Business

Strong 1st quarter from Comcast, and a $30B bid for Sky

Posted April 25, 2018 7:00 am

The Associated Press

PHILADELPHIA (AP) - Comcast, continuing to see the loss of cable subscribers during an otherwise strong first quarter, formalized its bid for Britain's Sky satellite with a $30 billion offer.

The bid Tuesday puts the Philadelphia cable company in direct conflict with Rupert Murdoch' 21st Century Fox, which wants Sky for itself.

Comcast Corp. posted earnings of $3.12 billion. Per-share earnings were 66 cents, or 62 cents adjusted for non-recurring gains, which is 3 cents better than Wall Street expected, according to Zacks Investment Research.

Revenue was $22.79 billion, also edging out expectations.

As more people switch to streaming services, the company lost 96,000 cable TV customers.

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Portions of this story were generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on CMCSA at https://www.zacks.com/ap/CMCSA

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