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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 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 the fourth quarter of 2007.
Meanwhile, the cable networks unit––which includes USA Network, Bravo, Sci Fi Channel, Oxygen, MSNBC and CNBC––put together a solid quarter, with profit up 22 percent, on an 11 percent rise in revenue.
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