Comcast Corporation (NASDAQ:CMCSA) Q2 2023 Earnings Call Transcript

So, obviously, it makes us a really strong partner to leagues and around the world, we’re known for that. And I think we bring a lot to the table whenever there is a time, and that includes Sky Sports as well, obviously. So, that brings us to the table with more than money when it comes time for discussions around how rights owners want to create value for their participants. And I think we are doing a very good job, in my mind, of continuing to do that in a way that has tremendous reach, obviously through NBC in the broadcast side. We can leverage our cable nets as we’ve done in various sporting events using our cable nets. But really importantly is Peacock, and we looked at one of the great drivers of Peacock subscriber growth has been sports.

And I think it adds to the value of the Peacock subscription, the fact that when we looked at the value of rights that are streamed inside Peacock, where it is and where it goes when you include the value of Olympics next year, it is very substantial, and would alone represent a really good deal for the consumer just sports within Peacock. So, I think that’s how we see our evolution where in sports we are going to continue to be in sports and that’s the game.

Brett Feldman: Thank you.

Brian Roberts: Thank you.

Marci Ryvicker: Thanks, Brett. Operator, next question please.

Operator: Our next question is coming from Philip Cusick from J.P. Morgan. Please go ahead.

Philip Cusick: Hi, guys, thank you. Lots to talk about, one follow-up on Brett, do you think that you have the right sports rights next, or can you stretch your lead and Peacock’s lead by taking more over time? And then, second, can you dig into the strong Hollywood and the weaker Orlando numbers? It looks like Orlando, just in general is little bit softer year-over-year, but we think you have been taking share, do you agree with that? And how do you see that going forward? Thanks very much.

Jason Armstrong: So, sports rights, going back to that last question, for all the reasons I said, and I will keep it shorter this time, we should — we are always looking to see if there is ways to add more value to our business, and likewise work with our partners. So, obviously NBA is coming up. That’s a fantastic property. We don’t necessarily need it, given the portfolio we have, but given, it’s strength and our historical involvement in the sports, something I would like to see is take a look at, as if, for instance. But we will see where that goes. And then on theme parks, we have — you know, I think one of the best quarters we have seen, tremendous momentum in the overall portfolio, we feel very, very good about the parks business overall.

Hollywood was a record on the back of Nintendo opening up; Japan doing well and a record as well there for second quarter; and Beijing, highest level of profitability. In Orlando, it is — really compares very well to pre-pandemic. We are obviously down on attendance, which was kind of unprecedented in the back of coming of COVID, so, not surprised by that softening. That said, we are at levels of attendance and per caps being better, so that overall we feel good about what we are seeing in Orlando. We’ve had — you know, with the stronger dollar you still are seeing softness of international attendance, which continues to be about 30% lower than pre-pandemic levels. We expect that to sort of continue. And on the domestic side, it’s just been rebalancing with cruise lines back and people, the flipside of the dollar doing some international travel.