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Comcast chairman and Co-CEO Brian Roberts said staffers are eagerly anticipating the forthcoming split of NBCUniversal from the company’s broadband, pay-TV and wireless division.

“Really, there’s an energy and excitement with the proposed separation in both organizations,” Roberts told Wall Street analysts Thursday at the end of the company’s third-quarter earnings call. “We spent years building these businesses, and as the industry transforms itself, we’re meeting the moment.”

The remarks followed the release of strong quarterly results, with revenue and earnings beating analysts’ expectations despite a 6% downturn in revenue due to pressure squeezing all broadband purveyors. NBCU powered the report on the July-to-September period, with record-breaking box office from The Odyssey and booming viewership and ad revenue of the World Cup.

The split is expected to be completed by the middle of 2027, setting up NBCU as its own stand-alone entity to be run by Comcast co-CEO Mike Cavanagh. It will unlock a number of strategic options for the entertainment giant, while its Philadelphia-based sibling will be in restructuring mode as it adjusts for competition from satellite operators including Elon Musk’s Starlink. Comcast said it is taking a $1 billion charge in the current fourth quarter related to restructuring in the connectivity division, with that overhaul include an as-yet-unspecified number of layoffs.

On the NBCU end, Roberts said he and his management colleagues are “really pleased with Peacock,” which recorded its second straight quarter of profitability thanks to Spanish-language World Cup telecasts and Love Island USA.

Roberts said the streamer’s “open architecture and some of the relationships we’re gonna be able to have really gives us a unique place in the market.” As with a recent distribution agreement reached with Google and YouTube, NBCU and Peacock after the split will be “working with, hopefully, everybody,” the exec added.

Earlier in the call, Cavanagh said the company is “well into the execution phase” of the split, which includes “building the stand-alone public company infrastructure.” The pattern was established two years ago with the Versant spinoff, which was proposed in late 2024 and completed a year later ahead of Versant’s January IPO.

“While there is still significant work ahead, we have a clear path to completion and remain focused on creating two companies with a strategic flexibility, financial strength, and leadership to compete and grow independently,” Cavanagh said. “And we have tremendous confidence in the future of both companies. Each has significant structural advantages, a strong competitive position, and substantial opportunities for long term growth and value creation.”

Comcast (CMCSA.O) lost more broadband customers than expected in the third quarter as fierce competition chipped away at its core ​business, while NBCUniversal benefited from gains in theatrical and ‌streaming ahead of its planned spinoff next year.

Aggressive price cuts by carriers such as AT&T and smaller fiber providers are making it harder for Comcast to ​retain broadband subscribers without offering heavy discounts.

Here are more details:

Broadband ​users decreased by 144,000 in the third quarter, the ⁠company said on Thursday. That is higher than the 116,800 losses ​estimated by analysts polled by FactSet and the 91,000 decrease reported in ​the year-ago period

The company is reportedly planning significant number of layoffs to restructure the connectivity business

Comcast's media businesses, including its studios, theme parks and Peacock streaming service, ​are set to separate from the company as part of the ​planned NBCUniversal spinoff by mid-2027

"The Odyssey" was a bright spot for Universal Studios, ‌becoming ⁠the highest-grossing film in its history and helping drive pre-tax profit up 18.6% for the unit

The media division posted a 13% increase in third-quarter revenue to $5.36 billion, driven by soccer World Cup programming and "Love ​Island USA" on ​Peacock

Comcast shares rose ⁠about 2% in premarket trading

Peacock reported a quarterly pre-tax profit of $261 million, compared with a $217 million loss ​a year ago

NBCUniversal's theme park unit is seeing weaker ​demand ⁠in Orlando while geopolitical tensions continue to deter Chinese tourists from visiting Japan

The segment reported a 4.4% decline in revenue to $2.60 billion, missing analysts' ⁠average ​estimate of $2.71 billion, according to data compiled ​by LSEG

Comcast reported adjusted profit of $1.07 per share, above the estimate of 98 cents ​per share

Key Takeaways Comcast is expected to report Q3 revenues of $29.35 billion and earnings of 98 cents per share.Broadband pressure, softer theme park demand and Peacock's post-World Cup slowdown may weigh on results.Universal's box office success offers support, while elevated capital spending pressures free cash flow.
Comcast (CMCSA - Free Report) is scheduled to report its third-quarter 2026 results on Oct. 22.

The Zacks Consensus Estimate for third-quarter earnings is pegged at 98 cents per share, down by a penny over the past 30 days. The figure indicates a 12.5% decrease from the year-ago quarter’s reported figure.

The consensus mark for revenues is pegged at $29.35 billion, indicating a 5.92% decrease from the year-ago quarter’s reported figure.

CMCSA’s earnings beat the Zacks Consensus Estimate in each of the trailing four quarters, delivering an average surprise of 7.32%.

Let us see how things are shaping up for the upcoming announcement.

Factors to ConsiderThe quarter is likely to have reflected a business in transition, with connectivity pressure and softer theme park demand weighing on gains in streaming and film. Comparisons are expected to have been clouded by the May 31 sale of Sky’s German operations and the planned tax-free spin-off of NBCUniversal and Sky, announced on June 29.

Connectivity & Platforms is expected to have remained the key drag. In the second quarter, domestic broadband revenues fell 5.5% as Comcast held rates steady and migrated customers to lower price points, while Residential EBITDA margin contracted 160 basis points to 37.7%. Management guided for only modest improvement from the third quarter as free wireless lines converted to paying relationships, implying broadband revenues likely stayed under pressure. Wireless momentum, after a record 448,000 line additions, is expected to have continued, though free-line promotions are likely to have diluted revenue per line. Business Services, which grew revenues 3.7% last quarter, is expected to have offered support, aided by network expansions such as multi-gigabit availability in Beaufort and Edisto, SC, in September.

In Media, Peacock is likely to have benefited from price increases of $1-$3 per month across plans, effective Aug. 18 for new subscribers, alongside the August beta launch of a membership rewards program. However, Peacock’s maiden $189 million second-quarter profit was aided by the FIFA World Cup, which added $440 million of incremental Media revenues, and the event’s July conclusion is likely to have tempered growth.

Studios is expected to have been a bright spot. Universal became the first studio to cross $4 billion in 2026 global box office by August, powered by The Odyssey, Christopher Nolan’s biggest opening ever, and Minions & Monsters, which debuted at No. 1. Higher marketing and production costs are likely to have partly offset these gains.

Theme Parks is likely to have stayed soft, as Orlando attendance weakened in June and remained pressured into the third quarter, while Osaka faced travel headwinds. Universal Kids Resort, opened July 1 in Frisco, TX, is expected to have added revenues but also start-up costs.

Capital expenditures are expected to have stayed elevated after rising 8.3% to $2.9 billion last quarter, with Connectivity & Platforms spending up 19.9%, pressuring free cash flow. The buyback pause announced on June 29 is likely to have limited earnings support.

