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It was just one of the reasons that parent company General Electric reported a 47% drop in 2nd quarter earnings today. Problems in the finance sectors were expected. But NBC Universal helped drag down even the non-finance performance with profit off 41% because of declines in broadcast and local TV because of the down ad market in this recession. During the earnings call, according to news reports, GE executives said that while NBCU’s cable channels were all up, NBCU’s broadcast was down by about $100 million, mostly due to writedowns. GE has Bob Wright to thank for that cable safety net since he drew up the blueprint of multiple revenue streams to augment broadcast — a blueprint which Jeff Zucker has been following (and claiming credit for) while he “manages for margins”. For the year, the company expects NBCU to post declines between 15%-25%.
Turning to the sluggish upfront negotiations, despite reports of recent movement in dealmaking, GE execs expect NBCU to retain a larger portion of its ad inventory for the scatter market this fall compared to previous years.
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How’s CBS doing? What about FOX? Everyone else is in the black?
NBC has some of the worst programs.
It’s time for Zucker to go.
I work for the network and virtually EVERYONE there wants to know WHY Zucker and Silverman are still there. I’d rather drinking urine then drink the kool aid they try to sell us. Really, HOW DO THEY HAVE A JOB?
Never saw this coming…
How Zucker is still there is beyond me. He’s running NBCU into the ground.
The coke snorting monkeys strike again. Telemundo has now eclipsed NBC in the ratings.
So Zucker wants to take credit for the success of the cable channels. Is he willing to take the hit for the tanking of the broadcast entities that he is responsible for running into the ground with his coked up buddy Silverman? They have to go and Immelt has to follow. These guys have presided over the demise of one of the finest companies in the world. And they have lined their pockets in so doing. Is there no accountability?
You’re doing a heckuva job Benjy.
It doesn’t matter how much money NBC loses. Zucker is “managing for margins.”
Bob Wright was a genious and must be greatly missed by the rank and file at NBC/Universal. For a man who did not come from a Television background, he sure had a pulse for what was coming next and enormous aptitude for how to expand the brand and profits over multiple platforms. Jeff Fucker, I mean Zucker seems to be awfully full of himself and not a very good leader. I remember reading about Mr. Wright’s model that Zucker takes credit for back in the ’90′s. So how does he continue to keep his job?
Does managing for margins mean LOSING $$$? And then letting U lap it up for credit. Could Hwood hit new lows?
What upfront? We are in the middle of July and there is STILL not much movement for ANYONE. Not just NBCU. This is just crazy. The days of working into the late hours during an upfront are clearly behind us all.
No worries mates, The Jay Leno Show, will save the day!
“profits” drop 41%… does that mean they’re still operating in the black?
The coke snorting monkeys would have been impeached long ago if NBCU were a democracy.
NBC is the only media company moving assets (The Tonight Show) INTO Los Angeles from an outside municipality, like Burbank. That’s how dumb they are.
Sorry you can’t blame Zucker anymore. At this point it’s fully Immelt’s responsibility for keeping him on.
Zucker does his song and dance and Immelt forgets that Jeff has driven NBCUni into the ground. At least you can give Jeff credit for being quite the con man.
What’s Immelt’s excuse???
but nbc universal helped drag down even the non-finance performance with profit off 41% because of declines in broadcast and local tv because of the down ad market in this recession.
and because their product sucks.
Just you wait kiddies….there’s a real possibility CBS will go Chapter 11 in 2010 when their massive debt comes due. At that point, NBCU is gonna look like a very good investment.
Managing for margins makes total sense…if you’re Chico Marx: “You couldn’t afford it. You see if we don’t rehearse, we don’t play, and if we don’t play, that runs into money.”
Soooo, they’ve got it just where they want it. Blaming Katherine Pope didn’t fly then, and it doesn’t fly now. Angela Bromstad is surely next in line, but perhaps that one is deserved.
You’d think Jeff and Ben have enough “fuck you” money in the bank to care a little bit more about their legacies, but the NBC PR spin machine is working overtime to layer on more teflon.
MalibuMisery
NBC development seems very confused and the network lacks a persona. Fox, CBS and ABC all seem to have a better identity. NBC is in worse shape because when people stop watching – it becomes harder to promote new series. I found out about Life and Kings, two high quality shows via Hulu. Both series were more “cable type offerings” vs. shows with broad audience appeal.
I don’t expect to find the next CSI or NCIS on NBC.
Importing every British concept will not solve all your problems either.
Turning NBC News and MSNBC into the “house organ” for the administration is transparent and destroys the credibility of the news organization and lessens the brand. GE comes across as “tawdry” hoping that Obama will spend billions on GE products for health care, green energy and other public works. Turning your news organization a “mouth piece” for you other commercial businesses does not build credibility.
Ironically large deficits and higher interest rates will make it harder for GE to finance it’s operations – so massive spending will help one part and hurt the other. GE, NBC News and NBCU need new leadership who understand “innovation” and are accountable.