On a call with analysts, NBCUniversal CEO Steve Burke announced that the network will break even on the Olympics, which is a pleasant surprise for the company since they initially projected a $200 million loss. Mr. Burke stated that he was strictly speaking on a "cash on cash basis" and then (this is my imagination running wild here) the Comcast CFO cleared his throat, pushed up his glasses and jumped in:
From a formal accounting perspective, the treatment of the Olympics is more complicated, as NBC made the deal with the International Olympic Committee before the Comcast bought the controlling stake in NBCUniversal early last year. Some of the loss was eliminated through purchase accounting. Comcast Chief Financial Officer Michael Angelakis said on the call that the end result would be that the company will post a small gain from the event in the current quarter.
Whatever. The coverage still sucks.