Comcast’s streaming service Peacock narrowed its third-quarter loss to $217 million, down from $436 million in the same period last year, the company announced Thursday. Despite unveiling new titles such as The Paper and M3GAN 2.0, Peacock’s paying subscriber count remained unchanged at 41 million, the same total reported at the end of both June and March.
Revenue for Peacock slipped slightly to $1.4 billion, compared with $1.5 billion in the prior year when the Paris Olympics had boosted results. Adjusted EBITDA losses improved from last year’s $436 million, following a second-quarter loss of $101 million.
Comcast’s Media segment, which includes Peacock, posted $832 million in adjusted EBITDA, up 28% year-over-year. The company attributed the gain to a 24% reduction in operating expenses linked to lower sports programming costs post-Olympics, offsetting a 20% revenue drop to $6.59 billion.
In contrast, the Studios division saw revenue climb 6% to $3 billion, driven by higher content licensing and theatrical releases such as Jurassic World Rebirth. However, adjusted EBITDA for the segment declined 22% to $365 million due to increased production and marketing expenses.
Theme parks emerged as a growth engine, with revenue soaring 18.7% to $2.71 billion, thanks largely to the May launch of Universal’s Epic Universe. Adjusted EBITDA for the parks rose 13% to $958 million despite a 22% spike in operating costs tied to the new attraction.
Comcast continues to absorb costs related to its Versant spin-off, which will separate most cable networks into a standalone entity. The company reported $116 million in related transaction costs this quarter, totaling $277 million year-to-date. NBCUniversal’s core assets—Peacock, NBC, Bravo, and its studios—will remain with Comcast post-separation.
Chairman and CEO Brian Roberts and president Michael Cavanagh, who will become co-CEO next year, emphasized live sports as a central growth driver.
“We’re proud of the sports portfolio we’ve built… Momentum at Peacock remains solid, and retention has held steady, even after our $3 price increase,” said Cavanagh.
Roberts added that Epic Universe’s strong performance fueled “19 percent revenue growth at our theme parks,” underscoring the Universal brand’s strength.
The company also disclosed 104,000 broadband losses, 414,000 wireless additions, and 257,000 video subscriber losses in its cable systems division.
Source: THR