What Our Model SaysAccording to the Zacks model, the combination of a positive Earnings ESP and Zacks Rank #1 (Strong Buy), 2 (Buy), or 3 (Hold) increases the odds of an earnings beat. But that is not the case here.

Comcast currently has an Earnings ESP of -0.09% and a Zacks Rank #5 (Strong Sell). You can uncover the best stocks to buy or sell before they are reported with our Earnings ESP Filter.

Stocks to ConsiderHere are some stocks worth considering, as our model shows that these have the right combination of elements to beat on earnings this reporting cycle.

PEOPLES BANCORP (PEBO - Free Report) has an Earnings ESP of +1.09% and sports a Zacks Rank #1 at present. You can see the complete list of today’s Zacks #1 Rank stocks here.

PEOPLES BANCORP shares have gained 22.3% year to date. PEOPLES BANCORP is scheduled to report its third-quarter 2026 results on Oct. 20.

ATI INC (ATI - Free Report) has an Earnings ESP of +1.09% and sports a Zacks Rank #1.

ASE Technology shares have surged 61.7% year to date. ATI INC is set to report its third-quarter 2026 results on Oct. 29.

BP (BP - Free Report) has an Earnings ESP of +7.29% and flaunts a Zacks Rank #1 at present.

BP shares have gained 44.6% in the year-to-date period. BP is set to report third-quarter 2026 results on Oct. 30.

Comcast (CMCSA - Free Report) has been one of the most searched-for stocks on Zacks.com lately. So, you might want to look at some of the facts that could shape the stock's performance in the near term.

Over the past month, shares of this cable provider have returned -15.7%, compared to the Zacks S&P 500 composite's +1.3% change. During this period, the Zacks Cable Television industry, which Comcast falls in, has lost 19.7%. The key question now is: What could be the stock's future direction?

Although media reports or rumors about a significant change in a company's business prospects usually cause its stock to trend and lead to an immediate price change, there are always certain fundamental factors that ultimately drive the buy-and-hold decision.

Revisions to Earnings EstimatesRather than focusing on anything else, we at Zacks prioritize evaluating the change in a company's earnings projection. This is because we believe the fair value for its stock is determined by the present value of its future stream of earnings.

Our analysis is essentially based on how sell-side analysts covering the stock are revising their earnings estimates to take the latest business trends into account. When earnings estimates for a company go up, the fair value for its stock goes up as well. And when a stock's fair value is higher than its current market price, investors tend to buy the stock, resulting in its price moving upward. Because of this, empirical studies indicate a strong correlation between trends in earnings estimate revisions and short-term stock price movements.

Comcast is expected to post earnings of $0.98 per share for the current quarter, representing a year-over-year change of -12.5%. Over the last 30 days, the Zacks Consensus Estimate has changed -4.1%.

The consensus earnings estimate of $3.49 for the current fiscal year indicates a year-over-year change of -19%. This estimate has changed -0.8% over the last 30 days.

For the next fiscal year, the consensus earnings estimate of $3.61 indicates a change of +3.6% from what Comcast is expected to report a year ago. Over the past month, the estimate has changed -2.2%.

With an impressive externally audited track record, our proprietary stock rating tool -- the Zacks Rank -- is a more conclusive indicator of a stock's near-term price performance, as it effectively harnesses the power of earnings estimate revisions. The size of the recent change in the consensus estimate, along with three other factors related to earnings estimates, has resulted in a Zacks Rank #4 (Sell) for Comcast.

The chart below shows the evolution of the company's forward 12-month consensus EPS estimate:

12 Month EPS

Revenue Growth ForecastEven though a company's earnings growth is arguably the best indicator of its financial health, nothing much happens if it cannot raise its revenues. It's almost impossible for a company to grow its earnings without growing its revenue for long periods. Therefore, knowing a company's potential revenue growth is crucial.

In the case of Comcast, the consensus sales estimate of $29.35 billion for the current quarter points to a year-over-year change of -5.9%. The $120.18 billion and $117.59 billion estimates for the current and next fiscal years indicate changes of -2.9% and -2.2%, respectively.

Last Reported Results and Surprise HistoryComcast reported revenues of $29.94 billion in the last reported quarter, representing a year-over-year change of -1.2%. EPS of $1.04 for the same period compares with $1.25 a year ago.

Compared to the Zacks Consensus Estimate of $29.18 billion, the reported revenues represent a surprise of +2.62%. The EPS surprise was +7.22%.

The company beat consensus EPS estimates in each of the trailing four quarters. The company topped consensus revenue estimates each time over this period.

ValuationNo investment decision can be efficient without considering a stock's valuation. Whether a stock's current price rightly reflects the intrinsic value of the underlying business and the company's growth prospects is an essential determinant of its future price performance.

While comparing the current values of a company's valuation multiples, such as price-to-earnings (P/E), price-to-sales (P/S), and price-to-cash flow (P/CF), with its own historical values helps determine whether its stock is fairly valued, overvalued, or undervalued, comparing the company relative to its peers on these parameters gives a good sense of the reasonability of the stock's price.

The Zacks Value Style Score (part of the Zacks Style Scores system), which pays close attention to both traditional and unconventional valuation metrics to grade stocks from A to F (an A is better than a B; a B is better than a C; and so on), is pretty helpful in identifying whether a stock is overvalued, rightly valued, or temporarily undervalued.

Comcast is graded A on this front, indicating that it is trading at a discount to its peers. Click here to see the values of some of the valuation metrics that have driven this grade.

ConclusionThe facts discussed here and much other information on Zacks.com might help determine whether or not it's worthwhile paying attention to the market buzz about Comcast. However, its Zacks Rank #4 does suggest that it may underperform the broader market in the near term.

New Solution Expands Harmonic's Network Intelligence Portfolio and Brings Comcast-Developed Fiber Monitoring Technology to Broadband Operators, Providing Real-Time Network Visibility, Proactive Fault Detection and Faster Resolution

, /PRNewswire/ -- Harmonic (NASDAQ: HLIT) today introduced Recon, a new family of network monitoring and measurement solutions developed in collaboration with Comcast to help broadband operators detect network issues earlier, pinpoint their location and resolve them faster. The initial Recon offering is built on XMFR fiber monitoring technology developed by Comcast and proven in its network.

Harmonic and Comcast worked together to evolve the technology into a commercial solution that can be deployed by broadband operators and other infrastructure providers, combining Comcast's network technology and operational experience with Harmonic's broadband portfolio and global reach. Comcast's technology continuously monitors performance to identify changes that can indicate degradation or fiber cuts and provide precise location information to network teams.

