Comcast (CMCSA) can thank Barack, Joe, John, and Sarah for keeping its advertising business somewhat afloat last quarter.
The company said today that cable ad revenue dropped 5% year-over-year in Q4 to $409 million. But excluding political spending, it would have dropped 20% year-over-year to about $343 million.
Advertising is a small percentage of Comcast’s overall revenues — less than 5%. But even at the beginning of 2008, it was a growth business for Comcast.
And with political spending off the table this quarter, Q1 ad sales could get ugly. On the company’s earnings call this morning, Comcast CFO Michael Angelakis said the company does not expect a recovery this year.