Analyst sees NBC Network as major drag on value


Comcast’s acquisition of NBC Universal is moving through regulatory channels, and is valued at about $30B. An analyst with Wunderlich Securities has put price tags on pieces of NBCU and bumped the bottom line up by $2.5B – despite subtracting $600M to account for his negative valuation of NBC Network.

According to Hollywood Reporter, the analyst, Matthew Harrigan, still sees value in the broadcast wing of the company on the station side, putting the worth of NBC and Telemundo broadcast television groups at $3.5B.
He gives Universal Studios a value of $4B, and adds another $1.4B for related theme parks.

But cable channels dominate the spread sheet, starting with USA Network at $11.7B, SyFy at $6.3B, CNBC at $3.9B, MSNBC at $2.8B and Bravo at $2.6B.

Harrigan’s price tags add up to a total of $41.6B, a number reduced by $9.1B in corporate and capital expenses, getting to a bottom line of $32.5B.