NBCUniversal reports higher Peacock losses as it shows CEO the door

Peacock losses continue to widen this quarter, NBCUniversal parent company Comcast reported Thursday, just days after the company announced that Jeff Shell’s time as NBCU CEO was up. Peacock had $704 million in losses in Q1 2023, a significant jump from $456 million in the same year-ago period.

In the fourth quarter of 2022, Peacock reported an adjusted EBITDA loss of $978 million. The company previously warned shareholders that it expects losses to peak at around $3 billion this year.

However, Peacock also experienced subscriber growth, adding two million paying subscribers to bring the total to 22 million, up from 20 million in the previous quarter–a significant increase compared to the prior year when it had 13 million paying subs.

Peacock saw revenue jump 45% to $685 million.

Comcast announced Monday that Shell is leaving the company, effective immediately, following an investigation into a complaint of an inappropriate relationship within the company. In the interim, Comcast President Mike Cavanagh will take on Shell’s duties.

“Today is my last day as CEO of NBCUniversal. I had an inappropriate relationship with a woman in the company, which I deeply regret. I’m truly sorry I let my Comcast and NBCUniversal colleagues down, they are the most talented people in the business and the opportunity to work with them the last 19 years has been a privilege,” Shell said in a statement.

Source link

Leave a Comment