5/19/2023 0 Comments Universal studios media center![]() A number of retail shops and restaurants at nearby Universal City Walk opened on May 14.ĭisney, which operates a broader portfolio of parks and entertainment venues around the globe, reported a 10.2% year-over-year decline at its parks, experiences and products segment, to $5.54 billion for the quarter ended in March. The outlook improved somewhat with the announcement that Universal Orlando would begin to reopen in June. COVID-19-related health concerns about crowds forced closures of the media company's Universal Studios Japan in late February and Universal Orlando Resort and Universal Studios Hollywood in mid-March.Ĭomcast CFO Michael Cavanagh said at a recent industry conference that the theme park segment would absorb a $500 million blow in the current quarter, assuming no park attendance. Theme park revenue for NBCU fell 32% year over year to $869 million, as operating income plummeted 85% to $76 million. Media network revenues face headwinds this summer and fall amid an absence of live-action sports and delays to TV production and some marketers' desire to conserve cash given the broad market uncertainty. It remains unclear how long the pandemic will overshadow results for the companies' film studios as well, with 2020 release schedules gutted and many theaters still closed. ![]() Comcast, meanwhile, saw record broadband subscriber additions in the March quarter, which helped the parent company offset the declines that hit across most of the business of its media unit NBCU.Īnalysts pointed to ongoing challenges at the theme parks as likely to weigh on the two conglomerates for some time. Disney's consolidated revenue benefited from the myriad assets it acquired last year from 21st Century Fox. ![]() Pandemic-related losses for both conglomerates were somewhat offset by relative strengths at their broadcast and cable networks. 's NBCUniversal Media LLC, worrying analysts, while uncertainty in the advertising market is also exacting a toll on their media networks. The COVID-19 pandemic is battering the theme park and film businesses of media conglomerates The Walt Disney Co.
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