3 Media Stocks in Focus: Comcast’s Strong Results, Sony Opts Not to Drop Entertainment Unit, and Viacom Goes for Round II with YouTube
Comcast Corp. (NASDAQ:CMCSA): Quarterly EPS of $0.65 beat estimates by $0.02, with $16.3 billion beating by $0.29 billion. Revenue for NBCUniversal grew 8.9 percent to $6 billion, with the Filmed Entertainment and Cable Networks businesses both performing strongly. The combined tally of video, high-speed Internet, and voice customers was 52.1 million, an increase of 3.1 percent year-over-year.
Sony (NYSE:SNE): After reviewing a shareholder proposal from Daniel Loeb’s Third Point Capital, Sony has apparently decided not to spin-off its entertainment unit. Sony shares have experienced a bout of volatility in trading today, with volume running twice the stock’s daily average, Seeking Alpha notes.
Viacom (NYSE:VIAB): In the next chapter of Viacom’s battle with YouTube (NASDAQ:GOOG), Viacom is taking another swing in its attempt to hold the video site accountable for copyright infringement. A U.S. district judge maintained that Viacom was unable to prove that YouTube had knowledge or awareness of specific infringements on its platform. Viacom admitted that it lacks the “the kind of evidence that would allow a clip-by-clip assessment of actual knowledge,” but the company referred to statistics, such as the fact that as much as 80 percent of YouTube’s (early) traffic was derived from infringements, according to The Hollywood Reporter.