting the timing of content provided under licensing agreements. Distribution and other revenue increased 2.3%, due to higher retransmission consent fees, partially offset by the broadcast of the Rio Olympics in the third quarter of 2016. Adjusted EBITDA decreased 15.0% to $321 million in the third quarter of 2017, reflecting lower revenue, partially offset by a decrease in programming and production costs, due to the broadcast of the Rio Olympics in the third quarter of 2016.
For the nine months ended September 30, 2017, revenue from the Broadcast Television segment decreased 9.8% to $6.6 billion compared to 2016, reflecting a decline in advertising revenue, partially offset by higher distribution and other and content licensing revenue. Excluding $1.2 billion of revenue generated by the broadcast of the Rio Olympics in the third quarter of 2016, Broadcast Television revenue increased 7.7% (see Table 6). Adjusted EBITDA of $1.1 billion was consistent with 2016, reflecting a decrease in revenue, offset by a decrease in programming and production costs, due to the broadcast of the Rio Olympics in the third quarter of 2016.
Filmed Entertainment
Filmed Entertainment revenue decreased 0.5% to $1.8 billion in the third quarter of 2017, reflecting lower theatrical revenue, partially offset by increases in content licensing, other and home entertainment revenue. Theatrical revenue decreased 26.4%, primarily due to a higher number of releases in last year's third quarter, including
The Secret Life of Pets and
Jason Bourne, partially offset by the strong performance of
Despicable Me 3 in this year's third quarter. Content licensing revenue increased 14.9%, due to the timing of when content was made available under licensing agreements. Other revenue increased 21.0%, driven by consumer products. Home Entertainment revenue increased 14.4%, driven by strong sales of recent titles, including
The Fate of the Furious.Adjusted EBITDA increased by 11.9% to $394 million in the third quarter of 2017, reflecting lower revenue that was more than offset by a decline in other operating and administrative expenses.
For the nine months ended September 30, 2017, revenue from the Filmed Entertainment segment increased 30.8% to $5.9 billion compared to 2016, reflecting higher theatrical revenue, as well as increases in content licensing, other and home entertainment revenue. Adjusted EBITDA increased 81.9% to $1.0 billion compared to 2016, reflecting higher revenue, partially offset by increased programming and production costs.
Theme Parks
Theme Parks revenue increased 7.7% to $1.6 billion in the third quarter of 2017 primarily due to higher per capita spending, reflecting the continued success of
The Wizarding World of Harry Potter™ attraction in Hollywood, which opened in April 2016, and the openings of
Minion Park™ in Japan in April 2017 and
Volcano Bay™ in Orlando in May 2017. Adjusted EBITDA increased 9.8% to $775 million in the third quarter of 2017, reflecting higher revenue, partially offset by an increase in operating expenses, as well as the impact of the hurricane.
For the nine months ended September 30, 2017, revenue from the Theme Parks segment increased 10.6% to $4.0 billion compared to 2016, reflecting higher attendance and per capita spending. Adjusted EBITDA increased 11.2% to $1.7 billion compared to 2016, reflecting higher revenue, partially offset by an increase in operating expenses, including costs to support new attractions.
Comcast Reports 3rd Quarter 2017 Results (NASDAQ:CMCSA)
Two emerging growth stories, the company said, are Telemundo, which has started to match its longtime nemesis Univision stride for stride in the Hispanic TV ratings race, and operations in China.
Execs said that China five years ago contributed zero to the balance sheet, but now generates “a couple hundred million dollars” in cash flow. After the company opens a new Universal Studios theme park in Beijing, which it expects to do by 2020, it could see more than $1 billion in operating cash flow, executives said.
Comcast’s Q3 2017 Profit Jumps 20% On Broadband Subscription Growth | Deadline
The bottom suggests to me part of the reason why they are not going to sell Oriental Dreamworks and we will see a larger increase in Asian properties to come from Universal.