COMCAST CORP
For the period ended Sep 30, 2024. Filed Oct 31, 2024.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2024 · Filed Oct 31, 2024
CMCSA$24.39-2.2%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2024-06-30; filed 2024-07-23.
0001166691-24-000048
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2024-09-30; filed 2024-10-31.
0001166691-24-000056
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 154 previous paragraphs and 154 current paragraphs.
90 unchanged; 53 reworded; 11 added; 10 removed; 1 previous and 0 current paragraphs rearranged.
Tables are not compared: 25 previous and 26 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (11)
Current report
The increase in other income (loss), net for the three and nine months ended September 30, 2024 primarily resulted from insurance contracts and foreign exchange remeasurement.
Current report
Domestic advertising revenue increased for the three and nine months ended September 30, 2024 compared to the same periods in 2023 primarily due to the Paris Olympics in the third quarter of 2024. Excluding the incremental revenue associated with this event, domestic advertising revenue remained consistent for the three months ended September 30, 2024 primarily due to an increase in revenue at Peacock, offset by a decrease in revenue at our linear television networks, and it decreased for the nine months ended September 30, 2024 due to a decrease in revenue at our linear television networks, partially offset by an increase in revenue at Peacock.
Current report
Marketing and promotion expenses increased for the three and nine months ended September 30, 2024 compared to the same periods in 2023 primarily due to increased costs associated with the Paris Olympics. The increase for the three months ended September 30, 2024 also includes increased spending on marketing at Peacock.
Current report
Theatrical revenue increased forthe three months ended September 30, 2024 compared to the same period in 2023 primarily due to higher revenue from recent releases, including Despicable Me 4 and Twisters.
Current report
Programming and production costs increased for the three months ended September 30, 2024 compared to the same period in 2023 primarily due to higher costs associated with content licensing sales, including the impact of work stoppages in the prior year period.
Current report
Corporate and Other revenue increased for the three months ended September 30, 2024 compared to the same period in 2023 driven by Spectacor and Xumo. Corporate and other revenue increased for the nine months ended September 30, 2024 compared to the same period in 2023 driven by an increase across our businesses.
Current report
Corporate and Other costs and expenses increased for thethree months ended September 30, 2024 compared to the same period in 2023 due to increased marketing associated with the Paris Olympics and increases related to Spectacor and Xumo. Corporate and Other costs and expenses increasedfor the nine months ended September 30, 2024 compared to the same period in 2023 primarily due to increases related to corporate functions, increased marketing associated with the Paris Olympics, and Xumo.
Current report
The decrease in payments of interest for the nine months ended September 30, 2024 compared to the same period in 2023 was primarily due to the payments of interest in the prior year period associated with our collateralized obligation which was repaid in the fourth quarter of 2023, partially offset by increased debt balances following debt issuances in the current year period and higher weighted-average interest rates.
Current report
In July 2024, we entered into new rights agreements with the NBA and WNBA for television and streaming rights for certain regular and post-season games beginning with the 2025-26 season through the 2035-36 season with aggregate rights payments of $27 billion.
Current report
We believe our estimates associated with the valuation and impairment testing of goodwill are critical in the preparation of our consolidated financial statements. We performed a quantitative assessment as of July 1, 2024 for goodwill in our Media segment. Based on this assessment, the estimated fair value of the Media reporting unit substantially exceeded its carrying value and no impairment was required.
Current report
Changes in market conditions, laws and regulations, and key assumptions made in future quantitative assessments, including expected cash flows, competitive factors and discount rates, could negatively impact the results of future impairment testing and could result in the recognition of an impairment charge.
Removed paragraphs (10)
Previous report
Percentage changes that are considered not meaningful are denoted with NM.
Previous report
The change in other income (loss), net for thethree months ended June 30, 2024 primarily resulted from a gain related to an investment in the prior year period. The change in other income (loss), net for thesix months ended June 30, 2024 primarily resulted from higher interest income in the current year period.
Previous report
Domestic advertising revenue remained consistent for thesix months ended June 30, 2024 compared to the same period in 2023 primarily due to a decrease in revenue at our linear television networks, offset by an increase in revenue at Peacock.
