Comcast CMCSA raised ’04 guidance for cable EBITDA growth to 18% from 15-17%. It reduced basic sub guidance to flat from 0.5% growth and trimmed phone guidance to 100K net sub loss from a gain of up to 50K subs. The MSO doubled its share buyback plan to $2bln after repurchasing $750mln of its stock to date. Cable revenue rose 10% to $4.8bln, while operating cash flow climbed 20% to $1.9bln. Comcast added 327K HSD subs during the Q and nearly 206K digital subs. — Time Warner Cable’s operating income rose 9% to $817mln, while revenue climbed 10% to $2.12bln. It added 124K net digital subs and 127K HSD subs. It had 591K total DVR subs and nearly 1.3mln SVOD subs, representing 13% and 28% of digital video subs, respectively. Time Warner raised company guidance to the low double digital-low teen range from the low double-digit growth previously forecast. TWX’s networks saw EBITDA increase 23% to $661mln, while revenue rose 10% to $2.38bln. — While Charter’s SEC investigation ended, TWX’s continues. The company widened its internal investigation of the online division to include how it accounted for its purchase of AOL Europe in ’02; a restatement of financials may result.

The Daily


Tensions Between Programmers, Creatives Top of Mind at NAMIC

During the opening general session of NAMIC’s 37th Annual Conference Wednesday, Will Packer Productions CEO Will Packer said those that will be hit the hardest by Hollywood’s strikes are those working behind the scenes or supplying craft services that often work paycheck to paycheck.

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