Comcast's NBC nears $1.2 bn in Olympics revenue

Comcast Corp’s NBC Universal will receive about $1.2 billion in total revenue from the Olympics, moving closer to breaking even on the games.

National broadcast and cable sales will deliver about $1 billion, with local TV and digital contributing another $200 million, Comcast Chairman and Chief Executive Officer Brian Roberts said today in an interview on CNBC.

“It’s better than we thought,” Roberts said. “It’s a good start and now we just have to, you know, make it all happen in the next 17 days.”

NBC Universal paid about $1.18 billion for rights to the London Olympics, which began today with the opening ceremony. The company is spending about $100 million on production, estimates David Joyce, an analyst at Miller Tabak & Co in New York. He expected the network to lose $100 million to $200 million on the games.

Philadelphia-based Comcast, the biggest US cable system operator, gained 2.2 per cent to $32.29 at the close of New York trading. The stock has climbed 36 percent this year. Comcast owns CNBC.