Previous report
Programming and production costs decreased for the three months ended June 30, 2024 compared to the same period in 2023 primarily due to a decrease at Peacock and a decrease in content costs for our entertainment television networks, partially offset by an increase in international sports programming costs, which included the timing of events.
Previous report
Marketing and promotion expenses decreased for the three and six months ended June 30, 2024 compared to the same periods in 2023 primarily due to lower costs related to marketing for Peacock.
Previous report
Other revenue decreased forthe three months ended June 30, 2024 compared to the same period in 2023 primarily due to decreased sales of home entertainment products.
Previous report
Theme parks segment costs and expenses decreased for the three months ended June 30, 2024 compared to the same period in 2023 primarily due to the impact of foreign currency.
Previous report
Corporate and Other revenue increased for thethree and six months ended June 30, 2024 compared to the same periods in 2023 driven by increases across our businesses.
Previous report
Corporate and Other costs and expenses increased for the three and six months ended June 30, 2024 compared to the same periods in 2023 primarily due to increases related to corporate functions and Xumo. The increase for thethree months ended June 30, 2024 was partially offset by lower costs related to Sky operations in Germany, including the impact of the timing of recognition of costs related to the 2022 FIFA World Cup in the prior year period.
Previous report
Percentage changes that are considered not meaningful are denoted with NM.
Reworded paragraphs (53)
Previous wording
Consolidated revenue decreased for the three months ended June 30, 2024 compared to the same period in 2023 primarily driven by a decrease in the Content & Experiences business, partially offset by an increase in Corporate and Other. Consolidated revenue remained consistent with the prior year period for the six months ended June 30, 2024 driven by a decrease in the Content & Experiences business, offset by an increase in Corporate and Other. Revenue for our segments and other businesses is discussed separately below under the heading “Segment Operating Results.”
Current wording
Consolidated revenue increased for the three and nine months ended September 30, 2024 compared to the same periods in 2023 primarily driven by increases in the Content & Experiences business and Corporate and Other. Revenue for our segments and other businesses is discussed separately below under the heading “Segment Operating Results.”
Previous wording
Consolidated costs and expenses, excluding depreciation and amortization expense, decreased for the three months ended June 30, 2024 primarily driven by decreases in the Content & Experiences and Connectivity & Platforms businesses, partially offset by an increase in Corporate and Other. Consolidated costs and expenses, excluding depreciation and amortization expense, remained consistent with the prior year period for the six months ended June 30, 2024, driven by decreases in the Content & Experiences and Connectivity & Platforms businesses, offset by an increase in Corporate and Other. Costs and expenses for our segments and our corporate operations and other businesses are discussed separately below under the heading “Segment Operating Results.”
Current wording
Consolidated costs and expenses, excluding depreciation and amortization expense, increased for the three and nine months ended September 30, 2024 compared to the same periods in 2023 primarily driven by increases in the Content & Experiences business and Corporate and Other. Costs and expenses for our segments and our corporate operations and other businesses are discussed separately below under the heading “Segment Operating Results.”
Previous wording
Consolidated depreciation and amortization expense remained consistent with the prior year period for the three months ended June 30, 2024. Consolidated depreciation and amortization expense decreased for the six months ended June 30, 2024 primarily due to decreased depreciation of international property and equipment and decreased amortization of software.
Current wording
Consolidated depreciation and amortization expense increased for the three and nine months ended September 30, 2024 compared to the same periods in 2023 primarily due to increased amortization of certain acquisition-related intangible assets related to the linear media business. Consolidated depreciation and amortization expense for the nine months ended September 30, 2024 was partially offset by decreased depreciation of international property and equipment and decreased amortization of software.
Previous wording
Amortization expense from acquisition-related intangible assets totaled$563 million and$1.1 billionfor the three and six months ended June 30, 2024, respectively, and$572 million and $1.1 billion for the three and six months ended June 30,2023, respectively. Amounts primarily relate to customer relationship intangible assets recorded in connection with the Sky transaction in 2018 and the NBCUniversal transaction in 2011.
Current wording
Amortization expense from acquisition-related intangible assets totaled$817 million and$1.9 billionfor the three and nine months ended September 30, 2024, respectively, and$571 million and $1.7 billion for the three and nine months ended September 30, 2023, respectively. Amounts primarily relate to customer relationship intangible assets recorded in connection with the Sky transaction in 2018 and the NBCUniversal transaction in 2011.
