In media news this morning, reports saying that Warner Brothers Discovery is asking bidders to submit new Sweden offers by Monday. So, a lot of bankers are going to be working overtime this Thanksgiving. Rich Greenfield, co-founder of Lightshed Partners, good morning to you. What do you think these bids look like? I know you've you've you've said before that you know you think that Comcast Brian Roberts who controls this company at least currently uh needs to do this deal but also it appears that Netflix ma ...

Core Viewpoint - The competition for Warner Bros. Discovery (WBD) has intensified, with Comcast emerging as a highly motivated bidder alongside Paramount and Netflix [1][2]. Group 1: Bidding Dynamics - Paramount, led by David Ellison, is perceived to have an advantage due to strong relationships and financial backing [1]. - Comcast and Netflix are also interested in WBD's movie studio and streaming business, with analysts suggesting Comcast has a greater need for these assets [2][3]. - Analysts believe acquiring WBD represents a "once-in-a-generation opportunity" for Comcast to enhance its media portfolio and challenge competitors like Disney [3][4]. Group 2: Streaming Business Implications - Integrating HBO Max could significantly benefit both Comcast and Paramount, but Peacock, Comcast's streaming service, may need it more due to stagnant subscriber growth [5][6]. - HBO Max is seen as a crucial partner for Peacock, which has a limited subscriber overlap with HBO Max, suggesting a potential for increased revenue through a partnership [7]. Group 3: Financial Considerations - Comcast's heavy investments in sports media rights indicate a commitment to expanding its streaming capabilities, which could be bolstered by acquiring WBD [8]. - Owning both Universal Pictures and Warner Bros. Studios could lead to substantial cost savings and synergies for Comcast [9]. Group 4: Challenges and Regulatory Concerns - Comcast faces challenges such as a low price-to-earnings ratio and significant debt, which may limit its ability to make a large acquisition [10]. - Regulatory hurdles could complicate the acquisition process, especially given past negative comments from Trump regarding Comcast's leadership [11][12]. - Despite these challenges, Comcast may be motivated to pursue the acquisition to avoid leaving Peacock without a strong content partner [12][13].

Core Insights - Major streaming services have increased subscription prices this year, a trend referred to as "streamflation" [2][8] - Paramount+ is the latest service to announce a price hike, effective in the first quarter of 2026 [3][8] - Consumers are increasingly opting for ad-supported tiers as a cost-saving measure, with significant growth in viewership for these plans [5][6] Price Increases - Netflix, HBO Max, Disney+, Hulu, Peacock, and Apple TV have all raised their prices recently [2][8] - Paramount's price increase follows similar moves by other major streaming companies [8] Consumer Behavior - Many consumers are unaware of the rising costs of their streaming subscriptions, potentially leading to higher monthly expenses [4] - Ad-supported versions of streaming services are gaining popularity, with a 16 percentage point increase in viewing for Disney+ and an 11 percentage point increase for Netflix year-over-year [5] - Approximately 45% of Netflix's viewing time now comes from its ad-supported tier, up from 34% the previous year [5] Free and Bundled Options - Free ad-supported streaming services have seen a rise in viewing hours, increasing from 1.3 billion to 1.8 billion hours year-over-year [6] - Bundling services can provide savings, such as combining Peacock Premium with Apple TV for $15 monthly, which is $9 less than the total cost of both services [9]

Accessibility StatementSkip Navigation Grant will fund foundational digital literacy workshops and job readiness programing for residents in West Michigan GRAND RAPIDS, Mich., Nov. 18, 2025 /PRNewswire/ -- Comcast today announced it has awarded $50,000 in grants to the Hispanic Center of Western Michigan, a Grand Rapids-based community organization dedicated to serving the needs of the Latino and broader community through family support, workforce development, and youth education programs. Continue Reading ...

