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Filmed Entertainment Segment — Actual and Pro Forma Results of Operations
2011 2010
Actual(a) Pro Forma(b)
Pro Forma
Combined(c) Pro Forma(b)
(in millions)
For the period
January 29
through
December 31
For the period
January 1
through
January 28
Year ended
December 31
Year ended
December 31
% Change
2010 to 2011
Revenue
Theatrical $ 983 $ 58 $ 1,041 $ 900 15.6%
Content licensing 1,234 171 1,405 1,336 5.2%
Home entertainment 1,559 96 1,655 1,732 (4.4)%
Other 463 28 491 608 (19.3)%
Total revenue 4,239 353 4,592 4,576 0.3%
Operating costs and expenses 4,212 356 4,568 4,346 5.1%
Operating income (loss) before
depreciation and amortization $ 27 $ (3) $24 $ 230 (89.7)%
(a) Actual amounts include the results of operations for the NBCUniversal acquired businesses for the period January 29, 2011 through
December 31, 2011.
(b) Pro forma amounts include the results of operations for the NBCUniversal acquired businesses for the period January 1, 2011 through
January 28, 2011 and for the year ended December 31, 2010. These amounts also include pro forma adjustments as if the NBCUniversal
transaction had occurred on January 1, 2010, including the effects of acquisition accounting and the elimination of operating costs and
expenses directly related to the transaction, but do not include adjustments for costs related to integration activities, cost savings or
synergies that have been or may be achieved by the combined businesses. Pro forma amounts are not necessarily indicative of what the
results would have been had we operated the businesses since January 1, 2010.
(c) Pro forma combined amounts represent our pro forma results of operations as if the NBCUniversal transaction had occurred on Jan-
uary 1, 2010 but are not necessarily indicative of what the results would have been had we operated the businesses since January 1,
2010.
Filmed Entertainment Segment — Revenue
Theatrical
Theatrical revenue is generated from the worldwide theatrical release of our owned and acquired films and is
significantly affected by the timing and number of our theatrical releases, as well as their acceptance by
consumers. Theatrical release dates are determined by several factors, including production schedules, vaca-
tion and holiday periods, and the timing of competitive releases. Theatrical revenue is also affected by the
number of exhibition screens, ticket prices, the percentage of ticket sale retention by theatrical exhibitors and
the popularity of competing films at the time our films are released. The theatrical success of a film is a sig-
nificant factor in determining the revenue a film is likely to generate in succeeding distribution platforms.
Our pro forma combined theatrical revenue increased in 2011 primarily due to an increase in the number of
theatrical releases in our 2011 slate and the strong performance of the second quarter 2011 releases of Fast
Five and Bridesmaids.
Content Licensing
Content licensing revenue is generated primarily from the licensing of our owned and acquired films to broad-
cast, cable and premium networks, as well as other distribution platforms.
Our pro forma combined content licensing revenue increased in 2011 primarily due to the timing of when our
owned and acquired films were made available to licensees.
Comcast 2011 Annual Report on Form 10-K 58