Comcast Reverses Course on Coronavirus: Pandemic ‘Could Have Material Adverse Impact’

Company says cable business could feel sting from its customers economic hardships

A few weeks after its CEO initially sounded optimistic that Comcast wouldn’t be affected too badly by the coronavirus pandemic, the company said Tuesday in an SEC filing that the spread of the disease and the ensuing global shutdown is “affecting our businesses in a number of ways.”

To prevent the spread of the COVID-19 disease, Comcast has shuttered all of its Universal theme parks, delayed theatrical distribution of its films and halted TV and film production. Shortly after the filing was released, the International Olympic Committee formally postponed the Summer Tokyo Olympics, putting even more financial pain on Comcast. The Olympics postponement will also put a damper on the ensuing launch of its streaming service Peacock, which was syncing up its nationwide rollout to the start of the Olympics.

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Tim Baysinger

TV reporter • tim.baysinger@thewrap.com • Twitter: @tim_bays