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NBCU: NBC Universal profits down 41%

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    NBCU: NBC Universal profits down 41%

    SyFy is part of NBCU

    http://www.variety.com/article/VR111...&cs=1&nid=2248

    NBC Universal profits down 41%
    Revenue dipped 8% to $3.6 billion

    By JILL GOLDSMITH

    EXCERPTS:

    NBC Universal profits tumbled 41% last quarter as robust cable networks couldn’t offset the broadcast blues.

    The company, a unit of giant General Electric, posted earnings of $539 million for the three months ended in June. Revenue dipped 8% to $3.6 billion.

    GE chairman-CEO Jeff Immelt said NBC U’s “overall performance is not as negative as it looks” since the 2008 numbers were buoyed by the sale of the Sundance Channel to Cablevision for nearly $500 million. The division also took a hefty writedown on its remaining investment in broadcaster Ion Media.

    Immelt said the upfronts have been very slow, and the network is planning on retaining more inventory heading into the fall.

    At Universal, film results were squeezed by fewer “significant” DVD releases vs. last year combined with a somewhat disappointing quarter at the box office.

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