Sky impairment costs push Comcast to $3.6 bn loss in third quarter

By David Owen

October 30 – US media conglomerate Comcast has posted a third-quarter loss after together with $8.6 billion of impairment costs associated to Sky, its UK-centred media and telecommunications enterprise with dwell rights to Premier League soccer.

The impairments partly mirrored lowered estimated future money flows stemming from what Comcast described as “macroeconomic circumstances in Sky’s territories”.

Brian Roberts, Comcast chairman and chief government, mentioned that Sky “continues to prudently handle by a troublesome and quickly altering macroeconomic and geopolitical interval within the UK and Europe”.

Regardless of “challenges which will lie forward”, Roberts claimed, Comcast – whose operations additionally embrace the important thing Olympic broadcaster NBCUniversal – was in “an enviable strategic and monetary place, and our future stays vibrant”.

Taking all the pieces into consideration, Comcast recorded a pre-tax lack of $3.65 billion on income of $29.8 billion for the three months to September 30. This in contrast with earnings of $5.17 billion on income of $30.3 billion within the comparable 2021 interval.

Sky’s income contribution amounted to $4.25 billion, down from fractionally underneath $5 billion, reflecting the greenback’s latest power versus European currencies.

Comcast described Sky’s direct-to-consumer income of $3.5 billion as “according to the prior 12 months interval, reflecting elevated income within the UK…offset by decreased income in Italy and Germany”. Promoting income dipped 1.6% to $471 million.

Whole buyer relationships rose by 320,000 within the third quarter to 23 million, helped by the early begin of the European membership soccer season as a consequence of the bizarre timing of the approaching FIFA World Cup. The Qatar-based match necessitates a six-week break in Premier League matches between November 13 and Boxing Day.

Comcast acquired Sky for £30 billion in 2018, outbidding Walt Disney.

Contact the author of this story at moc.l1667156055labto1667156055ofdlr1667156055owedi1667156055sni@n1667156055ewo.d1667156055ivad1667156055



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