1

Comcast CEO: Jeff Shell's ousting 'tough moment' for company

 1 year ago
source link: https://finance.yahoo.com/news/comcast-ceo-jeff-shells-ousting-a-tough-moment-for-company-153033754.html
Go to the source link to view the article. You can view the picture content, updated content and better typesetting reading experience. If the link is broken, please click the button below to view the snapshot at that time.
neoserver,ios ssh client

Comcast CEO: Jeff Shell's ousting a 'tough moment' for company

Fox News fires host Tucker Carlson amid several major media shakeups
 Shortly after that, 
 Don Lemon tweeted 
Fox News fires host Tucker Carlson amid several major media shakeups
Scroll back up to restore default view.
Alexandra Canal
·Senior Reporter
Fri, April 28, 2023, 12:30 AM GMT+9·4 min read

Comcast (CMCSA) executives weighed in on the sudden departure of former NBCUniversal CEO Jeff Shell during the company's quarterly earnings call on Thursday, with Comcast CEO Brian Roberts calling it a "tough moment" for the media giant.

Shell was ousted on Sunday following an internal investigation that found he had an "inappropriate relationship" with a female employee. He had been with the company since 2004, overseeing news and entertainment television networks, in addition to the company's film studio and theme parks divisions.

Roberts hedged the bombshell dismissal by calling out Comcast's "best in the business" leadership team, adding that Comcast President Michael Cavanagh, who will be stepping in as interim CEO of NBCUniversal, "is a fantastic executive and operator. ...He'll work closely with each of the management teams at NBCUniversal to continue our excellent momentum."

Jeff Shell is out as NBCUniversal CEO following a company investigation that found Shell had an
Jeff Shell is out as NBCUniversal CEO following a company investigation that found Shell had an "inappropriate relationship" with a female employee.

Cavanagh said there will be no change in strategy as a result of Shell's ousting.

"It's unfortunate to have an unexpected change in leadership [but] there is no reason for anyone to think that we're going to be revisiting strategy as a result of that," he said. "Job number one for me is to just settle things down and make sure the businesses and the business leaders at NBCU remain focused on the job at hand."

The executive, who said he's been "deeply involved" with the operations at NBCUniversal "for a long, long time," added there's no pressure to find a replacement for Shell, telling investors: "I would put no timetable [on it] at all, no time pressure to do anything other than make sure the business is hum."

"Maybe someday we'll think there's a better way to approach it, but I'll never be moving far away from the businesses no matter what. ...Think of me being there for awhile."

(L-R) Michael Cavanagh, Comcast president and interim CEO at NBCUniversal, talks with Brian Roberts, chief executive officer of Comcast
(L-R) Michael Cavanagh, Comcast president and interim CEO at NBCUniversal, talks with Brian Roberts, chief executive officer of Comcast

Peacock Q1 loss widens to $704 million

Comcast reported a first-quarter earnings that beat on both the top and bottom lines, despite slowing broadband user growth and mounting losses within its Peacock streaming service. Shares moved higher in mid-morning trading following the results, up nearly 7%.

Recommended Stories
  • e7e0a47f297593fc2e3ba092cd00cbbe.cf.webp
    Bloomberg

    Comcast Up After Report of Surprising Profit, Broadband Beat

    (Bloomberg) -- Comcast Corp. shares jumped more than 6% after topping analysts’ estimates for profit even as the media and telecommunication conglomerate continues to lose cable TV subscribers and faces increasing competition in broadband services.Most Read from BloombergTesla Drops Model Y Starting Price Below the Average US VehicleUS Economic Growth Slows to 1.1% While Inflation AcceleratesSingapore Hikes Property Tax, Doubling Rate on Foreigners to 60%Germany in Talks to Limit Export of Chip

    2h ago
  • c6acb2c0-395a-11ed-b76d-96d3c68976ce.cf.webp
    Yahoo Finance

    Intel Q1 earnings: Struggling chip maker to report results amid steep drop in PC sales

    Struggling chip maker Intel (INTC) will report its first quarter earnings after the bell on Thursday, as the firm continues to grapple with declines across its datacenter and PCs businesses.

