The Real Deal Miami

Comcast buys 475 acres near Universal Orlando

The company's $130 million purchase may be a springboard for theme-park growth

February 07, 2016 11:15AM

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The Universal Orlando theme park

The Universal Orlando theme park

Diversified media and technology company Comcast paid $130 million for 475 acres near its Universal Orlando theme park.

Comcast last week confirmed the purchase without specifying the location, but two months ago, a Comcast lobbyist told Orange County commissioners that the company had negotiated an option to purchase 474 acres two miles south of Universal Orlando.

Comcast appears to have incentives to expand its theme-park presence in the Orlando area. The company reported 15 percent year-over-year growth in adjusted theme-park revenue in its latest quarter. The Walt Disney Company is likely comparable single-digit growth when it reports quarterly results Tuesday.

In addition, Comcast has nearly built out Universal Orlando, where the theme park’s fifth on-site hotel is scheduled to open in summer.

Disney rejected an unsolicited $54 billion buyout bid from Comcast in 2005, and since then, Comcast has expanded rapidly in the theme park business while Disney’s park revenue has increased at a methodically moderate pace. [Motley Fool] — Mike Seemuth