Recon pairs in-network monitoring hardware and handheld diagnostic tools with cloud-based software to provide real-time visibility across fiber infrastructure. The solution also integrates with Harmonic's cOS SensAI™ intelligence fabric, which uses network data collected by Recon to proactively detect faults and validate remediation.

"Subscribers today expect nothing less than a flawless connectivity experience. With broadband networks expanding rapidly, operators often lack the real-time visibility to detect minor issues before they become large-scale outages," said Yaniv Ben-Soussan, Senior Vice President of Cloud and Intelligence Platform at Harmonic. "Our new Recon family gives broadband service providers the critical intelligence they need to detect problems early and confidently deliver exceptional connectivity that build long-term subscriber loyalty."

Recon helps operators:

Act before customers notice: Continuously identify network degradation and service-impacting events and pinpoint the location and severity of faults. Resolve issues faster: Give field technicians more precise diagnostics and information to help reduce the time required to locate and repair network problems. Expand network visibility cost effectively: Deploy monitoring across access, metro and core networks as well as data center interconnect links. "XMFR grew out of a challenge our teams were solving every day inside Comcast's network: how to see problems developing across fiber infrastructure and give our teams better information to address them quickly," said Elad Nafshi, Chief Network Officer, Comcast. "Our work with Harmonic takes that innovation beyond our own network, combining Comcast-developed technology with Harmonic's capabilities to give other operators a smarter way to monitor and manage their fiber infrastructure."

The launch builds on Comcast and Harmonic's longstanding collaboration on software-powered broadband technologies. Harmonic plans to expand the Recon family over time as it broadens its network intelligence portfolio.

Harmonic will showcase Recon at SCTE TechExpo26 in booth A153.

About Comcast
Comcast Corporation (Nasdaq: CMCSA) is a global media and technology company. From the connectivity and platforms we provide, to the content and experiences we create, our businesses reach hundreds of millions of customers, viewers, and guests worldwide. We deliver world-class broadband, wireless, and video through Xfinity, Comcast Business, and Sky; produce, distribute, and stream leading entertainment, sports and news through brands including NBC, Telemundo, Universal, Peacock, and Sky; and bring incredible theme parks and attractions to life through Universal Destinations & Experiences. Visit ComcastCorporation.com for more information. 

About Harmonic
Harmonic (NASDAQ: HLIT), the worldwide leader in virtualized broadband solutions, is transforming multi-gigabit connectivity. The company's industry-leading cOS™ virtualized broadband platform, suite of solutions for fiber and DOCSIS, and a growing portfolio of AI-powered network intelligence solutions, enable broadband service providers to simplify operations, deliver exceptional subscriber experiences and expand revenue streams. With thousands of vCMTS servers and hundreds of thousands of RPDs deployed globally, Harmonic powers next-generation broadband services with five-nines reliability. Anchored with a customer-first approach and driven by a legacy of innovation, Harmonic supports broadband service providers at every stage of their network evolution. More information is available at www.harmonicinc.com. 

Harmonic, the Harmonic logo and other Harmonic marks are owned by Harmonic Inc. or its affiliates. All other trademarks referenced herein are the property of their respective owners.

Legal Notice Regarding Forward-Looking Statements
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Statements concerning Harmonic's business and the anticipated capabilities, advantages, reliability, efficiency, market acceptance, market growth, specifications and benefits of Harmonic products, services and technology are forward-looking statements. These statements are based on our current expectations and beliefs and are subject to risks and uncertainties, including the risks and uncertainties more fully described in Harmonic's filings with the Securities and Exchange Commission, including its Annual Report on Form 10-K for the year ended Dec. 31, 2025, its Quarterly Reports on Form 10-Q and its Current Reports on Form 8-K. The forward-looking statements in this press release are based on information available to Harmonic as of the date hereof, and Harmonic disclaims any obligation to update any forward-looking statements.

SOURCE Harmonic Inc.

Comcast Corp. (NASDAQ:CMCSA) stock fell Friday after KeyBanc Capital Markets downgraded the stock to Underweight from Sector Weight and set an $18 price forecast, citing worsening broadband competition and pressure across several key businesses.

Analyst Brandon Nispel said Comcast’s broadband subscriber trends, average revenue per user and Connectivity & Platforms EBITDA could all come in weaker than expected. He also sees greater pressure on the company’s theme parks business.

Nispel said it expects "every key metric" at Comcast to be worse than anticipated.

Broadband Competition IntensifiesKeyBanc lowered its third-quarter broadband net-add estimate to a loss of 140,000 subscribers from a loss of 125,000. The firm now expects Comcast to lose 558,000 broadband customers in 2026, compared with a consensus estimate for a loss of 509,000.

The analyst expects losses to worsen to 665,000 in 2027. Consensus calls for a loss of 482,000.

Nispel pointed to growing competition from fiber providers and fixed wireless access, or FWA. Some competitors are offering 1-gigabit broadband for $30 to $40 a month.

Comcast faces a difficult trade-off, according to KeyBanc. The company could avoid matching those offers and risk higher customer churn. Alternatively, it could cut prices and put pressure on broadband ARPU.

KeyBanc also expects Connectivity & Platforms EBITDA to remain under pressure in the fourth quarter, despite Comcast’s cost-cutting efforts.

Theme Parks Add To ConcernsThe outlook is also weakening at Comcast’s theme parks.

KeyBanc expects theme park operating cash flow to decline 17% in the third quarter and 12% in the fourth quarter. The firm cited soft Orlando attendance and weaker Chinese visitation to Osaka. It expects theme park growth to be roughly flat in 2027, versus consensus expectations for about 9% growth.

August attendance across Universal Studios fell 3% from a year earlier. Average daily attendance at Epic Universe declined to about 13,000 from roughly 16,000 in July, according to data cited by KeyBanc.

NBCUniversal Spin-Off Seen Offering Limited ReliefKeyBanc does not view Comcast’s planned NBCUniversal spin-off as a near-term catalyst. Nispel said deteriorating fundamentals in broadband and theme parks could overshadow the transaction and leave room for further valuation compression.

The analyst also said a future Comcast combination with Charter Communications Inc. (NASDAQ:CHTR) could make strategic sense because of potential savings in back-office operations, marketing and customer support. However, KeyBanc noted that Comcast has not presented such a deal as a reason for the NBCUniversal separation.

CMCSA Price Action: Comcast shares were down 2.15% at $21.65 at the time of publication Friday. The stock is near its 52-week low of $21.28, according to Benzinga Pro data.

Photo via Shutterstock

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© 2026 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

Disney is luring visitors with cut-rate tickets and family-focused promotions, helping drive higher attendance at its parks even as Universal and SeaWorld grapple with weaker traffic.

The entertainment giant rolled out a limited-time offer of a $59 evening ticket at Disneyland, along with resident specials, kids’ offers, hotel discounts and free-dining promotions — targeted deals designed to draw specific groups of visitors without broadly cutting regular admission prices.

