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«THOMSON REUTERS STREETEVENTS EDITED TRANSCRIPT CMCSA - Comcast Corp at Bank of America Merrill Lynch Media, Communications and Entertainment ...»

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THOMSON REUTERS STREETEVENTS

EDITED TRANSCRIPT

CMCSA - Comcast Corp at Bank of America Merrill Lynch Media,

Communications and Entertainment Conference

EVENT DATE/TIME: SEPTEMBER 14, 2016 / 3:00PM GMT

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SEPTEMBER 14, 2016 / 3:00PM, CMCSA - Comcast Corp at Bank of America Merrill Lynch Media, Communications and Entertainment Conference

CORPORATE PARTICIPANTS

Steve Burke Comcast Corporation - Senior EVP and CEO, NBCUniversal

CONFERENCE CALL PARTICIPANTS

Jessica Reif Cohen Bank of America Merrill Lynch - Analyst

PRESENTATION

Jessica Reif Cohen - Bank of America Merrill Lynch - Analyst Good morning, hi. Thank you so much for coming. It's hard to believe you have been at Comcast for 18 years.

Steve Burke - Comcast Corporation - Senior EVP and CEO, NBCUniversal That's true.

Jessica Reif Cohen - Bank of America Merrill Lynch - Analyst It's really amazing. So let's focus on NBCU. It's flourished under your stewardship and Comcast's ownership. When you originally bought the asset, NBCU was obviously a turnaround story and to say the least the turnaround at NBCU has been outstanding. How does your strategy shift now that you are managing an asset that has been turned around and is now one of the leading media companies in the world?

Steve Burke - Comcast Corporation - Senior EVP and CEO, NBCUniversal So let me start by talking a little bit about the Company that we bought and the Company as it is today. Then I will talk about the future. We actually did the deal with General Electric in the end of 2009 and the world was obviously a very different place. Advertising was depressed and it was a tough time to be optimistic about too many things. We ended up closing the deal after regulatory approval right at the beginning of 2011.

So we are about 5.5 years into it. If you include the theme park in Japan, our park in Osaka, which we did not have -- we did not consolidate at the time, our EBITDA at the time we closed the deal was about $3.8 billion. We just about doubled that in the last 5.5 years. What's interesting about the journey that we have been on is that everything will part of the Company has contributed to the growth, but in many instances businesses that we sort of underemphasized at the beginning have really helped us substantially, theme parks being a big case in point.

If you move from business to business, in the broadcast business we have increased cash flow about 75%. Broadcast we define as the NBC network, the owned stations, NBC-owned stations, syndication, and then Telemundo, Telemundo network and owned station. We've increased the operating cash flow about 75%. Today we announced that NBC has come in first place for the 12 months starting in September, when the broadcast season starts, for the third year in a row in 18 to 49.

Interestingly we are number one with sports and we are number one without sports, but NBC had been in fourth place for seven years in 2011 and two years later we went into first place and we have been in first place for the last three years. We think we have a very strong hand to play in terms of the network. NBC news is number one. We are number one in the morning with The Today Show. We are number one in Lester Holt's Nightly News, number one with Meet the Press. Jimmy Fallon is number one. So pretty much across the board NBC is in great shape.

Our retransmission consent dollars will be on the order of $800 million this year. That number was zero 5.5 years ago. Our owned stations got down to only making about $150 million. We're making 4 times that amount now. So NBC is in very, very good shape.

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SEPTEMBER 14, 2016 / 3:00PM, CMCSA - Comcast Corp at Bank of America Merrill Lynch Media, Communications and Entertainment Conference Telemundo, which was an asset that we didn't know much about when we bought the Company, used to have about 25% market share to Univision's 75% market share. For the last eight weeks, something that we thought was inconceivable has happened and that is the Telemundo is beating Univision in prime time. We beat them every single week for the last eight weeks. There used to be a 2 million-person viewership gap every night and we have turned that gap around. So broadcast is in great shape.

The cable channel business, we have a very large portfolio of cable channels -- it's the biggest part of our cash flow -- is tougher business today than it was five years ago but still a great business. We own USA, Syfy, Bravo, E!, Golf Channel, NBC Sports Network, MSNBC, CNBC, a very broad, diversified portfolio of cable assets. We see that business continuing to grow but grow single digits and not the kind of growth that we enjoyed years ago.





Film, which was a business that we had not been in -- NBCUniversal owns Universal Studios. Film, when we arrived, was making almost no money at all and Universal has been around 101 years. We had the three most profitable -- by the end of this year we will have likely have had the three most profitable years in the history of Universal. Last year was our high point. We made about $1.2 billion. This year we will make that much, but we are having another fantastic year this year. We just closed the acquisition of DreamWorks Animation as a sign of our bullishness on the animated film business and also the strength of our team and our strategy and our approach to making films in a financially responsible way and really growing the business.

Then theme parks which was a part of the Company that we really didn't spend much time even thinking about when we bought it is now one of our favorite parts of NBCUniversal. We own Universal Studios in Orlando. We have a Universal Studios in Hollywood. We just bought control recently of Universal Studios Osaka and we are hard at work on a Beijing theme park which should open in 2020. Theme parks when we showed up were making about $400 million a year and we have more than tripled that number and if you include Japan it's probably up fivefold, something like that.

