Posted on 07/17/2009 11:20:06 AM PDT by iowamark
Yesterday, Google (GOOG) told Wall Street that its business had “stabilized” during the spring, but it may be one of the only media companies that gets to say that.
GE’s (GE) NBC Universal, for instance, just posted second-quarter results that were as bad as its first quarter. Jeff Zucker’s TV and movie unit said revenue was down eight percent and profit down 41 percent for the three months ending June 30; in the previous quarter, revenue was down only two percent, while profit was down 43 percent.
Per usual, GE said NBC’s cable business was doing okay (which makes sense since it gets a guaranteed income stream from cable operators), but that its overall ad business and local TV markets were getting killed. Or in technical terms, they’re seeing “continued pressure.”
Three months ago, GE went out of its way to make the point that if you stripped out one-time charges like write-downs, its earnings drop would have only been in the 15-25 percent range. It may make the same argument again during the earnings call later this morning, so I’ll check back then.
UPDATE: Once again, NBC is arguing that its earnings aren’t that terrible. The company had to take nearly $100 million in charges this quarter, and last year it had some one-time gains. So really, the company argues, its earnings are down a mere 24 percent. Here’s the highlight reel from the earnings call. Note the lines about upfront sales being slow and Web display ads being hit. Click chart to enlarge....
(Excerpt) Read more at mediamemo.allthingsd.com ...
Faster, please.......
They can - and do - still sway elections, though.
Oh, darn. The leftist MSM continues its backslide into the tar pits of history....such a shame for America.
They lived long enough to get Obama elected though.
They lived long enough to get Obama elected though.
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And we thought that 9/11 was the biggest disaster of our time....on American soil.
Maybe they should think about going back to reporting news and give up on politics, unless they’re in line for a few billion in bailout money.
Obama has declared war on capitalist America.
Brandon Tartikoff is sitting on a cloud sobbing.
IMHO, their cable channels, partiularly USA and SYFY, have better shows than their flagship statiions.
It looks like there are deep fundamental problems underlying GE and it may be on its way to a $2 stock according to the video at the following link:
Obama has declared war on capitalist America.
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It is worse than that. He has declared was on the Constitutional Republic which includes our freedoms and rights. We are dealing with a very anti-American ideology and that is being kind. Witness what he has already done.
Sooner or later he will find out that it is never wise to declare war on America.
Jim Robinson has a post tonight outlining all this traitor has done. Check it out.(those foolish enough to vote for Obamacare)
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