At Walt Disney World, Disney has offered a three-day, three-park ticket for $89 a day, or $267 total, excluding its flagship Magic Kingdom.

A woman takes a selfie before Cinderella’s Castle at the Magic Kingdom Park at Walt Disney World in April 2025. Getty Images The promotional push appears to be paying off.

Attendance at Disney’s domestic theme parks climbed 3% from a year earlier in the company’s most recent quarter — its biggest increase since 2023.

Even as Disney rolled out cheaper ways into its parks, domestic per capita guest spending rose 4% from a year earlier — showing that higher attendance coincided with stronger spending per visitor.

That stands in contrast to Universal and SeaWorld.

Attendance at Universal Studios Florida fell 9.3% in 2023 and another 2.6% in 2024, while SeaWorld has also reported softer traffic.

Universal parent Comcast’s theme-parks business posted roughly $2.4 billion in revenue in its latest reported quarter, up 2.7%, but adjusted EBITDA fell 5.1% to $609 million as higher domestic operating costs weighed on results.

Cinderella meets a young fan in “It’s a Small World” at Disneyland Park in August in Anaheim, Calif. Los Angeles Times via Getty Images “What we started to see in June was softness in Orlando,” Comcast CFO Jason Armstrong said at a recent conference.

“We’re continuing to see softness in that market.”

Armstrong said the pressure was “sort of equal parts” related to demand and to the wider economy.

Despite the near-term softness, Armstrong said Comcast remains confident in the long-term outlook for its theme parks.

“So incredibly bullish in the parks over the long term, but you’re not wrong. We do have some near-term headwinds.”

SeaWorld parent United Parks & Resorts has also reported weaker traffic, with companywide attendance down 3.4% in the third quarter of 2025 and 2.6% in the fourth quarter.

Disney executives have characterized the strategy as targeted promotion rather than across-the-board discounting, using special prices to reach particular groups of customers and make better use of available capacity.

At Disneyland in California, the $59 offer provides limited evening access on select dates rather than a full day in the park.

That is about 43% below Disneyland’s $104 lowest regular one-day ticket tier, although the two products are not directly comparable because of the evening ticket’s restrictions.

At the same time, Disney has pushed prices higher at the other end of the spectrum.

Beluga whales are seen at Wild Arctic at SeaWorld on Tuesday, July 20, 2021, in San Diego. Getty Images Disneyland’s cheapest regular one-day ticket remained $104 after a pricing change last year, while its highest-priced tier climbed to $224. Peak-date prices at Walt Disney World also increased.

At Walt Disney World, Disney offered a three-day, three-park ticket for $89 a day to EPCOT, Hollywood Studios and Animal Kingdom, excluding Magic Kingdom from the package.

Florida residents have been offered a $190 two-day, two-park ticket, while Disney has also offered free dining for children ages 3 to 9 with qualifying resort and dining packages.

At Disneyland, the company previously offered $50 one-day tickets for children ages 3 to 9 during a limited travel window.

The company is betting that momentum will carry into 2027, when it is scheduled to begin rolling out new attractions tied to franchises including “Monsters, Inc.,” “Indiana Jones” and “Cars” as part of a multibillion-dollar investment in its Experiences business.

Disney’s latest discounts come after years of complaints that a trip to the company’s theme parks has become increasingly expensive, particularly for families traveling during holidays and other high-demand periods.

At Disneyland, the highest-priced one-day ticket has climbed from $119 in 2016 to $224 today — an 88% increase — while the cheapest ticket has risen much more modestly, from $95 to $104.

Over roughly the same period, US consumer prices increased about 39%, according Bureau of Labor Statistics data.

The sticker shock extends well beyond the front gate.

The entrance portal welcomes guests into Universal Epic Universe, Orlando’s newest theme park, during a preview day in Orlando in May 2025. TNS Guests have increasingly complained about the cumulative cost of hotels, food, parking and paid line-skipping services on top of admission.

Disneyland’s Lightning Lane Multi Pass currently starts at $34 per person per day, while standard parking costs $40.

Some longtime Disney visitors have said the mounting costs have changed how often they visit — or whether they consider the vacation worth the money at all.

One repeat visitor told the Wall Street Journal last year that “the cost value is just out of order and not worth it,” while another parent described the stress of constantly thinking about how much her family was spending during a Disney World trip.

The Post has sought comment from United Parks & Resorts.

3 Stocks Standing Out and 2 Losing Momentum as the Tech Rally CracksComcast NASDAQ: CMCSA Chief Financial Officer Jason Armstrong said the company’s planned separation of its connectivity and technology operations from NBCUniversal and Sky reflects diverging competitive conditions, investment needs and strategic priorities across the businesses.

Speaking at the Goldman Sachs Communacopia and Technology Conference, Armstrong said Comcast had spent more than a decade building two strong businesses, but concluded that the businesses could be better positioned as separate companies. He said Comcast first evaluated whether it could establish leadership teams and investment-grade balance sheets for each entity.

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Why the Comcast Spin-Off Won't Fix What's Actually BrokenArmstrong said Mike Cavanagh is positioned to lead the NBCUniversal-related business, while Michael Angelakis is set to lead the connectivity and technology business. Comcast is targeting completion of the separation by the middle of next year, according to Armstrong.

Broadband Competition and Customer Experience Armstrong described the broadband market as highly competitive, citing pressure from fixed wireless, fiber and satellite services. Still, he said Comcast believes wired connections will remain the preferred long-term technology because of their speed, latency and upgrade economics.

Comcast’s NBCUniversal Split Puts Broadband Back in FocusFixed wireless providers continue to add roughly 1 million subscribers per quarter collectively, Armstrong said, though he argued that wireless carriers ultimately want wired connections for home traffic. Satellite broadband has not yet had a meaningful effect on Comcast’s results, he said, although the company is preparing for increased competition, particularly in rural and deep suburban markets.

Fiber remains Comcast’s primary long-term competitive concern. Armstrong said fiber overbuild activity in Comcast markets has accelerated to approximately 4% to 5% annually from a historical range of 2% to 3%.

He also said Comcast has seen what it considers “irrational” fiber pricing, including standalone gigabit offerings in the $30 to $40 range. Armstrong said those prices may not support attractive returns when providers face substantial costs to deploy fiber.

“We think we’ve been incredibly rational in our approach to the market,” Armstrong said.

Comcast has revised its broadband strategy around network quality, product offerings and customer experience. Armstrong said the company is pursuing multi-gig symmetrical speeds through its network upgrades and believes it can match fiber capabilities while using a smaller portion of its network capacity for data.

The company has also introduced or expanded offers intended to deepen customer relationships, including free wireless lines for a limited period and a home-security product called Shield. Armstrong said Comcast is working to simplify pricing and packaging and improve call-center routing, self-service tools and agent capabilities through internal investments and external technology partners.

