Comcast 3Q Profit Up 22 Pct, But Growth Slows

DEBORAH YAO

PHILADELPHIA (AP) — Comcast Corp. reported a 22 percent increase in third-quarter earnings, buoyed by an investment gain and a lower tax rate as it stepped up promotions on its bundled video, phone and Internet plans.

The nation's largest cable TV operator also surpassed AT&T Inc. in the quarter as the country's largest Internet service provider.

But investors were more anxious to find out how the purchase of a 51 percent stake in NBC Universal would burden Comcast's finances. A deal between Comcast and General Electric Co., which owns 80 percent of NBC Universal, could be announced soon. Comcast is expected to pony up cash and its cable networks and help shoulder NBC Universal's debt in a $30 billion deal that would transform Comcast into one of the world's most powerful media companies.

Comcast CEO Brian Roberts tried to quell concerns that the company would overpay for an investment without acknowledging that talks were going on.

"I would like to emphasize that we will continue to have a very disciplined approach as we evaluate any of these opportunities, with our primary focus to create meaningful value for our shareholders," he said during a conference call with analysts.