It's like there's One Big Video Company:
Comcast Spotlight, the cable-internet-phone giant's advertising agency, which has been suffering with the national ad-market decline, says it's struck a deal with Comcast Corp. rival Verizon Communications Inc. to advertise Verizon's FiOS TV service in Philadelphia, Harrisburg, Boston, Washington, Seattle, and five other competing markets on more than 50 cable networks.
"Even as we and Verizon compete," says Comcast Cable President Steve Burke in the statement, "we both recognize the value of being partners in the advertising business." "We want to make doing business with Verizon easy for advertisers, and this helps," added Verizon ad sales chief Richard Williams.
Separately, Comcast CEO Brian Roberts and Time Warner said in New York this morning that Comcast will deliver Turner networks (TNT, TBS) online to paying cable customers in a pilot project this summer. It's called TV Everywhere.
Re Comcast-Verizon: Ads "are going to become a much more important part of the pay-TV model," writes Todd Mitchell, analyst at Kauffman Bros. Equity Research in New York, in a note to clients. Comcast and other video purveyors "get roughly two minutes of every hour of programming to sell advertising. Comcast collects approximately $1.5 billion of this. It is a highly profitable business with 50%+ operating margins. The business was down 24% in 1Q09," and that's hurt overall profits disproportionately.
Mitchell likes Comcast stock at its recent sub-$14 a share. He says cable stocks usually trail a market recovery, but ads could help Comcast come back a little sooner.
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