Comcast to move NBC Sports to CT?

[eldondre]

so much for gaining jobs

Connecticut Gov. Dannel Malloy is expected to announce on Tuesday that NBC Sports will consolidate its Philadelphia and New York operations into Stamford.

Consolidating the Comcast Corp. regional sports headquarters and the Versus cable operations could cost Philadelphia more than 100 jobs, according to estimates.

The operations for the local Comcast SportsNet, which airs the Phillies, Flyers and Sixers games, are expected to remain in the city...The New York Post has reported that NBC Sports was lured from its historic base in Rockefeller Center with tax breaks and perks valued at $35 million.

As part of its deal to acquire a controlling interest in NBC Universal, Comcast transferred ownership of the 24-hour cable sports network Versus and its highly profitable regional sports businesses to the New York entertainment company.

NBC Sports is now folding those former Comcast businesses into its operations. While some thought the operations could stay in Philadelphia, others thought it was a matter of time before they would relocate to New York, or now, apparently, Connecticut.

NBC Sports may move its Phila., N.Y. operations to Conn. | Philadelphia Inquirer | 10/24/2011

[loveisnoise]

so much for gaining jobs

NBC Sports may move its Phila., N.Y. operations to Conn. | Philadelphia Inquirer | 10/24/2011

It's a smart move. NBC Universal already owned a bunch of property in CT, and they already moved a bunch of shows out there to film.

I have a friend that does all of the computer code for the actual comcast box, and she said that the comcast building is already filled and despite her position, she isn't even in the tower because of the lack of space.

[mixiboi]

Right next to ESPN...yeah, that makes sense..if you wanna steal talent...

[billy ross]

CT and DE are more than willing to buy jobs. I don't think it's a good plan. I don't expect either place to thrive or become healthy. Both are one dimensional places. Neither Hartford nor Wilmington, the respective main cities, are considered to be desirable places. Compare, for instance, New York City or Philadelphia.

[phillyaggie]

And yet CT has already been able to attract the HQ and hundreds of jobs of Cigna out of its Philly historical roots.

Guess what's more attractive?-- dollars talk, boots walk.

And a bottomline minded operation such as Comcast would of course leap at such an opportunity.

Once CT has a certain threshold number of jobs, then it gets easier to attract more of them. That's the policy their smart governor is using. I think he has a policy of giving tax breaks to the first six HQs/companies that move major operations to his state.

Meanwhile, PA (and Philly) ranks very low in business climate... and even the Republican admin knows it.

[billy ross]

And yet CT has already been able to attract the HQ and hundreds of jobs of Cigna out of its Philly historical roots.

Guess what's more attractive?-- dollars talk, boots walk.

And a bottomline minded operation such as Comcast would of course leap at such an opportunity.

Once CT has a certain threshold number of jobs, then it gets easier to attract more of them. That's the policy their smart governor is using. I think he has a policy of giving tax breaks to the first six HQs/companies that move major operations to his state.

Meanwhile, PA (and Philly) ranks very low in business climate... and even the Republican admin knows it.

Connecticut General's historical roots are in Connecticut. INA's roots are in Philly. They're both in their respective hometowns now, after the de-merger. I actually think that Philly did better than Hartford did out of the deal, even if you include the suburbs of Hartford, which is where CG went to.

CT is desperate because Stamford has a vacancy rate of over 25% and it is losing its largest tenant. Stamford is in serious trouble, and the gov there is trying to rescue it. I prefer Rendell's and Corbett's low tax and business-friendly attitude. Note that PA isn't in financial crisis, and hasn't been for a very long time. Note that PA can implement a severance tax anytime it wants to, and hopefully it'll combine that with business and personal income tax cuts. PA's economy is doing pretty well right now, despite the national malaise. The largest cities, Philly and Pittsburgh, have picked themselves off the mat (see http://www.economist.com/node/21533417). Meanwhile the rural areas are booming with the gas play.

