Companies like the New York Times, Yahoo, and Google may be getting hit by economic weakness, but at NBC, Jeff Zucker says, it’s all happy days. JP Morgan analyst Imran Khan summarizes Jeff’s remarks on this morning’s conference call:
- No signs of an economic slowdown across NBCU business lines. The company doesn’t see signs of a recessionary environment in advertising or theme parks. Category-specific weakness in advertising (cars) is offset by strength in other categories. Parks attendance remains strong.
- Theme parks attendance remains strong. NBCU continues to see very strong attendance trends at its Florida parks: January ’08 saw the strongest attendance in several years. The weak dollar is one of the possible explanations: not only a visit to US parks looks cheaper to overseas tourists, but it’s also a cheaper travelling destination for American families vs. a trip abroad.
Of course, two weeks ago, in Davos, Jeff was singing a different tune:
“It’s clear we are in a recession in the United States, and we’re going to have to manage our business accordingly,” he said…”Sometimes you see the world from a different perspective when you’re flat on your back,” he said. “At NBC Entertainment we’ve been flat on our backs for the last few years.”
Amnesia? Semantics? A drastic improvement in the economy in the past two weeks? You be the judge.
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