Previous wording
Consolidated interest expense increased for the three and six months ended June 30, 2024 primarily due to higher weighted-average interest rates and increases in average debt outstanding, partially offset by interest expense in the prior year periods associated with a collateralized obligation that was repaid in the fourth quarter of 2023.
Current wording
Consolidated interest expense decreased for the three months ended September 30, 2024 and was consistent for the nine months ended September 30, 2024 primarily due to interest expense in the prior year periods associated with a collateralized obligation that was repaid in the fourth quarter of 2023, offset by increases in average debt outstanding and higher weighted-average interest rates in the current year periods.
Previous wording
Consolidated investment and other income (loss), netdecreased for the three and six months ended June 30, 2024 compared to the same period in 2023.
Current wording
Consolidated investment and other income (loss), netdecreased for the three and nine months ended September 30, 2024 compared to the same periods in 2023.
Previous wording
The change in equity in net income (losses) of investees, net was primarily due to our investment in Atairos. The income (losses) at Atairos were driven by fair value adjustments on its underlying investments with income (loss) of $(391) million and $(196) million for the three and six months ended June 30, 2024, respectively, and $(23) million and $501 million for the three and six months ended June 30, 2023, respectively.
Current wording
The change in equity in net income (losses) of investees, net was primarily due to our investment in Atairos. The income (losses) at Atairos were driven by fair value adjustments on its underlying investments with income (loss) of $(93) million and $(289) million for the three and nine months ended September 30, 2024, respectively, and $252 million and $753 million for the three and nine months ended September 30, 2023, respectively.
Previous wording
The change in realized and unrealized gains (losses) on equity securities, net for thethree months ended June 30, 2024 was primarily due to higher losses on nonmarketable and marketable securities in the current year period. The change in realized and unrealized gains (losses) on equity securities, net for thesix months ended June 30, 2024 was primarily due to higher losses on nonmarketable securities in the current year period and losses on marketable securities in the current year period compared to gains in the prior year period.
Current wording
The change in realized and unrealized gains (losses) on equity securities, net for thethree months ended September 30, 2024 was primarily due to higher losses on nonmarketable securities in the prior year period and losses on marketable securities in the prior year period. The change in realized and unrealized gains (losses) on equity securities, net for thenine months ended September 30, 2024 was primarily due to higher losses on marketable and nonmarketable securities in the current year period.
Previous wording
Consolidated income tax expense for the three and six months ended June 30, 2024 and 2023 reflects an effective income tax rate that differs from the federal statutory rate due to state and foreign income taxes and adjustments associated with uncertain tax positions. The decreases in income tax expense for the three and six months ended June 30, 2024 compared to the same periods in 2023 were primarily driven by lower domestic income before income taxes.
Current wording
Consolidated income tax expense for the three and nine months ended September 30, 2024 and 2023 reflects an effective income tax rate that differs from the federal statutory rate due to state and foreign income taxes and adjustments associated with uncertain tax positions. The decreases in income tax expense for the three and nine months ended September 30, 2024 compared to the same periods in 2023 were primarily driven by lower domestic income before income taxes.
Previous wording
Consolidated net income (loss) attributable to noncontrolling interests changed for the three and six months ended June 30, 2024 compared with the same periods in 2023 primarily due to Universal Beijing Resort and our regional sports networks.
Current wording
Consolidated net income (loss) attributable to noncontrolling interests changed for the three and nine months ended September 30, 2024 compared to the same periods in 2023 primarily due to our regional sports networks. The change for the three months ended September 30, 2024 was partially offset by Universal Beijing Resort.
Previous wording
We continue to focus on growing our higher-margin connectivity businesses while managing overall operating costs. We also continue to invest in our network to support higher-speed broadband offerings and to expand the number of homes and businesses passed. An increasingly competitive environment and continued low domestic household move levels have had negative impacts on our customer relationships additions/(losses). In addition, funding for the Affordable Connectivity Program, which provided a monthly discount towards broadband service for eligible low-income households, expired during the second quarter of 2024, which began to have, and may continue to have in the short term, a negative impact on our residential broadband customer relationships. We believe our residential connectivity revenue will increase as a result of growth in average domestic broadband revenue per customer, as well as increases in domestic wireless and international connectivity revenue. At the same time, we expect continued declines in video revenue as a result of domestic customer net losses due to shifting video consumption patterns and the competitive environment, although customer net losses typically mitigate the impact of continued rate increases on programming expenses. We also expect continued declines in other revenue related to declines in wireline voice revenue. We believe our Business Services Connectivity segment will continue to grow by offering competitive services, including to medium-sized and enterprise customers. Global economic conditions and consumer sentiment have in the past adversely impacted, and may continue to adversely impact, demand for our products and services and our results of operations.
