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The financial performance of Comcast, the American parent company of Sky, has soared following the remarkable success of its musical adaptation ‘Wicked’. The media and telecommunications giant reported a significant 7% increase in studio division revenues, reaching £2.57 billion in Q4 2024.
The theatrical release of ‘Wicked’, featuring Ariana Grande and Cynthia Erivo, shattered box office records during its November premiere, generating £89.7 million in its opening weekend across North American theatres. This achievement established a new benchmark for Broadway musical cinema adaptations.
The Philadelphia-based conglomerate, which operates Universal Studios, Sky, NBC television, and Xfinity broadband services, witnessed an impressive 85% surge in adjusted earnings before interest, tax, depreciation, and amortisation within its studios division, climbing to £447.5 million in the fourth quarter.
Despite these achievements, Comcast’s shares experienced an 11% decline, dropping £3.23 to £26.15 in New York trading, resulting in a market capitalisation of approximately £100 billion. The overall group revenues exceeded Wall Street projections, demonstrating a 2% growth to £25.1 billion, whilst adjusted earnings rose by 11% to £6.9 billion.
Brian Roberts, Comcast’s chairman and chief executive, highlighted the company’s unprecedented success, stating, “This represents the finest financial performance in our company’s 60-year history.” The organisation’s commitment to shareholder value was evident through dividend payments and share buybacks totalling £2.5 billion in Q4, culminating in £10.6 billion returned to shareholders throughout the year.
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