He said those investments have created temporary pressure on EBITDA and average revenue per user, but Comcast expects modest sequential improvement in EBITDA, broadband ARPU and convergence ARPU beginning in the third quarter.

Wireless Growth Opportunity Armstrong characterized wireless as Comcast’s largest addressable growth opportunity. The company sells wireless primarily to its existing broadband customers, which he said creates customer-acquisition and network-offload advantages relative to traditional wireless carriers.

Comcast serves 30 million customer relationships across 65 million households passed, Armstrong said, while wireless penetration stands at about 7% of its homes.

The company is using free-line promotions to raise awareness and encourage adoption. More than 70% of customers receiving free lines have converted to paying lines, Armstrong said. Comcast has also increased its focus on premium unlimited wireless plans, with those plans accounting for 40% of incoming wireless subscribers, up from 30% in the prior quarter.

“We’re fully playing in postpaid at this point,” Armstrong said, citing data allowances, handset availability and international roaming offerings.

Business Services, Costs and Parks Armstrong said Comcast Business has grown from scratch into a $10 billion business that generates nearly $6 billion in EBITDA. He said the company continues to grow its small-business operations and sees the larger enterprise market as a major opportunity.

Acquisitions including Nitel and Masergy added capabilities such as carrier aggregation and SD-WAN, Armstrong said. Comcast Business is growing at a high-single-digit rate, he said, and has secured 12 of the 15 largest quick-service restaurant companies as customers.

On costs, Armstrong said Comcast has begun what he called its largest cost transformation, aimed at eliminating management layers, accelerating technology changes and freeing resources for growth investments. He said the company expects to provide additional details in its third-quarter update.

In theme parks, Armstrong said Epic Universe performed strongly after its launch and lifted results at Comcast’s Orlando parks. However, the company has seen continued softness in Orlando following strong demand associated with the new park, while international operations have faced pressure from reduced Chinese visitation to Japan and weaker Chinese consumer conditions in Beijing.

Despite those near-term headwinds, Armstrong said Comcast remains bullish on parks over the long term, citing improvement in Orlando attendance, per-capita spending, financial performance and guest satisfaction compared with two years earlier.

Regarding capital allocation after the separation, Armstrong said Comcast’s priorities remain reinvesting in its businesses, maintaining strong balance sheets and returning capital to shareholders. He noted that Comcast has historically maintained leverage in the low-2-times range, reduced its share count by 20% over roughly five to six years and maintained a strong dividend policy.

About Comcast (NASDAQ:CMCSA)Comcast Corporation NASDAQ: CMCSA is a global media and technology company that provides broadband, wireless, video, voice and related services to residential and business customers. Through its connectivity businesses, Comcast offers internet access, mobile service, pay television, telephone service, and home security and automation products, primarily under the Xfinity brand in the United States.

Comcast also operates a broad portfolio of entertainment and media businesses. NBCUniversal includes the NBC and Telemundo broadcast networks, cable networks, film and television studios, the Peacock streaming service, and a collection of theme parks.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected].

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NBCUniversal Media Group Chairman Matt Strauss is extremely bullish on the company’s forthcoming split from Comcast.

“There is genuine excitement” about the move inside the company, Strauss said Thursday at an investor conference hosted by BofA Securities. “We feel really good about our trajectory and our growth, and I think the independence is going to allow us to move faster. It’s like a catalyst for us.”

Comcast revealed the plan in June to separate its Philadelphia-based pay-TV, broadband and wireless business from NBCU. The move follows the spinoff of most of NBCU’s cable networks into a separate company, Versant Media, and is in line with what Warner Bros. Discovery was planning before agreeing to be acquired by Paramount.

Strauss said being solo will give NBCU “the ability to be more flexible when it comes to partnerships” such as the company’s landmark distribution agreement with YouTube, which was reached earlier this summer.

“That’s the type of innovation that we’re looking to continue driving,” Strauss said. “So, I wouldn’t say that the independence changes how we’re looking at media. I think it just gives us more flexibility to move quicker. We’re not trying to build a broadcast business sitting next to a streaming business. We’re trying to build a digital-first new media company where we’re trying to get the maximum return for our investment across the portfolio.”

The split is expected to take about a year to complete. While execs don’t publicly characterize it this way, it was motivated in part by Comcast’s sagging stock price, which reflects growing concern about pressure on broadband growth. Strauss didn’t address M&A at the conference, but Comcast Co-CEOs Mike Cavanagh and Brian Roberts told investors on their second-quarter earnings call in July that conversations are already under way with potential deal partners.

BofA media analyst Jessica Reif Ehrlich, who moderated the discussion, interjected her enthusiasm for NBCU at regular intervals during the session. She closed by asking Strauss, who oversaw the launch of Peacock in 2020, what he envisions the streaming service becoming over the next five years.

“There is a tremendous opportunity to reimagine the experience for streaming,” he replied. In particular, he said, focusing on ways to “super-serve” fans by supplementing the main programming with games, podcasts and other personalized offerings will be crucial.

One example in that veing that NBCU hopes to replicate, Strauss said, is Love Island USA.

Episodes ran six days a week over the summer, and while NBCU employed the typical algorithmic tools to try to keep viewers engaged with other programming, execs soon had a realization. “What we found is that at the end of the episode, many of those fans didn’t want to watch another show. They wanted to continue engaging with Love Island. So what happens? They leave our platform. They go to social media. They’re looking for clips, for games, for podcasts, and that is engagement that we built, but we’re not monetizing, because we’re not really providing that level of experience outside the premiumness of the content. And so, we’ve started to look at this several years ago. Well, what does it mean to be an entertainment platform?”

Spurred by the data point that 30% of Love Island viewing is on mobile devices, NBCU built out a vertical video offering on Peacock, introducing it last year. “We’re not creating the behavior,” Strauss said. “We’re tapping into the behavior, but we’re moving that engagement back to our platform.”

The management team, he said, is “starting to think differently about ways that you could drive engagement, where when you finish an episode, it’s not the end. It’s the beginning. And then we can introduce more ways for you to engage and give you more things that you love and continue to drive growth and monetization.”

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First-of-its-kind platform transforms Xfinity WiFi into an always-on layer of cybersecurity, physical and family protection for tens of millions of homes and devices

Available to Xfinity Internet customers at no additional cost

Key Takeaways:

Xfinity Shield is the first-if-its-kind platform to combine cybersecurity, home and family protection into one seamless app experience.Powered by Comcast's advanced network and AI capabilities, Xfinity Shield transforms home WiFi into always-on protection via the Xfinity Gateway.Xfinity Shield has two offerings: WiFi Shield provides security built into Xfinity WiFi at no additional cost to Xfinity Internet customers, and Shield Select further extends protection through hardware, AI-enhanced monitoring and access to emergency services for $15 per month. PHILADELPHIA--(BUSINESS WIRE)--Comcast introduces Xfinity Shield, a first-of-its-kind platform for intelligent home protection. Xfinity Shield leverages AI capabilities embedded across the nation’s largest converged network and Xfinity Gateway technology to transform WiFi into an always-on layer of cybersecurity, physical and family protection.