Current wording
We continue to focus on growing our higher-margin connectivity businesses while managing overall operating costs. We also continue to invest in our network to support higher-speed broadband offerings and to expand the number of homes and businesses passed. A competitive environment, which has increased in recent years, and continued low domestic household move levels have had negative impacts on our customer relationships additions/(losses). In addition, funding for the Affordable Connectivity Program, which provided a monthly discount towards broadband service for eligible low-income households, expired during the second quarter of 2024 and resulted in an estimated net loss of 96,000 residential domestic broadband customers for the third quarter of 2024. We believe our residential connectivity revenue will increase as a result of growth in average domestic broadband revenue per customer, as well as increases in domestic wireless and international connectivity revenue. At the same time, we expect continued declines in video revenue as a result of domestic customer net losses due to shifting video consumption patterns and the competitive environment, although customer net losses typically mitigate the impact of continued rate increases on programming expenses. We also expect continued declines in other revenue related to declines in wireline voice revenue. We believe our Business Services Connectivity segment will continue to grow by offering competitive services, including to medium-sized and enterprise customers. Global economic conditions and consumer sentiment have in the past adversely impacted, and may continue to adversely impact, demand for our products and services and our results of operations.
Previous wording
Connectivity & Platforms supplemental costs and expenses information in the table below is presented on an aggregate basis across the Connectivity & Platforms segments as the segments use certain shared infrastructure, including our network in the United States. Costs and expenses information reported separately for the Residential Connectivity & Platforms and Business Services Connectivity segments include each segment’s direct costs and an allocation of shared costs.
Current wording
Connectivity & Platforms supplemental costs and expenses information in the table below is presented on an aggregate basis across the Connectivity & Platforms segments as the segments use certain shared infrastructure, including our network in the United States. Costs and expenses information reported separately for the Residential Connectivity & Platforms and Business Services Connectivity segments includes each segment’s direct costs and an allocation of shared costs.
Previous wording
Domestic broadband revenue increased for the three and six months ended June 30, 2024 compared to the same periods in 2023 due to increases in average rates.
Current wording
Domestic broadband revenue increased for the three and nine months ended September 30, 2024 compared to the same periods in 2023 due to increases in average rates.
Previous wording
Domestic wireless revenue increased for the three and six months ended June 30, 2024 compared to the same periods in 2023 primarily due to increases in the number of customer lines.
Current wording
Domestic wireless revenue increased for the three and nine months ended September 30, 2024 compared to the same periods in 2023 primarily due to increases in the number of customer lines and device sales.
Previous wording
International connectivity revenue increased for the three and six months ended June 30, 2024 compared to the same periods in 2023 due to increases in broadband revenue resulting from an increase in average rates and in wireless revenue primarily resulting from increases in the sale of wireless services. The increase for the six months ended June 30, 2024 includes the positive impact of foreign currency.
Current wording
International connectivity revenue increased for the three and nine months ended September 30, 2024 compared to the same periods in 2023 primarily due to increases in broadband revenue resulting from an increase in average rates. The increase for the nine months ended September 30, 2024 also includes an increase in wireless revenue primarily resulting from an increase in the sale of wireless services. The increases for the three and nine months ended September 30, 2024 include the positive impact of foreign currency.
Previous wording
Video revenue decreased for thethree and six months ended June 30, 2024 compared to the same periods in 2023 primarily due to declines in the overall number of residential video customers, partially offset by overall increases in average rates.
Current wording
Video revenue decreased for thethree and nine months ended September 30, 2024 compared to the same periods in 2023 due to declines in the overall number of video customers, partially offset by overall increases in average rates.
Previous wording
Advertising revenue remained consistent for the three months ended June 30, 2024 compared to the same period in 2023 primarily driven by lower domestic nonpolitical advertising, offset by an increase in domestic political advertising.