    1h ago
  • 7a399a00-e4f1-11ed-afc1-1e3943d0a19a.cf.webp
    Yahoo Finance

    Southwest earnings: Airline reports losses from holiday meltdown top $1.1 billion

    Southwest Airlines reported another loss in the first quarter, trying to shake off a brutal holiday period that saw the U.S.’s second largest airline suffer a massive operations letdown.

    5h ago
  • a45e2a4a1b96ef034dfc1d5f4c737289.cf.webp
    Reuters

    Comcast beats estimates on broadband, theme park strength

    (Reuters) -Comcast Corp on Thursday said it beat quarterly profit forecasts on sustained demand for its broadband services and rising theme park attendance, giving the media giant a lift days after it fired NBCUniversal's chief for sexual harassment. The company's shares rose 4% as the report showed a smaller-than-expected 4.3% drop in total revenue to $29.69 billion in the first quarter. Comcast said on Monday that NBCUniversal's chief executive, Jeff Shell, had been fired for sexual harassment after an investigation found evidence that corroborated a female employee's complaint.

    6h ago
  • 0d9a4a8f597f8fc138243f11a2ce0ff0.cf.webp
    The Wall Street Journal

    Comcast Revenue Slips Amid Advertising Slowdown

    Comcast’s revenue fell 4.3% in the first quarter while its Peacock streaming service continued to gain new subscribers at a healthy clip.

    41m ago
  • a2b226959c51f92cb96799f462e84e05.cf.webp
    Reuters

    Alphabet, Meta lure back advertisers as smaller rivals expected to struggle

    Advertisers are sticking with safe havens Alphabet and Meta Platforms in an uncertain economy, their quarterly results showed, likely helping the tech giants take market share away from smaller digital ad sellers such as Snap Inc. Following a pandemic-led spending bonanza by advertisers who wanted to reach customers online, ad sales-reliant tech firms faced tough comparisons in the past several quarters. Customers cut their ad budgets after interest rates rose and record-high inflation fueled worries about the economy.

    15h ago
  • 45e99990-481d-11ea-a6dd-2f03803f99e3.cf.webp
    Yahoo Finance

    Retirement confidence in the US tanks by largest margin since the Great Recession

    Just 64% of workers are confident they’ll have enough money to live comfortably in retirement, down from 73% in 2022.

    2h ago
  • 3cb62c50-e511-11ed-bff5-ae1b896a8211.cf.webp
    Yahoo Finance

    Mortgage rates increase for second week in a row

    The rate on the 30-year fixed rate mortgage increased to 6.43% from 6.39% the week prior, according to Freddie Mac.

    1h ago
  • 4d0bd520-a55f-11ec-b9f2-c7f755088739.cf.webp
    Yahoo Finance

    Microsoft’s earnings were better than feared but not without caveats

    Microsoft's earnings beat still had some blemishes.

    20h ago
  • 8a0b7f93cb4a27ae5891fbfde79f8e44.cf.webp
    Reuters

    Allegations against former Barclays CEO Staley 'very serious' - CEO

    Allegations made against British bank Barclays' former CEO Jes Staley regarding his ties with sex offender Jeffrey Epstein are "very serious", the lender's current CEO C.S. Venkatakrishnan said on Thursday. In a call with reporters after the lender's first quarter results were published, Venkat said he was not in a position to comment further on the allegations contained in U.S. court filings. Venkat said the allegations were being adjudicated in New York, which he said was the "right and proper place".

    9h ago
  • 9a5b9c772ec817d85a60d96e7aabb7b4.cf.webp
    Benzinga

    Why Merck Stock Is Trading Higher Today

    Merck & Co Inc's (NYSE: MRK) Q1 sales reached $14.49 billion, down 9% Y/Y, beating the consensus of $13.79 billion. Excluding Lagevrio (COVID-19 treatment), sales growth was 11%; excluding Lagevrio and the impact of foreign exchange, growth was 15%. Pharmaceutical sales decreased by 10% to $12.72 billion, primarily due to lower sales in virology, mainly attributable to Lagevrio, and diabetes, partially offset by growth in oncology, vaccines, and hospital acute care. Lagevrio Q1 sales declined 88

    2h ago
  • bdf59b20-223e-11ed-aedb-a6f760510326.cf.webp
    Yahoo Finance

    Pending home sales drop unexpectedly in March amid inventory woes

    The National Association of Realtors’ index of pending home sales fell 5.2% to a reading of 78.9 in March.

