But Comcast is coming off its most profitable quarter ever at its theme-park unit, providing the impetus to invest in new initiatives like the Universal kids-or...
Comcast is a behemoth with corporate tentacles reaching from media and network TV to cable and internet service and theme parks. It also owns Sky, the London-based media and telecommunications conglomerate.Geetha Ranganathan, an industry analyst at Bloomberg LP, said 70% to 75% of Comcast’s profits come from its cable and internet business. Consumers freely spent last year for better internet connectivity, but cable saw a massive slowdown — affecting NBC Universal.
Ranganathan said pent-up demand from consumers is fueling profits for operators like Universal and Walt Disney Co. Attendance still lags pre-pandemic days, but theme park companies have raised prices to offset that. “We are heading into somewhat of an economic downturn,” Ranganathan said. “Some recessionary pressures are definitely building, we kind of have to keep that in mind. But having said that, theme parks have typically held up reasonably well during a recession. So far, we’re not seeing any signs of slowdown at Disney or Universal.”Universal Parks and Resorts also rolled out plans for a second regional development — a year-round, horror-focused destination in Las Vegas.
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