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Comcast buys 475 acres near Universal Orlando

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.

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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

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