Current wording
Advertising revenue increased for the three months ended September 30, 2024 compared to the same period in 2023 primarily driven by an increase in domestic political advertising, partially offset by lower domestic nonpolitical and international advertising.
Previous wording
Advertising revenue increased for the six months ended June 30, 2024 compared to the same period in 2023 driven by an increase in domestic political advertising, increased revenue from our advanced advertising business and the positive impact of foreign currency, partially offset by lower domestic nonpolitical advertising.
Current wording
Advertising revenue increased for the nine months ended September 30, 2024 compared to the same period in 2023 primarily driven by an increase in domestic political advertising, increased revenue from our advanced advertising business and the positive impact of foreign currency, partially offset by lower domestic nonpolitical advertising.
Previous wording
Other revenue decreased for the three and six months ended June 30, 2024 compared to the same periods in 2023 primarily due to decreases in residential wireline voice revenue driven by declines in the number of customers.
Current wording
Other revenue decreased for the three and nine months ended September 30, 2024 compared to the same periods in 2023 primarily due to decreases in residential wireline voice revenue driven by declines in the number of customers.
Previous wording
Programming expenses decreased for thethree and six months ended June 30, 2024 compared to the same periods in 2023 primarily due to declines in the number of domestic video subscribers, partially offset by rate increases under our domestic programming contracts.
Current wording
Programming expenses decreased for thethree and nine months ended September 30, 2024 compared to the same periods in 2023 primarily due to declines in the number of domestic video subscribers, partially offset by rate increases under our domestic programming contracts.
Previous wording
Other expenses remained consistent for the three months ended June 30, 2024 compared to the same period in 2023 primarily due to increased direct product costs, offset by decreased spending on marketing and promotion.
Current wording
Other expenses increased for the three months ended September 30, 2024 compared to the same period in 2023 primarily due to increased direct product costs, the impact of foreign currency, higher technical and support expenses, and increased spending on marketing and promotion, including spending associated with the Paris Olympics.
Previous wording
Other expenses increased for the six months ended June 30, 2024 compared to the same period in 2023 primarily due to increased direct product costs, higher technical and support expensesand theimpact of foreign currency, partially offset by decreased spending on marketing and promotion.
Current wording
Other expenses increased for the nine months ended September 30, 2024 compared to the same period in 2023 primarily due to increased direct product costs, the impact of foreign currency and higher technical and support expenses, partially offset by decreased spending on marketing and promotion.
Previous wording
Business services connectivity revenue increased for the three and six months ended June 30, 2024 compared to the same periods in 2023 due to increases in revenue from medium-sized and enterprise customers and from higher average rates from small business customers.
Current wording
Business services connectivity revenue increased for the three and nine months ended September 30, 2024 compared to the same periods in 2023 due to increases in revenue from medium-sized and enterprise customers and from higher average rates from small business customers.
Previous wording
Business services connectivity costs and expenses increased for the three and six months ended June 30, 2024 compared to the same periods in 2023 primarily due to increases in direct product costs and in technical and support expenses. The increase for the six months ended June 30, 2024 also includes increased spending on marketing and promotion.
Current wording
Business services connectivity costs and expenses increased for the three and nine months ended September 30, 2024 compared to the same periods in 2023 primarily due to increases in direct product costs and inmarketing and promotion. The increase for the nine months ended September 30, 2024 also includes an increase intechnical and support expenses.
Previous wording
Our Studios segment generates revenue primarily from third parties and from licensing content to our Media segment. While results of operations for our Studios segment are not impacted, results for our total Content & Experiences business may be impacted as the Studios segment licenses content to the Media segment, including for Peacock, rather than licensing the content to third parties.
Current wording
Our Studios segment generates revenue primarily from third parties and from licensing content to our Media segment. While results of operations for our Studios segment are not impacted, results for our total Content & Experiences business may be impacted as the Studios segment licenses content to the Media segment, including for Peacock, rather than licensing the content to third parties. The Writers Guild of America and the Screen Actors Guild-American Federation of Television and Radio Artists work stoppages from May to September 2023 and July to November 2023, respectively, resulted in reduced content licensing revenue and programming and production costs at our Studios segment in the three and nine months ended September 30, 2023.