As homes become increasingly connected, so do the risks that come with them. The average Xfinity customer now connects 36 devices to WiFi, exposing households to more online risks. The Xfinity Gateway helps block malicious activity before it reaches devices and provides protection across the entire home. Today, Comcast identifies, filters, and blocks an average of 30 million threats every day.

But protecting the home extends beyond cybersecurity. Consumers today often juggle separate, expensive solutions for digital security, home monitoring and family safety. Xfinity Shield addresses this fragmentation by bringing these capabilities together in a new product suite – managed through one simple experience in the Xfinity app.

"Xfinity Shield represents our vision for the next era of the intelligent home," said Jon Gieselman, Chief Growth Officer, Connectivity & Platforms, Comcast. "We believe the network should do more than connect devices. It should help protect the people, their personal information, and everything within their homes that depend on our most reliable WiFi every day. That’s the vision behind Shield: advancing the role of WiFi to both connect and protect the home.”

WiFi Shield: Built-In At-Home Protection

At the heart of Xfinity Shield is WiFi Shield, included at no additional cost for Xfinity Internet customers*, which delivers three layers of protection built into the WiFi experience:

Digital Protection: Cybersecurity Starts at the Network
WiFi Shield includes Xfinity CyberSecure, cybersecurity that helps automatically protect any device connected to the Xfinity Gateway from malware, hackers, phishing attempts and other online threats before they reach devices in the home. Unlike device-specific security tools, CyberSecure works at the WiFi level – assessing threats on the home network continuously to help protect every connected device – while also giving customers greater visibility and control when new devices join the network. Physical Protection: Awareness Without Additional Equipment
An opt-in feature, WiFi Motion uses the Xfinity Gateway and connected devices to detect motion inside the home – without cameras or traditional motion detectors. Using Xfinity Gateway intelligence, WiFi Motion detects changes in the home’s radio frequency signal between the Xfinity Gateway and a WiFi connected device, then sends instant notifications to customers through the Xfinity app when unexpected activity is detected. It provides an added layer of awareness without recording video, capturing images or identifying individuals. Family Protection: Simpler Controls for Healthier Digital Habits
Through Family Settings, customers can access tools that help establish online boundaries and create healthier digital habits for every member of the household. With devices connected through the Gateway, families can create profiles and organize devices by person in the app – enabling them to manage screen time, set device limits, pause WiFi and build schedules. Within the Xfinity app, customers can also customize these features and notifications in three protection modes – Home Watch, Away Watch and Dark Watch – providing peace of mind when they’re home, away or asleep.

Shield Select: Enhanced Protection with AI-Powered Capabilities

For customers seeking an additional layer of protection, Comcast is also introducing Shield Select, which combines all the benefits of WiFi Shield with integrated hardware and enhanced capabilities. Shield Select includes an indoor camera, door/window sensor, cloud video storage capabilities and 24/7 urgent response functionality that allows customers to tap for emergency help.

Shield Select provides smart motion detection to AI-powered cameras that identifies people, pets, vehicles and package deliveries.

"Our goal was simple: make protection easier, smarter and more accessible," said Fraser Stirling, Global Chief Product Officer, Comcast. "We believe the future of protection should be integrated into the technology people already use every day, not added as another product they have to manage. With Xfinity Shield, WiFi delivers protection that helps safeguard people's digital lives, homes and families in a simple, digital-first experience."

Getting Started with Xfinity Shield
Xfinity Shield is the latest offering from Xfinity Home and is available beginning August 18. WiFi Shield is available nationwide for all Xfinity Internet customers with Advanced Xfinity Gateways. Customers can seamlessly upgrade to Shield Select for $15 per month in the Xfinity app.

WiFi Shield and Shield Select are the first offerings in this new platform, with additional capabilities and experiences to follow in 2027.

*Customers must have an Advanced Xfinity Gateway to have access to all features.

About Comcast Corporation
Comcast Corporation (Nasdaq: CMCSA) is a global media and technology company. From the connectivity and platforms we provide, to the content and experiences we create, our businesses reach hundreds of millions of customers, viewers, and guests worldwide. We deliver world-class broadband, wireless, and video through Xfinity, Comcast Business, and Sky; produce, distribute, and stream leading entertainment, sports, and news through brands including NBC, Telemundo, Universal, Peacock, and Sky; and bring incredible theme parks and attractions to life through Universal Destinations & Experiences. Visit www.comcastcorporation.com for more information.

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Using the word “independent” multiple times to describe NBCUniversal‘s forthcoming independence, Comcast Co-CEOs Brian Roberts and Mike Cavanagh said they are already talking with potential partners.

Speaking to Wall Street investors on Comcast’s second-quarter earnings call Thursday, the execs said NBCU has started to explore its options. In an apparent reference to this month’s edition of the annual Allen & Co. Sun Valley event for media and tech execs, Roberts said, “We just came from one of the conferences, and there’s just great ideas, and I’m excited about the road ahead to expand the partnerships we’ve already got.”

Cavanagh added that NBCU is “in a great position to partner with others.”

The comments were the first in an earnings context by Comcast execs since the company announced its plan to split into two separate companies. One, anchored by NBCUniversal and Sky, will focus on entertainment content, while the other will operate the legacy cable TV, broadband and wireless networks. The separation is expected to be completed by next summer.

Asked about whether NBCU will have enough scale to be a viable player, or whether it might instead merge or acquire another company in the sector, Cavanagh called it “an extremely valuable collection of assets.” He said NBCU and Sky “do have the heft and the relationships and the operational capabilities to continue to be a major player, as an independent.” The split, he added, will “give it the focus and opportunity and platform to invest behind the growth opportunities that it has in its own businesses, and the spaces around these businesses that offer growth, and where the business has the right to play.”

The exec name-checked various networks and studio operations, throwing in viewership stats and reach metrics.

Sports is a key element in the mix, Cavanagh said, noting this year’s Super Bowl, Winter Olympics and World Cup coverage, plus ongoing deals with the NFL, NBA and others. “Our relationships with our leagues go way beyond our financial terms of our deals,” he maintained. “We’ve built very longstanding relationships that are growing their audiences, elevate the presentation of their sports for the long term, and expand the value of their rights, frankly. And then we do that through the world-class production that we are known for, great distribution across both broadcast and streaming, and the ability to reach fans at scale.”

