Comcast Executive Reiterates Confidence in NBC Turnaround Opportunity

Michael Angelakis - Annual Allen & Co. Media And Technology Conference - 2010
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"We had very modest expectations for this fall" as the season doesn't have entertainment boss Bob Greenblatt's stamp on it, CFO Michael Angelakis said at an investor conference.

NBC's primetime turnaround effort will take time, and the company's management has confidence that Bob Greenblatt will get the job done, Comcast CFO Michael Angelakis reiterated at the Wells Fargo Securities 2011 Technology, Media & Telecom Conference on Tuesday.

"We had very modest expectations for this fall," he said in discussing NBC's continued ratings challenges.

NBC Entertainment boss Greenblatt is "a great executive," he also emphasized. "He has the ball, and we have to be patient," Angelakis added. "This fall does not have his stamp on it" given that the current season's shows were already in development when he was appointed.

Comcast, which acquired a 51 percent stake in NBCUniversal in late January, continues to see the NBC turnaround as "a huge opportunity," Angelakis told the conference. "We have a lot of upside, but it will take a lot of time."

Comcast chairman and CEO Brian Roberts and NBCUniversal CEO Steve Burke have also repeatedly said that they see the network turnaround as a project for several years.