Previous wording
Domestic advertising revenue decreased for thethree months ended June 30, 2024 compared to the same period in 2023 primarily due to a decrease in revenue at our linear television networks, partially offset by an increase in revenue at Peacock.
Current wording
Revenue increased for the three and nine months ended September 30, 2024 compared to the same periods in 2023 primarily due to the Paris Olympics in the third quarter of 2024. Excluding incremental revenue associated with the Paris Olympics, revenue for the three months ended September 30, 2024 increased primarily due to increases in domestic distribution, international networks and other revenue. Excluding incremental revenue associated with the Paris Olympics, revenue for the nine months ended September 30, 2024 increased primarily due to increases in domestic distribution and international networks revenue, partially offset by a decrease in domestic advertising revenue.
Previous wording
Domestic distribution revenue increased for the three and six months ended June 30, 2024 compared to the same periods in 2023 primarily due to increases in Peacock paid subscribers, partially offset by decreases in revenue at our linear television networks. The decreases at our networks were primarily due to declines in the number of subscribers, partially offset by contractual rate increases.
Current wording
Domestic distribution revenue increased for the three and nine months ended September 30, 2024 compared to the same periods in 2023 and included the Paris Olympics in the third quarter of 2024. Excluding the incremental revenue associated with this event, domestic distribution revenue increased for the three and nine months ended September 30, 2024 primarily due to increases in Peacock paid subscribers, partially offset by decreases in revenue at our linear television networks. The decreases at our networks were primarily due to declines in the number of subscribers, partially offset by contractual rate increases.
Previous wording
International networks revenue increased for the six months ended June 30, 2024 compared to the same period in 2023 primarily due to an increase in revenue associated with the distribution of sports networks and the positive impact of foreign currency.
Current wording
International networks revenue increased for the three and nine months ended September 30, 2024 compared to the same periods in 2023 primarily due to the positive impact of foreign currency and increases in revenue associated with the distribution of sports networks.
Previous wording
Other revenue decreased for thethree months ended June 30, 2024 compared to the same period in 2023 primarily due to a decrease in revenue from the licensing of our technology.
Current wording
Other revenue increased for thethree months ended September 30, 2024 compared to the same period in 2023 primarily due to an increase in revenue from the licensing of our owned content.
Previous wording
Media segment total revenue included $1.0 billion and $2.1 billion related to Peacock for thethree and six months ended June 30, 2024, respectively. Media segment total revenue included $820 million and $1.5 billion related to Peacock for thethree and six months ended June 30, 2023, respectively. We had 33 million and 24 million paid subscribers of Peacock as of June 30, 2024 and 2023, respectively. Peacock paid subscribers represent customers from which Peacock receives a subscription fee on a retail or wholesale basis. Paid subscribers do not include certain customers that receive Peacock as part of bundled services where Peacock does not receive fees.
Current wording
Media segment total revenue included $1.5 billion and $3.6 billion related to Peacock for the three and nine months ended September 30, 2024, respectively, including amounts related to the Paris Olympics. Media segment total revenue included $830 million and $2.3 billion related to Peacock for thethree and nine months ended September 30, 2023, respectively. We had 36 million and 28 million paid subscribers of Peacock as of September 30, 2024 and 2023, respectively. Peacock paid subscribers represent customers from which Peacock receives a subscription fee on a retail or wholesale basis. Paid subscribers do not include certain customers that receive Peacock as part of bundled services where Peacock does not receive fees.
Previous wording
Programming and production costs increased for thesix months ended June 30, 2024 compared to the same period in 2023 primarily due to higher programming costs at Peacock and an increase in domestic sports programming costs for our television networks, partially offset by a decrease in content costs for our entertainment television networks.
Current wording
Programming and production costs increased for the three and nine months ended September 30, 2024 compared to the same periods in 2023 primarily due to costs associated with the Paris Olympics, higher programming costs at Peacock and increases in other sports programming costs for our domestic television networks. The increase for thenine months ended September 30, 2024 was partially offset by a decrease in entertainment content costs for our television networks.
Previous wording
Other expenses increasedfor thethree and six months ended June 30, 2024 compared to the same periods in 2023 primarily due to increases in costs related to Peacock.
Current wording
Other expenses increasedfor thethree and nine months ended September 30, 2024 compared to the same periods in 2023 primarily due to increases in costs related to Peacock.
