What’s Going On With Comcast Corporation (NASDAQ:CMCSA)?
On Wednesday, Comcast Corporation (NASDAQ:CMCSA) issued its quarterly earnings report. It reported an EPS of $0.65 for the quarter that beat the average analyst estimate $0.63 by $0.02.
In separate news, a bankruptcy court Judge in Texas has given Jim Crane, the Houston Texas owner till 12 December to negotiate the deals with cable providers to carry Comcast SportsNet Houston. The struggling channel broadcasts the games that the baseball team’s games. These deals might help in bolstering the channel’s flagging revenues.
Post the 2-day hearing, Judge Marvin Isgur of Houston’s U.S. Bankruptcy Court in Told Crane to come forward and spearhead the talks with Time Warner, DirecTV, and other channels that would be able to carry this network. Crane had criticized the Comcast Corporation (NASDAQ:CMCSA) officials for being unsuccessful in finding suitable money-churning broadcasting deals for his network.
Changing the situation
The Houston Rockets basketball team and Comcast Corporation (NASDAQ:CMCSA) are co-owners of the network. During the hearing, Judge Isgur asked Crane whether he would be able to bring about a change in the situation and have it hake money, if he gave Crane a clean slate. The Texas businessman, Crane had acquired Astros for over $600M in2011. Once the court instructions had come through, he said that he will now reach out to Time Warner, AT&T and DirecTV. As per the court papers, any expansion deal for distribution of the channel will necessitate approval from Judge Isgur, before finalization.
This network had been launched in 2012 October and is broadcast to Comcast Corporation (NASDAQ:CMCSA) customers. However, other satellite and cable companies have not shown any inclination to carry the network, citing high subscriber fees. Currently, CSN Houston is available in less than 50% of the households in the region. Comcast Corporation (NASDAQ:CMCSA) is a company that provides information, entertainment and communications services and products.