Jessica Reif

Jessica Reif from Bank of America asked about Comcast's global scaling plans for Peacock given significant sports and content investments, and whether M&A is necessary for this or for NBCUniversal's competitive position. She also requested a detailed advertising outlook, including trends in cable and media, and the impact of programmatic advertising.

Answer

Mike Cavanagh, President of Comcast, reiterated that M&A is not necessary for NBCUniversal's competitive position, citing strong talent partnerships, successful sports programming (which is primarily market-by-market), and the unique portfolio of assets. He noted another strong advertising quarter, with revenue up 3% (excluding Olympics), driven by sports like Sunday Night Football and increased programmatic and digital advertising, particularly for Peacock. Dave Watson, CEO of Comcast, concurred on similar advertising trends.

Jessica Reif asked about Comcast's global scaling plans for Peacock, given significant sports and content investments, and whether M&A is necessary for global expansion. She also inquired about NBCUniversal's competitive position without M&A. Additionally, she asked for a detailed advertising outlook, including trends in cable and media, and the impact of programmatic advertising.

Answer

Mike Cavanagh (President, Comcast) reiterated that M&A is not necessary for NBCUniversal's competitive position, emphasizing the strength of its talent partnerships, sports portfolio (primarily U.S.-focused), and the balance between linear and digital advertising. He noted strong advertising performance, up 3% excluding Olympics, driven by sports like Sunday Night Football, and significant growth in Peacock's advertising revenue, which accounted for a third of NBC's total upfront commitments. Dave Watson (CEO, Comcast) confirmed similar advertising trends on the cable side.