    3h ago
  • 59027a135fb7687b4440c293e4ab6d65.cf.webp
    Reuters

    Travel demand strong, but U.S. carriers fret over aircraft delivery delays

    U.S. carriers expect strong profit in the current quarter as travel spending remains strong, but delays in aircraft deliveries and staffing shortages are hampering their efforts to fully capitalize on consumer demand. Several U.S. operators including American Airlines and Southwest Airlines noted that delays in Boeing's aircraft deliveries could hurt in coming months. American Airlines, which forecast a higher-than-expected profit for the second quarter, expects to receive 20 planes from Boeing in the remainder of this year.

    6h ago
  • 76efe4f0-e43b-11ed-b9cf-a6ba34d307dd.cf.webp
    Yahoo Finance

    Meta Platforms stock hits 15-month high after earnings crush estimates, expenses drop

    Meta Platforms was back in the good graces of investors on Thursday after a quarter that beat expectations on expenses that continue to drop during the social media giant's "Year of Efficiency."

    2h ago
  • d6e2103ea4f462f83841f4f07abba3df.cf.webp
    TipRanks

    AMD Stock: Short-Term Pain, Long-Term Gain

    In less than a week from today, on Tuesday, May 2, 2023, semiconductors giant Advanced Micro Devices (NASDAQ:AMD) is scheduled to report its Q1 2023 financial results. A lot of investors seem nervous about that; since the start of April, AMD stock is down 13%. But do you know who is not nervous about AMD’s earnings report? Stifel analyst Ruben Roy. In a recent research note, Roy reiterated his “buy” rating on AMD stock, along with a $98 price target — that coincidentally, would take the stock ri

    1h ago
  • 4c57f36bc2c871c9d5c5c8b242a57692.cf.webp
    Reuters

    Speed of US bank failures to play starring role in Fed, FDIC post-mortems

    Of all the facts that have emerged about last month's two U.S. bank busts - the unanswered warning letters from regulators, the ignored interest-rate risk, the outsized levels of uninsured deposits - one data point in particular continues to stir deep-seated unease among finance officials: 36. That's roughly the number of hours it took Silicon Valley Bank (SVB) to go from a functioning regional lender to being seized by regulators after the fastest bank run in U.S. history saw $42 billion of deposits yanked in 24 hours, with another $100 billion queued for the door before the California-based bank was shut down. Signature Bank's failure took only marginally longer.

    12h ago
  • c8890ff77b28ae1cfcc968f4cc68c5ed.cf.webp
    Quartz

    Who's getting laid off in America, by salary range

    Usually in economic slowdowns, it’s low-income workers who get cut first, but the recent increase in unemployment insurance (UI) claims in the US has been more broad-based.

    1d ago
  • 381bc2d3fb438adc46e8012596e93945.cf.webp
    SmartAsset

    Rich Americans Are Moving to These States

    Households that make over $200,000 annually comprise just a sliver of all tax returns that are filed in a given year, but their movement between states can have a significant financial impact. When a state loses more high-earning tax filers … Continue reading → The post Where High-Earning Households Are Moving – 2022 Study appeared first on SmartAsset Blog.

    4h ago
  • 1a018a29aef5adbf5b4319f32058e209.cf.webp
    Zacks

    Medical Properties (MPW) Matches Q1 FFO Estimates

    Medical Properties (MPW) delivered FFO and revenue surprises of 0% and 0.50%, respectively, for the quarter ended March 2023. Do the numbers hold clues to what lies ahead for the stock?

    4h ago
  • b9775f315e7b6c4ada6e36d0048a929a.cf.webp
    Zacks

    International Paper (IP) Beats Q1 Earnings and Revenue Estimates

    International Paper (IP) delivered earnings and revenue surprises of 8.16% and 1.35%, respectively, for the quarter ended March 2023. Do the numbers hold clues to what lies ahead for the stock?

    5h ago

About Joyk


Aggregate valuable and interesting links.
Joyk means Joy of geeK