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NEW YORK NBC Universal saw its fourth-quarter 2008 profit fall 6.3 percent to $865 million, as a strong showing by the media company’s cable networks was offset by steep advertising declines at its owned-and-operated TV stations.
In the prior-year period, NBCU, owned by General Electric, posted a profit of $923 million.
A cratering local ad economy devastated NBCU’s O-&-Os, where revenue dropped 25 percent and operating profit skidded 55 percent versus Q4 2007.
Meanwhile, the cable networks unit — which includes USA, Bravo, Sci Fi Channel, Oxygen, MSNBC and CNBC — posted a solid quarter, with profit up 22 percent on an 11 percent rise in revenue.
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