Media and Money

Posts Tagged ‘Comcast

According to the Associated Press, Comcast Corp., the nation’s biggest cable TV systems operator, posted a 53 percent increase in second-quarter profit, helped by higher prices and increased customer spending on video and Internet services. But subscriber growth markedly slowed as the recession’s grip remained tight.

Comcast said it hasn’t seen much sign of an economic rebound, although July fared better than the second quarter. Local advertising remains depressed.

The quarter’s subscriber growth was dampened by the housing slump, jobless rate and competition, as well as a seasonal slowdown due to college students and senior citizen ‘snowbirds’ disconnecting for the summer.
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michael_phelps_athensTime.com reports that on On October 2, members of the International Olympic Committee (IOC) will meet in Copenhagen to decide the host city for the 2016 Summer Olympics. Officials from Chicago, which is competing against Rio de Janeiro, Madrid, and Tokyo for the Olympic prize, are working feverishly to perfect their pitch down the homestretch. The Chicago delegation just returned from Africa, where it made a presentation to the Olympic executives of that continent. President Obama himself sent a video message, asking the Africans for their vote.

Chicago’s bid has received positive feedback, and many consider the Windy City the favorite to win the Games. So why, less than three months before the vote, is the Olympic governing body of the United States ticking off the very officials that will decide Chicago’s fate, in a move that could cost an American city the Games?

The U.S. Olympic Committee (USOC), on July 8, announced that it had signed an agreement with Comcast to form the U.S. Olympic Network, which will provide year-round coverage of Olympic sports. According to the USOC, the network would launch sometime after the 2010 Vancouver Games. One problem: such a network could compete with NBC, which is paying $2.2 billion to broadcast the 2010 and 2012 Olympics. The network accounts for roughly half of the IOC’s global broadcast rights fees, and NBC will surely be among the bidders for the 2014 and 2016 Olympics as well. Plus, NBC wanted the USOC to partner with its own cable network, Universal Sports, for Olympic programming. NBC is irked, and the IOC doesn’t like to see its sugar daddy sulking.
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