Core Insights - Comcast reported a 2.7% year-over-year decline in revenue for Q3 2025, totaling $31.2 billion, primarily due to a comparison with the previous year's $1.9 billion revenue boost from the Paris Olympics [3][24] - The company is undergoing a strategic shift to simplify pricing and enhance customer experience in response to intense competition in the broadband market [5][12] - The planned spin-off of Versant Media Group is expected to be completed by the end of 2025, allowing Comcast to focus on its core media and connectivity business [6][7] Financial Performance - Adjusted EBITDA for Q3 2025 was nearly flat, decreasing by 0.7% year-over-year to $9.7 billion, with a margin expansion of approximately 64 basis points to 31.0% [3][25] - The Connectivity & Platforms segment saw a slight revenue decline of 0.6% year-over-year to $20.2 billion, while adjusted EBITDA decreased by 3.5% to $8.0 billion [3][11] - The Content & Experiences segment reported a revenue decline of 6.8% to $11.7 billion, but adjusted EBITDA grew by 8.4% to $2.0 billion, driven by strong performance in Theme Parks [3][17] Segment Highlights - The Mobile division added 414,000 new lines, with domestic wireless revenue growing by 14.0% to $1.2 billion [4][14] - Theme Parks revenue increased by 18.7% to $2.7 billion, largely due to the successful opening of Epic Universe [4][18] - Peacock's adjusted EBITDA losses improved significantly, reducing from a loss of $436 million in Q3 2024 to a loss of $217 million in Q3 2025 [4][19] Strategic Initiatives - Comcast is investing in a new go-to-market strategy that includes simplified pricing and improved customer experience, which is expected to create near-term headwinds [5][12] - The company is facing increased competition from fiber and fixed wireless providers, prompting a focus on mobile growth and a converged product strategy [4][28] - Versant Media Group plans to address structural challenges by monetizing digital assets and expanding into adjacent markets post-spin-off [8][35] Valuation Insights - The fair value estimates for Comcast's stub business is $36.20 per share, while the consolidated entity is valued at $39.80 per share [8][42] - Versant is valued at an EV/EBITDA multiple of 6.0x, reflecting its challenges in the linear TV market [41][40] - Comcast's overall valuation reflects its leading position in the broadband market, despite slower growth compared to peers [42][41]

Group 1 - The Nasdaq Composite has experienced a significant bull market run for over three years, driven by the adoption of artificial intelligence, higher corporate earnings, and interest rate cuts, indicating positive prospects for investors in the upcoming year [2] - Historical data shows that bull markets lasting longer than three years tend to continue for an average of eight years, suggesting the current bull market has potential for further growth [3] - There is a resurgence in stock splits among investor-favorite stocks, which typically precede strong financial performance, leading to renewed investor interest [4] Group 2 - Netflix has seen a remarkable increase of 932% over the past decade and 48% in the last year, prompting a 10-for-1 forward stock split scheduled for later this month, with expectations of continued growth into 2026 [4] - Despite initial skepticism regarding its future due to competition, Netflix has proven its resilience and ability to maintain its market position against rivals like Disney+, Warner Bros. Discovery, and Peacock [6][8] - Netflix's extensive investment of approximately $135 billion over a decade to build its content library has finally led to profitability, countering doubts from Wall Street about its cash flow potential [7]

Core Insights - Comcast Corporation is a significant entity in the telecommunications and media industry, providing services such as cable television, internet, and phone services, and owning NBCUniversal [1] - The company faces competition from major players like AT&T, Verizon, and Disney [1] Financial Performance - For Q3 2025, Comcast reported adjusted earnings of $1.12 per share, exceeding Zacks Consensus Estimate by 1.82%, but remaining flat year over year [3][6] - Consolidated revenues decreased by 2.7% year over year to $31.2 billion, primarily due to the lack of revenue from the previous year's Paris Olympics [3][6] - Revenues surpassed Zacks Consensus Estimates by 1.85% despite the decline [3] Segment Performance - The Connectivity & Platforms segment, accounting for 64.7% of total revenues, saw a slight decline of 0.6% year over year, totaling $20.18 billion [4] - Residential Connectivity & Platforms revenues decreased by 1.5% [4] - Peacock, Comcast's streaming service, generated $1.4 billion in revenue with a reduced EBITDA loss [4] - The Theme Parks segment experienced an 18.7% growth, driven by gains from Epic Universe [4] Stock Performance - CMCSA's current stock price is $27.12, reflecting a decrease of approximately 0.75% [5] - The stock has ranged from a low of $26.35 to a high of $27.26 during the trading day [5] - Over the past year, the stock reached a high of $45.22 and a low of $25.75, with a market capitalization of approximately $99.86 billion [5] Analyst Insights - Maher Yaghi from Scotiabank set a new price target for CMCSA at $41.50, indicating a potential upside of 53.71% from the current trading price [2][6] - This revised target is lower than the previous $45.50, reflecting a more cautious outlook [2]

