NBC U (GE) is closing the books on the Beijing Olympics. And CEO Jeff Zucker is toning down some of his executives’ projections that the network would earn $100 million from the Games.
Zucker tells the FT that the network will indeed make a profit from the Games, but it will be something less than the $100 million figure that “network executives” told the NYT the network would make just last week. NBC U’s costs were $1 billion for the Games — $900 million for the exclusive U.S. TV rights and $100 milllion to produce them.
So Zucker is saying NBC made somewhat more than $1 billion in ad revenue and something less than $1.1 billion. Either way, it’s irrelevant to GE; even $100 million in profit would have added just a penny to GE’s earnings per share.
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