Ultimately, Cavanagh said, “We do feel really good about the business that we have. We do think that these assets are incredibly valuable. We love the fact that they operate well together.” At the same time, he continued, “As an independent, we take all these great assets and we are willing to partner with others. So other strategies are a little more walled gardens. Our approach is to build great businesses that serve our own platforms, but look for opportunities to partner or bundle, and exhibit other people’s IP in our parks, and create IP in our studios that go to other platforms. I think that’s a good strategy for the collection of assets we have, and I think it presents a path for growth in this business over time.”

Roberts said said “being independent” will enable NBCU to “partner well, and to bring to life people’s dreams and content, and sporting events, and the like.”

Comcast (CMCSA - Free Report) came out with quarterly earnings of $1.04 per share, beating the Zacks Consensus Estimate of $0.97 per share. This compares to earnings of $1.25 per share a year ago. These figures are adjusted for non-recurring items.

This quarterly report represents an earnings surprise of +7.22%. A quarter ago, it was expected that this cable provider would post earnings of $0.73 per share when it actually produced earnings of $0.79, delivering a surprise of +8.22%.

Over the last four quarters, the company has surpassed consensus EPS estimates four times.

Comcast, which belongs to the Zacks Cable Television industry, posted revenues of $29.94 billion for the quarter ended June 2026, surpassing the Zacks Consensus Estimate by 2.62%. This compares to year-ago revenues of $30.31 billion. The company has topped consensus revenue estimates four times over the last four quarters.

The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call.

Comcast shares have lost about 21.3% since the beginning of the year versus the S&P 500's gain of 9.6%.

What's Next for Comcast?While Comcast has underperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock?

There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately.

Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions.

Ahead of this earnings release, the estimate revisions trend for Comcast was unfavorable. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #4 (Sell) for the stock. So, the shares are expected to underperform the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.

It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is $1.02 on $30.01 billion in revenues for the coming quarter and $3.48 on $121.57 billion in revenues for the current fiscal year.

Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Cable Television is currently in the bottom 22% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.

Another stock from the same industry, Charter Communications (CHTR - Free Report) , has yet to report results for the quarter ended June 2026. The results are expected to be released on July 24.

This cable provider is expected to post quarterly earnings of $9.96 per share in its upcoming report, which represents a year-over-year change of +8.5%. The consensus EPS estimate for the quarter has been revised 0.5% lower over the last 30 days to the current level.

Charter Communications' revenues are expected to be $13.52 billion, down 1.8% from the year-ago quarter.

Wall Street expects a year-over-year decline in earnings on lower revenues when Comcast (CMCSA - Free Report) reports results for the quarter ended June 2026. While this widely-known consensus outlook is important in gauging the company's earnings picture, a powerful factor that could impact its near-term stock price is how the actual results compare to these estimates.

The earnings report, which is expected to be released on July 23, might help the stock move higher if these key numbers are better than expectations. On the other hand, if they miss, the stock may move lower.

While management's discussion of business conditions on the earnings call will mostly determine the sustainability of the immediate price change and future earnings expectations, it's worth having a handicapping insight into the odds of a positive EPS surprise.

Zacks Consensus EstimateThis cable provider is expected to post quarterly earnings of $0.97 per share in its upcoming report, which represents a year-over-year change of -22.4%.

Revenues are expected to be $29.24 billion, down 3.5% from the year-ago quarter.

Estimate Revisions TrendThe consensus EPS estimate for the quarter has been revised 1.14% lower over the last 30 days to the current level. This is essentially a reflection of how the covering analysts have collectively reassessed their initial estimates over this period.

Investors should keep in mind that the direction of estimate revisions by each of the covering analysts may not always get reflected in the aggregate change.

Price, Consensus and EPS Surprise

Earnings WhisperEstimate revisions ahead of a company's earnings release offer clues to the business conditions for the period whose results are coming out. This insight is at the core of our proprietary surprise prediction model -- the Zacks Earnings ESP (Expected Surprise Prediction).

The Zacks Earnings ESP compares the Most Accurate Estimate to the Zacks Consensus Estimate for the quarter; the Most Accurate Estimate is a more recent version of the Zacks Consensus EPS estimate. The idea here is that analysts revising their estimates right before an earnings release have the latest information, which could potentially be more accurate than what they and others contributing to the consensus had predicted earlier.

Thus, a positive or negative Earnings ESP reading theoretically indicates the likely deviation of the actual earnings from the consensus estimate. However, the model's predictive power is significant for positive ESP readings only.

A positive Earnings ESP is a strong predictor of an earnings beat, particularly when combined with a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold). Our research shows that stocks with this combination produce a positive surprise nearly 70% of the time, and a solid Zacks Rank actually increases the predictive power of Earnings ESP.

Please note that a negative Earnings ESP reading is not indicative of an earnings miss. Our research shows that it is difficult to predict an earnings beat with any degree of confidence for stocks with negative Earnings ESP readings and/or Zacks Rank of 4 (Sell) or 5 (Strong Sell).

How Have the Numbers Shaped Up for Comcast?For Comcast, the Most Accurate Estimate is higher than the Zacks Consensus Estimate, suggesting that analysts have recently become bullish on the company's earnings prospects. This has resulted in an Earnings ESP of +2.29%.

On the other hand, the stock currently carries a Zacks Rank of #4.

So, this combination makes it difficult to conclusively predict that Comcast will beat the consensus EPS estimate.

Does Earnings Surprise History Hold Any Clue?Analysts often consider to what extent a company has been able to match consensus estimates in the past while calculating their estimates for its future earnings. So, it's worth taking a look at the surprise history for gauging its influence on the upcoming number.

For the last reported quarter, it was expected that Comcast would post earnings of $0.73 per share when it actually produced earnings of $0.79, delivering a surprise of +8.22%.

Over the last four quarters, the company has beaten consensus EPS estimates four times.

Bottom LineAn earnings beat or miss may not be the sole basis for a stock moving higher or lower. Many stocks end up losing ground despite an earnings beat due to other factors that disappoint investors. Similarly, unforeseen catalysts help a number of stocks gain despite an earnings miss.

That said, betting on stocks that are expected to beat earnings expectations does increase the odds of success. This is why it's worth checking a company's Earnings ESP and Zacks Rank ahead of its quarterly release. Make sure to utilize our Earnings ESP Filter to uncover the best stocks to buy or sell before they've reported.

Comcast doesn't appear a compelling earnings-beat candidate. However, investors should pay attention to other factors too for betting on this stock or staying away from it ahead of its earnings release.

Stay on top of upcoming earnings announcements with the Zacks Earnings Calendar.

HomeIndustriesComcast to pay $1.6 billion in cash upfront as well as contribute a studio arm to ITVJuly 6, 2026, 3:21 a.m. ET

ITV is selling its broadcast unit to Comcast's Sky. Photo: paul ellis/Agence France-Presse/Getty ImagesJust a week after Comcast announced a plan to spin off NBCUniversal, the Philadelphia media-and-broadband conglomerate said it’s buying a British broadcaster.