Core Insights - Comcast Corporation is a global media and technology company competing with major players like Disney and AT&T, with a recent stock price of $27.22 after Scotiabank adjusted its rating to "Sector Perform" [1] Financial Performance - Comcast reported adjusted earnings of $1.12 per share for Q3 2025, exceeding the Zacks Consensus Estimate by 1.82%, but these earnings were flat compared to the previous year, indicating a need for future growth [2][6] - The company's consolidated revenues decreased by 2.7% year over year to $31.2 billion, primarily due to the absence of revenue from the previous year's Paris Olympics, yet still beating Zacks Consensus Estimates by 1.85% [3][6] Segment Performance - The Connectivity & Platforms segment, which constitutes 64.7% of total revenues, saw a slight decline of 0.6% year over year to $20.18 billion, with Residential Connectivity & Platforms revenues down by 1.5% [4] - The Theme Parks segment experienced significant growth of 18.7%, driven by gains from Epic Universe [4][6] - Peacock, Comcast's streaming service, generated $1.4 billion in revenue with a reduced EBITDA loss, indicating improvement in its financial performance [4][6] Stock Performance - Comcast's current stock price is approximately $26.98, reflecting a decrease of about 1.23% or $0.34, with a market capitalization of approximately $99.38 billion and a trading volume of around 10.75 million shares on NASDAQ [5]

Core Insights - Comcast reported third-quarter 2025 adjusted earnings of $1.12 per share, beating the Zacks Consensus Estimate by 1.82% and remaining flat year over year [1][8] - Consolidated revenues decreased 2.7% year over year to $31.2 billion, surpassing Zacks Consensus Estimates by 1.85% [1][8] Revenue Breakdown - Connectivity & Platforms revenues, accounting for 64.7% of total revenues, decreased 0.6% year over year to $20.18 billion [2] - Residential Connectivity & Platforms revenues fell 1.5% year over year to $17.6 billion, while Business Services Connectivity revenues rose 6.2% to $2.58 billion [2] - Total Customer Relationships for Connectivity & Platforms decreased by 210,000 to 50.9 million, with domestic broadband customer net losses of 104,000 and video customer net losses of 257,000 [2] - Content & Experiences revenues decreased 6.8% year over year to $11.74 billion, impacted by the prior year's Olympic-related revenue [2] - Media revenues decreased 19.9% year over year to $6.59 billion, but increased 4.2% excluding the Paris Olympics [3] Subscriber and Revenue Performance - Peacock paid subscribers remained steady at 41 million, with revenues reaching $1.4 billion and EBITDA losses improving by $219 million year over year [4] - Studios revenues rose 6.1% year over year to $3 billion, driven by higher content licensing and theatrical revenues [5] - Theme Parks revenues increased 18.7% year over year to $2.72 billion, attributed to the successful opening of Epic Universe [6] Operating Costs and EBITDA - Total costs and expenses declined 2.1% year over year to $25.67 billion, with programming and production costs decreasing 15.1% to $8.66 billion [7] - Adjusted EBITDA decreased 0.7% year over year to $9.67 billion, with Connectivity & Platforms adjusted EBITDA declining 3.5% to $8.01 billion [9] - Content & Experiences adjusted EBITDA increased 8.4% to $1.95 billion, while Media adjusted EBITDA rose 28% to $832 million [10] Cash Flow and Liquidity - As of September 30, 2025, cash and cash equivalents totaled $9.33 billion, down from $9.69 billion as of June 30, 2025 [11] - Consolidated total debt decreased to $99.1 billion from $101.5 billion [11] - Free cash flow increased to $4.95 billion from $4.5 billion in the previous quarter [11] - Comcast generated $8.69 billion in cash from operations, up from $7.82 billion in the previous quarter [12]

Core Viewpoint - Comcast is adopting a cautious stance on mergers and acquisitions (M&A) but remains open to future opportunities post the planned spin-off of its Versant cable network [1][2]. Group 1: M&A Strategy - Comcast's president, Michael Cavanagh, emphasized that the company has a high threshold for pursuing M&A transactions due to its confidence in its existing businesses [2]. - Cavanagh indicated that after the spin-off, there may be more viable options for M&A than what public commentary suggests, particularly in the streaming and studio asset sectors [2]. Group 2: Market Speculation - Speculation is growing regarding Comcast's interest in acquiring Warner Bros. Discovery, which is currently reviewing strategic alternatives following multiple takeover approaches [3]. - Other companies reportedly interested in Warner Bros. Discovery include Netflix and Paramount Skydance, although Netflix has publicly denied any interest in legacy media networks [3][4]. Group 3: Analyst Perspectives - Analysts, such as Rich Greenfield from LightShed Partners, view the potential merger of NBCUniversal and Warner Bros. Discovery as a "once-in-a-generation opportunity" to create a competitor on par with Disney [4]. - Greenfield argues that a combined NBCUniversal-Warner Bros. Discovery could significantly reshape the media landscape by integrating various content and network assets [5]. Group 4: Revenue Composition - Greenfield estimates that a merged entity could derive approximately 40% of its earnings from theme parks, another 40% from content creation, and less than 20% from traditional TV, suggesting a more favorable valuation compared to legacy peers [6].