Previous wording
Media segment total costs and expenses included $1.4 billion and $3.1 billion related to Peacock for thethree and six months ended June 30, 2024, respectively. Media segment total costs and expenses included $1.5 billion and $2.9 billion related to Peacock for thethree and six months ended June 30, 2023, respectively.
Current wording
Media segment total costs and expenses included $1.9 billion and $5.0 billion related to Peacock for the three and nine months ended September 30, 2024, respectively, including amounts related to the Paris Olympics. Media segment total costs and expenses included $1.4 billion and $4.3 billion related to Peacock for thethree and nine months ended September 30, 2023, respectively.
Previous wording
Content licensing revenue decreased for the three months ended June 30, 2024 compared to the same period in 2023 primarily due to the timing of when content was made available by our television studios under licensing agreements.
Current wording
Content licensing revenue increased for the three months ended September 30, 2024 compared to the same period in 2023 primarily due to the timing of when content was made available by our television studios under licensing agreements, including the impact of the work stoppages in the prior year period.
Previous wording
Content licensing revenue decreased for the six months ended June 30, 2024 compared to the same period in 2023 primarily due to the timing of when content was made available by our film studios.
Current wording
Content licensing revenue decreased for the nine months ended September 30, 2024 compared to the same period in 2023 primarily due to the timing of when content was made available by our film studios, partially offset by the timing ofwhen content was made available by our television studios under licensing agreements, including the impact of the work stoppages in the prior year period.
Previous wording
Theatrical revenue decreased forthe three and six months ended June 30, 2024 compared to the same periods in 2023 primarily due to higher revenue from releases in the prior year periods, including The Super Mario Bros. and Fast X, compared to revenue from recent releases, including Kung Fu Panda 4.
Current wording
Theatrical revenue decreased for thenine months ended September 30, 2024 compared to the same period in 2023 primarily due to higher revenue from releases in the prior year period, including The Super Mario Bros., Oppenheimerand Fast X, compared to revenue from recent releases, including Despicable Me 4, Kung Fu Panda 4 and Twisters.
Previous wording
Programming and production costs decreased for thethree and six months ended June 30, 2024 compared to the same periods in 2023 primarily due to lower costs associated with theatrical releases and content licensing sales.
Current wording
Programming and production costs decreased for the nine months ended September 30, 2024 compared to the same period in 2023 primarily due to lower costs associated with theatrical releases, partially offset by higher costs associated with content licensing sales, including the impact of work stoppages in the prior year period.
Previous wording
Marketing and promotion expenses decreased for thethree and six months ended June 30, 2024 compared to the same periods in 2023 primarily due to decreased spending on recent and upcoming theatrical film releases in the current year periods.
Current wording
Marketing and promotion expenses decreased for thethree and nine months ended September 30, 2024 compared to the same periods in 2023 primarily due to decreased spending on recent and upcoming theatrical film releases in the current year periods.
Previous wording
Theme parks segment revenue decreased for the three and six months ended June 30, 2024 compared to the same periods in 2023 primarily due to decreases at our domestic theme parks driven by decreased park attendance, as well as the negative impact from foreign currency at our international theme parks.
Current wording
Theme parks segment revenue decreased for the three and nine months ended September 30, 2024 compared to the same periods in 2023 primarily due to decreases at our domestic theme parks driven by decreased park attendance. The decrease for the nine months ended September 30, 2024 also includes the negative impact of foreign currency at our international theme parks.
Previous wording
Theme parks segment costs and expenses for the six months ended June 30, 2024 were consistent compared to the same period in 2023 primarily due to higher costs associated with park operations, offset by the impact of foreign currency.
Current wording
Theme parks segment costs and expenses were consistent for thethree and nine months ended September 30, 2024 compared to the same periods in 2023. Theme parks segment costs and expenses were consistent for the nine months ended September 30, 2024 primarily due to higher costs associated with park operations, offset by the impact of foreign currency.
Showing the first 40 of 53 pairs. Open the source sections for the rest.
Rearranged previous paragraphs (1)
Previous report — wording carried elsewhere
International networks revenue increased for thethree months ended June 30, 2024 compared to the same period in 2023 primarily due to an increase in revenue associated with the distribution of sports networks.