Comcast wrestles an Olympic dilemma | Business Weekly Newsletter
Philadelphia-based Comcast broadcasts the Olympics, a South Jersey aluminum plant eyes a rebirth, and Gov. Wolf seeks to fund $225 million in small business grants.
The Olympics are underway in China and broadcaster NBCUniversal, a division of Philadelphia-based Comcast Corp., is airing the games. Comcast is in the spotlight to see how it will handle Beijing’s controversial record on human rights while covering the Games. Inquirer Reporter Joseph DiStefano covers the fine line the telecom giant is walking.
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— Ezequiel Minaya(@zekeminyana, business@inquirer.com)
(@zekeminyana, business@inquirer.com)
Comcast’s NBC network broadcast the opening ceremonies of the Beijing Olympics Games early Friday. With the world watching, Comcast is facing challenges on every front, with advocates for the Uyghurs, Tibetans, Hong Kong, and Taiwan residents demanding attention for legitimate concerns, while the government exacts obedience with its invasive surveillance system.
Topping it off, Comcast must contend with significant homebound problems: a traditional television audience that’s declining, and the fact that the Games will play out at inconvenient times for American and European viewers.
“Comcast is in a tough spot here,” said Craig Moffett, a veteran media analyst at the research firm MoffettNathanson. “It wasn’t their choice to host the Games in Beijing. … Now Comcast has to deal with the fallout.”
Read more about Comcast and the Beijing Olympics.
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Helping hand: Pennsylvania Gov. Tom Wolf is seeking to renew $225 million in small-business grants as part of a $1.7 billion package of coronavirus relief aid. The federal money is most of what remains of some $7 billion forwarded to the state in March as part of the American Rescue Plan. Wolf, a Democrat, faces opposition by some in the majority-Republican legislature who believe the money should be stashed away in a rainy day fund.
Pension probed: Officials of the embattled PSERS pension system have made public a long-awaited internal investigation into the $73 billion retirement fund for the state’s public school employees. The report said that former PSERS executive Glen Grell instructed his staff not to respond when board members asked what impact a different accounting method would have on profits. That method produced a lower figure. The board then officially certified a higher figure – a number it had to retract later after a consulting firm said it had inputted incorrect data on investment returns.
Small businesses are crucial engines of the local economy. Gov. Tom Wolf is doubling down on $225 million in grants to small business to aid in the post-pandemic recovery.