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CMCSA) is bullish on China as its core cable TV business in the U.S. faces challenges from internet video competition.
Comcast on its third-quarter earnings call Thursday said it expects more than a billion dollars in revenue in China after a theme park opens in Beijing around 2020.
"China is a big opportunity. We made virtually no money in China five years ago," said Steve Burke, chief executive of Comcast's NBCUniversal entertainment business. "This year we'll make a couple of hundred million dollars in (revenue), primarily in film, video-on-demand and consumer products. When that Beijing park opens it's not unrealistic to assume we'll make well over a billion dollars in (revenue)."
Comcast plans to open a new theme park in Beijing, with local partners, in 2020.
Comcast was asked to comment on China by one analyst amid recent political developments. China's Communist Party this week gave President Xi Jinping a second five-year term that runs through 2022 and he may stay on beyond that, observers say.
China's government has stepped up scrutiny of technology firms recently. The government has asked tech companies to offer the state a stake in them and a role in corporate decisions, said a report. The government has also cracked down on content posted on social media platforms.
Comcast, meanwhile, has declined to comment on whether it's looking to sell its 45% stake in movie studio Oriental DreamWorks. Comcast bought DreamWorks Animation last year for $3.8 billion.
Comcast Q3 Mixed: Earnings Top Views, Revenue Light | Stock News & Stock Market Analysis - IBD