[eldondre]

as much as I hate to see comcast ship jobs to CT when Philly clearly needs them that's a far cry from endorsing job buying. job buying seems to make the most sense with industries that have a lot of spinoff development (like auto manufacturing/assembly). it isn't like PA never engages in such things (aker shipyard, dredging, etc) and CT isn't yet some shining example of job creation...hartford isn't very healthy either, as a metro area...it has a job imbalance at the regional level that does not exist in philly (metro). they are investing in their rail line, but so far, it's no more than PA has already done (and hopefully will do more of).
as far as business climate, everyone knows it, even rendell admitted it, yet no one has done anything about it.

[SocHillSouth]

as far as business climate, everyone knows it, even rendell admitted it, yet no one has done anything about it.

well, it's something: Philly moves to cut business-unfriendly taxes, fees | Philadelphia Inquirer | 10/24/2011

[billy ross]

well, it's something: Philly moves to cut business-unfriendly taxes, fees | Philadelphia Inquirer | 10/24/2011

That's how you 'buy' jobs. Not by picking companies. Create an attractive playing field.

[Hospitalitygirl]

I don't know. What does it say about the business environment in this country if states and regions compete against one another to keep jobs and companies on US soil as opposed to leaving for offshore bases?

[raider.adam]

And yet CT has already been able to attract the HQ and hundreds of jobs of Cigna out of its Philly historical roots.

Guess what's more attractive?-- dollars talk, boots walk.

And a bottomline minded operation such as Comcast would of course leap at such an opportunity.

Once CT has a certain threshold number of jobs, then it gets easier to attract more of them. That's the policy their smart governor is using. I think he has a policy of giving tax breaks to the first six HQs/companies that move major operations to his state.

Meanwhile, PA (and Philly) ranks very low in business climate... and even the Republican admin knows it.

Time will tell if it is a smart policy. CT is giving away the farm for a lot of these companies.

as much as I hate to see comcast ship jobs to CT when Philly clearly needs them that's a far cry from endorsing job buying. job buying seems to make the most sense with industries that have a lot of spinoff development (like auto manufacturing/assembly). it isn't like PA never engages in such things (aker shipyard, dredging, etc) and CT isn't yet some shining example of job creation...hartford isn't very healthy either, as a metro area...it has a job imbalance at the regional level that does not exist in philly (metro). they are investing in their rail line, but so far, it's no more than PA has already done (and hopefully will do more of).
as far as business climate, everyone knows it, even rendell admitted it, yet no one has done anything about it.

Giving targeted tax breaks to specific businesses is horrible public policy. You don't want to attract businesses that are mercenaries that will hop around on tax breaks and incentives (if they cheated on their last partner to go to you, they will likely do the same again). You want healthy business environment across the board for all businesses in your area. It requires much less micromanagement and it helps all your constituents to be profitable.

That's how you 'buy' jobs. Not by picking companies. Create an attractive playing field.

Correct. Treat all businesses equitably. Don't pick winners and losers.

[Moth]

so much for gaining jobs

NBC Sports may move its Phila., N.Y. operations to Conn. | Philadelphia Inquirer | 10/24/2011

Unfortunately this is more than just losing out on jobs. You are losing out on the prestige that comes along with being home to a National TV HQ's.

Long term that is an industry you want to nurture in your region. Free national advertisement every day.

I was very hopeful that Comcast buying NBC might result in getting some TV assets spun off in this region eg NBC Sports Network, Weather Channel Studios and HQ's(owned by NBC), Telemundo etc etc.

Not only are you not getting NBC Sports but you are losing Comcast Sports Network National HQ.

That is not good.

Whatever incentives it would have taken to beat CT? It would have been worth it.

[hammersklavier]

And yet CT has already been able to attract the HQ and hundreds of jobs of Cigna out of its Philly historical roots.

Guess what's more attractive?-- dollars talk, boots walk.

And a bottomline minded operation such as Comcast would of course leap at such an opportunity.

Once CT has a certain threshold number of jobs, then it gets easier to attract more of them. That's the policy their smart governor is using. I think he has a policy of giving tax breaks to the first six HQs/companies that move major operations to his state.

Meanwhile, PA (and Philly) ranks very low in business climate... and even the Republican admin knows it.

