The media and entertainment giant Comcast’s (NASDAQ:CMCSA) NBCUniversal is exploring the possibility of establishing a theme park resort in the United Kingdom, the Wall Street Journal reported. This move is expected to intensify the company’s rivalry with Walt Disney (NYSE:DIS), which recently announced its plan to invest $60 billion into its Parks, Experiences, and Products division over the next decade.
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According to the report, Comcast has acquired around 480 acres of land in Bedford, England. Currently, it is in the preliminary stages of assessing the feasibility of establishing a theme park at this location. While the company’s decision to develop a theme park in the United Kingdom is still uncertain, its Theme Park business has performed well in the last quarter.
Notably, Universal’s theme parks generated robust revenue and EBITDA. In the third quarter of 2023, the Theme Parks business witnessed a 17% increase in revenue, and the EBITDA jumped by 20% to reach $983 million, marking the highest EBITDA level in the company’s history. Additionally, the company highlighted that its international parks are experiencing substantial growth, driven by increased attendance and per capita spending.
Related News: Comcast Reports Data Breach
In a separate development, Comcast disclosed a security breach wherein hackers infiltrated its systems, compromising nearly 36 million U.S. Xfinity accounts. Xfinity is Comcast’s cable television and internet division.
According to the company, the hackers exploited a vulnerability in Citrix, a platform used by corporations to secure remote access to their corporate networks. Since then, Comcast has taken measures to address the issue, stating that the affected software has been updated.
Is Comcast a Buy, Sell, or Hold?
Comcast stock has gained over 28% year-to-date, led by the strong performance of the Parks business. Moreover, with four Buy and three Hold recommendations, CMCSA stock has a Moderate Buy consensus rating. Further, the analysts’ average price target of $50.67 implies 13.36% upside potential from current levels.
