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Universal Posts 'Despicable' Quarter

15 Oct, 2010 By: Erik Gruenwedel

Despite strong theatrical results from animated title Despicable Me, NBC Universal posted third quarter (ended Sept. 30) operating income of $625 million, down 15% from operating income of $732 million during the previous-year period.

NBC Universal, with properties that include Universal Studios Home Entertainment, reported flat revenue of $4 billion compared with last year. Filmed entertainment operating profit increased 57%.

Parent General Electric (GE) said it expects Despicable Me, which features the voices of Steve Carell, Russell Brand and Julie Andrews, among others, to generate worldwide revenue in excess of $500 million following its home entertainment (DVD/Blu-ray Disc and VOD) release Dec. 14.

The title has generated $383.5 million in global box office revenue, including $247 million domestically, since its July 9 release.

In a statement, GE said the studio's other smaller movie titles underperformed during the quarter. The company said the $30 billion majority stake acquisition of NBC Universal by Comcast Corp. remains on track to close by the end of the year following regulatory approval.

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