In a move that should have surprised no one, Comcast Corp. (NASDAQ: CMCSA) said today that it was replacing Jeff Zucker as head of NBC Universal once the business is sold by General Electric Co. (NYSE: GE) The amazing part is that GE didn’t do it first.
Not only is NBC’s Prime Time schedule a mess, but the media giant’s movie business is not doing so hot either, ranking sixth this year in box office receipts, according to Box Office Mojo. Its theme park business, like Walt Disney Co.’s (NYSE: DIS), is no doubt suffering because of the economy, while its cable properties such as CNBC continue to lose audience. The bright spots such as Bravo, “NBC Nightly News” and the “Today” show are not enough to make up for the shortfall.
Profit during the first six months of the year at NBC Universal fell 13 percent to $806 million. Revenue jumped 14 percent to $8.07 billion during that same time. That seems to be the byproduct of cost-cutting, discounting advertising rates and the like. Stephen Burke, Zucker’s replacement, will demand better.
Zucker always tried to argue that ratings were not everything. So, “3o Rock” will be an interesting challenge for Burke. The Emmy-award winning sitcom is a critical darling and attracts a small but devoted following. NBC has always backed the show arguing that its audience was young and well-heeled which interests advertisers. Unfortunately, the show is expensive to produce with a big-named pricey cast. Creator Tina Fey has even joked about this and the show even takes jabs at Comcast.
The last laugh will be on Zucker.
–Jonathan Berr
The Average American Has No Idea How Much Money You Can Make Today (Sponsor)
The last few years made people forget how much banks and CD’s can pay. Meanwhile, interest rates have spiked and many can afford to pay you much more, but most are keeping yields low and hoping you won’t notice.
But there is good news. To win qualified customers, some accounts are paying almost 10x the national average! That’s an incredible way to keep your money safe and earn more at the same time. Our top pick for high yield savings accounts includes other benefits as well. You can earn up to 3.80% with a Checking & Savings Account today Sign up and get up to $300 with direct deposit. No account fees. FDIC Insured.
Click here to see how much more you could be earning on your savings today. It takes just a few minutes to open an account to make your money work for you.
Our top pick for high yield savings accounts includes other benefits as well. You can earn up to 4.00% with a Checking & Savings Account from Sofi. Sign up and get up to $300 with direct deposit. No account fees. FDIC Insured.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.
Latest from 24/7
Our expert who first called NVIDIA in 2009 is predicting 2025 will see a historic AI breakthrough.
You can follow him investing $500,000 of his own money on our top AI stocks for free.