NBCU Expects Big Loss on Winter Olympics

By Andrew Gauthier 


General Electric CEO Jeff Immelt said Tuesday that NBC Universal will lose an estimated $200 million on the February Olympics. GE is “counting on having tough economics around the Olympics,” Immelt said.

“It’s just a tough time for a big event like that,” he said.

NBCU would post an operating profit increase in 2010, Immelt said, but the Winter Olympics will instead bring a decrease.

Speaking on other matters at an annual investor conference, Immelt declined to predict when the government may approve the proposed NBCU joint venture with Comcast.

But he expressed optimism that the 49% stake that GE would have in the new business “strength(ens) our media assets and priorities.” And it will provide a stream of cash that GE can use to make investments in other businesses. More…