So the Company is really hitting on all cylinders and I think a lot of what I used to call the monetization gap or the performance gap has been closed.

But we still think there's tremendous opportunity. If you look at our theme parks, one of the sort of important things you do when you have a destination theme park resort is make sure you have enough hotel rooms to capture the demand if people want to stay on site. The reason why you do that is because you can make money in the hotel business but you can also get people to stay an extra day.

That happens in our Orlando parks as well. We increase length of stay one day for every person stays on site. When we arrived, there were 2400 hotel rooms. We now have 5200. We have opened three or so big hotels. We've done some research that says we could have at least 10,000 hotel rooms and we are continuing to build new attractions and increase our hotel count and do that in Orlando and increase our investment, open Harry Potter in Hollywood, and we're increasing the investment in Japan. We are seeing very, very good returns. We are at a point in the lifecycle of our theme park business where we get outsized returns because our installed base -- our share and installed base is still relatively low.

Telemundo I think has a huge opportunity. If you look at cash flow before debt service, you would all know better than I but I think Univision is over $1 billion and recently, very recently, a few years ago Telemundo was essentially making no money. If one guy is making $1 billion and you are making no money and then all of a sudden your ratings are better than theirs or in the same ballpark as theirs, at some point there's going to be a big monetization opportunity.

I think that kind of feeling that we still have lots of opportunities and lots of things to do is very prevalent among our senior team. I think we have a wonderful group of executives who operate the Company. We have 22 different businesses, so we operate the Company in a very decentralized manner with very strong executives who are empowered to do the right thing. Hopefully we have a culture and incentives that encourages people to think long-term as opposed to quarter-to-quarter.

We have a lot of challenges. Anybody who's in a media company nowadays or really any company is grappling with how you respond to the changes brought on by the Internet and digital. We're spending an increasing amount of time on that and I personally am spending a lot of time on that. So our life is not without challenges, but we are very proud of the progress the Company has made and think we have a lot more runway to do more and get more success.

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SEPTEMBER 14, 2016 / 3:00PM, CMCSA - Comcast Corp at Bank of America Merrill Lynch Media, Communications and Entertainment Conference

QUESTIONS AND ANSWERS

Jessica Reif Cohen - Bank of America Merrill Lynch - Analyst Right, as you look at the current state of media and you mentioned digital, NBCU has a unique position because you are within the largest Internet provider in the US and the second-largest video provider. So as you look across the mix of assets that NBCUniversal owns, where do you believe the strategic direction of NBCUniversal should be focused?

Steve Burke - Comcast Corporation - Senior EVP and CEO, NBCUniversal I think we have two jobs really broadly speaking. One is to maximize the existing businesses and everyone who runs any of our 22 businesses wakes up in the morning trying to figure out what are the right strategies and tactics to increase their share or their operating cash flow or whatever the metrics they deem are important. So it's maximize what you've got. Then the other big part of everybody's job is position the Company for the future.

The shift in eyeballs from traditional linear viewing toward digital is no mystery at this point. It's an obvious shift particularly among Millennials.

Each one of our businesses that rely on viewership, not so much theme parks, but each one of our businesses is grappling with how do you position the Company to make sure that your video goes where people are? So we spent a lot of time on that.

There's a huge benefit in my opinion being part of the same company that has Comcast Cable and that benefit is only realized if you work at it and if you have the right kind of relationships. Neil Smit and I talk all the time and when we have a major event like launching a new movie or television show or theme parks we use something that we call Symphony, which is basically getting the entire company together to get behind a movie like Pets or a new attraction like Harry Potter. And we have all of the NBCUniversal channels plus all of Comcast Cable get behind that and the results are tremendous.

The hardest thing to do in a fragmented world where people have almost unlimited options to view is to break through the clutter and have a cultural event that takes the country by storm the way a big movie or television show does. There's no doubt my mind that getting everybody together and creating the right kind of environment and including Comcast Cable in their reach is a real benefit.

In addition, I think we understand what's going on in terms of consumer habits and shifting consumer behavior and the overwhelming importance of broadband to consumers in a way that might be deeper and more robust than if we were not part of a company that had a big cable operation.

So we look at it -- we really like being in content and distribution and that was -- you mentioned I joined the Company 18 years ago. The idea always was get bigger in distribution and then someday invest in content, because we'd been around the content business forever and seen how good these businesses can be. We have also seen people like John Malone and Rupert Murdoch around the world put content and distribution together with great results.

Despite the fact that right now at least in the United States, it's not the norm to have content and distribution together, we think of you have them both and you manage the Company the right way, it can be tremendously beneficial. I think Neil Smit would say the same thing.

One of the best things that has happened from a marketing point of view to Comcast Cable is what Neil was able to do with the XFINITY platform during the Olympics. The XFINITY Guide is much better than a traditional cable guide and he was able to take 7000 hours of programming, whether it's streamed or on one of nine different television channels, and marry that all with a great user interface so that people could watch what they wanted to watch when they wanted to watch it. Comcast was uniquely positioned in the marketplace because they had that.

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