Comcast’s CMCSA Sky division says it will pay £1.2 billion ($1.6 billion) in cash and up to £200 million more, depending on advertising performance, to ITV in return for the U.K. company’s media and entertainment business, which comprises its free-to-air television, pay TV and streaming unit.

About the Author

Steven Goldstein is based in London and responsible for MarketWatch's coverage of financial markets in Europe, with a particular focus on global macro and commodities. Previously, he was Washington bureau chief, directing MarketWatch's economic, political and regulatory coverage. Follow Steve on Twitter: @MKTWgoldstein.

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LOS ANGELES, CALIFORNIA - JUNE 29: Comcast announced plans to split into two publicly traded companies by spinning off NBCUniversal and Sky into a separate media company, pending regulatory and board approvals. (Photo by Justin Sullivan/Getty Images)

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When Brian Roberts announced on June 29 that Comcast would spin off NBCUniversal and Sky into a separate public company, an analyst asked the question behind the transaction: was this a step toward a sale?

His answer was two words: “Absolutely not.”

Pay less attention to the denial than to the admission beside it. Co-CEO Mike Cavanagh told analysts the company had “changed our mind” about whether broadband and media still belonged under one roof.

That is the more useful piece of information. The people who built a 15-year convergence bet were acknowledging that its logic no longer held.

The Convergence Bet Comes UndoneComcast bought NBCUniversal more than 15 years ago on a simple theory: own the pipe into the living room and the programming that travels through it, and you sit on both ends of the relationship with the viewer.

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That theory held while the cable wire was the gatekeeper. Streaming dissolved it.

Once any studio can reach a television over the open internet, owning the wire no longer confers the same advantage over owning the content, and the two businesses no longer share the same reason to sit together.

The market had already reached this verdict. Comcast shares had fallen about 32% over the year, to roughly $23 in the days before the announcement, down from the mid-$30s last summer. Investors had been valuing the company at a discount to the sum of its parts.

Comcast is keeping the word “converged” for the part that still works, describing its broadband-and-mobile network as the largest converged platform in the country.

The convergence that failed was the holding-company kind, distribution married to content. The kind that survives lives inside the wires.

A Script Warner Bros. Already RanComcast had already rehearsed the move with Versant, the cable-network separation that pulled slower-growth linear assets away from the rest of NBCUniversal.

The fuller template was set by Warner Bros. Discovery. It reorganized into two divisions in December 2024, then announced a full tax-free split into two public companies in June 2025, with David Zaslav describing each as built to succeed on its own terms.

The framing was standalone strength, not sale preparation.

Within months the company had a buyer and then a fight over it.

Netflix agreed on December 4 to buy the Warner Bros. studio, HBO and HBO Max, the content jewel, taken only after the linear networks were carved off, at an enterprise value of about $82.7 billion.

Paramount Skydance came over the top with a hostile all-cash offer, raised it to $31 a share with a personal financing guarantee from Larry Ellison, and won the contest in February at roughly $110 billion. Netflix, which had held the board’s recommendation, declined to match.

The Justice Department cleared the antitrust review in June, and the transaction is set to close this quarter.

Read the arc plainly: split into two, sell it as independence, deny any deal, and within a year there is an auction.

Comcast has just finished the first step using the same language. The denial is not the data point. The script is.

Why NBCUniversal Does Not Cleave As CleanlyThe flexibility Comcast keeps invoking is already being read as a deal signal. The sharper question is not whether the pieces draw buyers but which ones, because the Warner Bros. ending does not transfer cleanly to NBCUniversal.

Netflix could buy Warner Bros. because Warner Bros. had already been separated from its cable networks. NBCUniversal is being spun off whole: Universal’s studios, Peacock, NBC, Telemundo, major sports rights, Sky and theme parks, all in one company.

A content buyer that wants the studio and the streamer may not want a capital-heavy theme-park business, a broadcast network with FCC licenses or the linear exposure Netflix tried to avoid. For a clean sale of the jewel, NBCUniversal would most likely have to split a second time.

The behavior on the call already points that way. Comcast is keeping up to 19.9% of NBCUniversal to sell down over time.

Cavanagh matched the denial with his own “Definitely not,” then in the same answer claimed the freedom to go after “adjacent businesses where we have the right to play,” a denial of being a seller and an announcement of being a buyer, one sentence apart.

The analysts ended the call on the one soft question: whether each smaller company keeps the scale it needs with content partners and distributors. For NBCUniversal, that question lands hardest on the sports rights, whose escalating cost rests on the balance sheet it is about to lose.

The convergence era is not ending with one sale. It is ending with a sequence of separations that make sales easier to imagine, even when companies insist that is not the plan.

The old argument joined distribution to content. The new one prices them separately.

Comcast said Monday it plans to separate its media and technology businesses into two publicly traded companies as it looks to better compete in a media landscape increasingly characterized by ‌pressure from streaming rivals and consolidation.

The separation, which will happen via a tax-free spin-off of NBCUniversal and Sky, is expected to be completed in about one year, and Comcast shareholders will own shares in both Comcast and NBCUniversal, the company said in a statement.

Comcast shares jumped as much as 26% in premarket trading.

Comcast co-CEO Mike Cavanagh will become CEO of NBCUniversal, while Comcast's former Chief Financial Officer Michael Angelakis will become CEO of Comcast.

Comcast's other co-CEO and chair, Brian L. Roberts, will continue to be actively involved in the leadership of both Comcast and NBCUniversal.

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"The transaction we are announcing will unlock a more entrepreneurial management approach and open up a multitude of new opportunities for each business," Roberts said.

"Comcast will continue to build on its leadership in connectivity, while NBCUniversal, together with Sky, will have the scale, brands, content and financial resources to compete as a premier global media and entertainment company," Cavanagh said.

Comcast said it expects to retain a stake of up to 19.9% ownership position in NBCUniversal for up to one year after the transaction is completed, which it intends to tax-efficiently monetize over time.

It comes as Comcast's share price has plummeted 30% over the past 12 months amid significant challenges facing the media industry that are driven by the shift away from the TV bundle and toward streaming.

Comcast shares over the past year.

Earlier this year, it completed the spin-off of its portfolio of cable TV networks and digital assets, which includes CNBC and MS Now, to the separate public company Versant Media.

The media sector has seen a wave of consolidation recently, as legacy players strive for scale, with few companies going public amid the challenging environment.

Paramount Skydance completed its merger last year, and earlier this month, it won DOJ approval for a $110 billion deal for Warner Bros. Discovery. Meanwhile, Fox entered an agreement to acquire Roku for $22 billion earlier this month.

— CNBC's Lillian Rizzo contributed to this report

Disclosure: Versant is the parent company of CNBC.