Job buying--such as what CT especially is doing--is a zero-sum game. It doesn't create prosperity. It just shuffles money around, and frankly it's just a backdoor subsidy to corporations. Much better to be an attractive incubator, to foster the idea that Philadelphia is where your business always has been--so why move at all?

[eldondre]

Unfortunately this is more than just losing out on jobs. You are losing out on the prestige that comes along with being home to a National TV HQ's.
Long term that is an industry you want to nurture in your region. Free national advertisement every day.
I was very hopeful that Comcast buying NBC might result in getting some TV assets spun off in this region eg NBC Sports Network, Weather Channel Studios and HQ's(owned by NBC), Telemundo etc etc.
Not only are you not getting NBC Sports but you are losing Comcast Sports Network National HQ.
That is not good.
Whatever incentives it would have taken to beat CT? It would have been worth it.

with all due respect, this does not constitute good analysis. whatever it takes it would have been worth it? no. might it have been worth it? maybe. to be honest, does anyone believe that being the HQ for NBC sports is going to turn stamford around? is it going to buy more press than a show like it's always sunny? don't get me wrong, I had hoped this would result in job creation for the city but let's be honest, comcast does well in PA and is one of the largest beneficiaries of current "de loophole" tax policies as I understand it. they may well have already decided on going to CT where ESPN is located (and honestly, all these years, I had no idea where ESPN was HQ'd, so much for prestige). I'd wager that most people will have no idea where these stations are headquartered out of so there will be little prestige. you watch a game, the post game is at the stadium with local people, and then you turn it off.

[billy ross]

Job buying--such as what CT especially is doing--is a zero-sum game. It doesn't create prosperity. It just shuffles money around, and frankly it's just a backdoor subsidy to corporations. Much better to be an attractive incubator, to foster the idea that Philadelphia is where your business always has been--so why move at all?

It's corporate welfare. CT is desperate - it can't let Stamford fail.

[Moth]

(and honestly, all these years, I had no idea where ESPN was HQ'd, so much for prestige).......I'd wager that most people will have no idea where these stations are headquartered out of so there will be little prestige. you watch a game, the post game is at the stadium with local people, and then you turn it off.

Your average sports fan should be very well aware where ESPN HQ's are. Bristol CT.

ESPN gets 115 M viewers per month and they mention they are from Bristol almost every show. Now Bristol Ct is a bit off the beaten path and doesnt get the full effect of being home to a National TV HQ's. The Philadelphia region would be a different story imo.

One only has to look at what Hollywood has done for LA. The News Corporations and TV HQ's have done for NYC. The 2 glamour cities of the USA who not coincidentally get the benefit of free advertisment via TV every single day.

The 100 or so jobs in Philly would have been nice but they would pale in comparison to the the free advertisement and esteem that NBC Sports HQ and studios would have brought to the city and region.

NFl coverage,Olympic coverage HQ,Comcast Regional Sports HQ, NBC Sports Studios . Would be huge assets for Philadelphia.

[BrianL]

The details - a loan of $20M

Conn. lends $20M in deal luring NBC Sports from NY - Yahoo! Finance

[raider.adam]

Your average sports fan should be very well aware where ESPN HQ's are. Bristol CT.

ESPN gets 115 M viewers per month and they mention they are from Bristol almost every show. Now Bristol Ct is a bit off the beaten path and doesnt get the full effect of being home to a National TV HQ's. The Philadelphia region would be a different story imo.

One only has to look at what Hollywood has done for LA. The News Corporations and TV HQ's have done for NYC. The 2 glamour cities of the USA who not coincidentally get the benefit of free advertisment via TV every single day.

The 100 or so jobs in Philly would have been nice but they would pale in comparison to the the free advertisement and esteem that NBC Sports HQ and studios would have brought to the city and region.

NFl coverage,Olympic coverage HQ,Comcast Regional Sports HQ, NBC Sports Studios . Would be huge assets for Philadelphia.

I think the whole benefit of giving a couple movies or tv stations tax breaks in hopes it will be advertisement is significantly over rated. I'd rather have PA spend $20 million on fixing bridges.