NBCU Profits Off 6% in Q41/24/2009 02:00:00 AM Eastern
NBC Universal saw profits fall 6% in the fourth quarter of 2008, according to General Electric results announced last week.
The unit, which encompasses Universal Studios, the NBC broadcast network and cable channels such as Bravo, recorded a profit of $865 million, down from $923 million in the fourth quarter of 2007. For the full year 2008, profit was up 1%, to $3.1 billion. In a statement issued on Jan. 23, General Electric said that "strong cable earnings were offset by declines in local stations."
NBCU revenue for the quarter was also down, to $4.4 billion, though full-year revenue rose 10%, to $16.9 billion. Parent company GE's profit dropped 44%, to $3.7 billion, and was down 22%, to $17.4 billion, for the year.