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Comcast Challenges Disney's Hold on Tourism

PHILADELPHIA -- Comcast (CMCSA - Get Report) is stepping outside its core business of telecommunications and investing hundreds of millions of dollars in California and Florida theme parks in an effort to boost revenue and profit.

The Philadelphia Inquirer reports that recent moves by the Philadelphia-based, cable-TV company represent a challenge to the Walt Disney Co.'s (DIS - Get Report) tourism business in Orlando.

Comcast took over Universal Orlando Resorts as part of its NBCUniversal acquisition in 2011. It plans a new Harry Potter ride this summer at a second theme park and is financing construction of a 1,800-room hotel so guests can eat, sleep and swim on the same 750-acre Universal complex.

CEO Brian Roberts says Comcast is "doubling down on theme parks" because they have potential for many years to come.

Copyright 2014 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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