New Street Research - Comcast Corporation Class A (CMCSA) Potential Comcast Media Moves: Antitrust and Regulatory Prospects

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New Street Research

Blair Levin

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Potential Comcast Media Moves: Antitrust and Regulatory Prospects

In yesterday’s discussion of Comcast’s 3Q earnings, Comcast President Michael Cavanagh said that Comcast was studying two potential media moves: 1) a spin-off to shareholders of the cable networks (which would not include NBC or Peacock); and 2) a partnership for Peacock with other streamers, but not an acquisition. Our New Street colleagues offered their view on the financial ramifications in a note yesterday. Here, we offer our analysis of potential government reactions.

01/11/2024 1 EN

Underlying

Comcast Corporation Class A

Comcast is a media and technology company. The company's segments are: Cable Communications, which provides internet, video, voice, and security and automation services in the United States individually and as bundled services at a discounted rate over its cable distribution system to residential and business customers; NBCUniversal, which includes a portfolio of national cable networks that provide a variety of entertainment, news and information, and sports content, regional sports and news networks, international cable networks, and cable television studio production operations; and Sky, which owns a portfolio of pay television channels that provide entertainment, news, sports and movies.

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US20030N1019 NASDAQ Stock Market United States

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New Street Research

Provided by our team of experienced analysts, our work is idea driven, based on independence of thought, sector expertise, and firmly focussed on fundamentals and valuation.

New Street Research is an independent, partner-owned, research firm specialising in equity and debt research. Our equity research embraces the following sectors:

Pan European Telecom Services and Cable
US Telecoms, Cable, Satellite and Towers
Global Emerging Market Telecoms
Japan Telecoms
Asian Internet
Pan European Healthcare
Global healthcare thematic research

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Pan European Telecom Services and Cable

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Analysts

Blair Levin

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Potential Comcast Media Moves: Antitrust and Regulatory Prospects

Xumo Teams up With Target to Offer Hisense Xumo TVs

Comcast Post-3Q24 Model Update

PYPL US (BUY, TP: $100, +25%) PayPal - Pillar Two tax / EPS risk for FY 25 (?) and other company feedback

BCE + Ziply: quick thoughts following the call

Technology Infrastructure Earnings Wrap-up – Week ending November 1st

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