NBC Universal saw profits fall 6% in the fourth quarter of 2008, according to General Electric results released Friday morning. The segment 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 fourth quarter.
Full year 2008, profit was up one percent to $3.1 billion. In a statement issued Friday, 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, which has been hit hard by the global financial crisis, had a tough quarter. Profit dropped 44% to $3.7 billion in the fourth quarter, and 22% to $17.4 billion for 2008. The company will take a $1.5 billion restructuring charge.