Comcast Profits Rise 8%, but Ad Revenue Slumps

Comcast, the nation’s largest cable operator, reported ad sales of just under $400 million in the second quarter, a drop of 2 percent compared to the same period last year. While ad revenue accounted for just 4.5 percent of the company’s $8.55 billion in sales, the announcement is cause for concern, coming as it does just a day after Viacom’s results suggested a similar softening of the ad sales market, writes Adweek. Viacom’s ad sales increased by just 1 percent over the second quarter last year. Overall, Comcast reported an 8 percent increase in Q2 profit. While the company lost basic video subscribers in the quarter, losses were in line with, or better than, what analysts had expected, At last, the $17.9 billion buyout of Clear Channel by private equity firms Thomas H. Lee Partners and Bain Capital closed today (Wednesday)... [read full story]