NBC Universal slashes Peloton stake after Olympic blow
Advertising revenue is tumbling as companies try to conserve cash
Comcast's NBCUniversal sold roughly half of its stake in Peloton Interactive, a move that frees up cash for the media giant during the new coronavirus pandemic.
NBCUniversal was dealt a blow when the Tokyo Olympics, to which it holds the rights, was postponed to 2021.
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Advertising revenue is also falling as companies look to preserve cash during times of crisis. Comcast sold about 5.2M shares at $34.21, receiving nearly $178M, according to an SEC filing.