By Peter Gleason
Leave it to Comcast to turn a predicted disaster into a profit machine!
NBC Universal, a unit of Philly’s Comcast Corp,, booked more than $250 million in profit from the Rio Olympics coverage, helped by strong advertising sales.
Ad sales rose more than 20 percent to $1.2 billion, compared with the 2012 London Olympics, NBC Universal Chief Executive Steve Burke said yesterday.
Despite a drop in viewership, NBC had said in August that it could top the $120 million profit that it had recorded from the 2012 Olympics coverage.
Comcast has paid about $12 billion for the U.S. rights to broadcast Olympics Games through 2032.
NBC had lost as much as $200 million from certain broadcasts in the past, Burke said at the Bank of America Merrill Lynch 2016 Media, Communications and Entertainment Conference.