COMCAST (CMCSA) Company Report

Versant will spin off from Comcast and begin regular-way trading on Nasdaq on January 5, 2026, distributing 1 Versant share for every 25 Comcast shares in a tax-free transaction.
Management highlighted a 62% live content mix (sports and news) as core to its premium programming strategy, alongside investments in brands like the Premier League, NASCAR, and MS NOW.
The company plans to scale digital platforms, notably GolfNow and Fandango, and develop new offerings (e.g., AVOD, subscriptions) to drive audience growth and monetization.
Financially, Versant expects 2025 standalone revenues down ~6%, EBITDA down ~10%, and free cash flow of $1.4 billion, with 2026 revenues projected to decline 3–7% and free cash flow of $1.0–1.2 billion as it launches new products.
The capital allocation framework targets 20% of free cash flow for dividends, up to $1 billion in share repurchases, and maintaining a ~1.25x net leverage ratio to balance growth investments and shareholder returns.

3 hours ago

Transcript

Versant Media outlines spin-off strategy and 2026 outlook

CMCSA

Guidance Update

M&A

Share Buyback

Versant launches with a live-centric portfolio where news and sports comprise 62% of viewing, aiming to diversify from pay-TV (83% of 2024 revenue) towards digital and non-pay-TV channels (17% in 2024).
Announces strategic acquisitions of Free TV Networks and Indie Cinema, exploring alternatives for SportsEngine, and plans new digital offerings: Fandango at Home AVOD, an MSNBC D2C subscription, a CNBC Pro retail-investor platform, and a Kalshi prediction-market partnership.
Day-one capital structure includes $3 billion gross debt, $750 million cash, and $1 billion total liquidity, with targets of 1.25× net leverage, allocation of 20% free cash flow to dividends, and $1 billion share repurchase authorization.
2026 outlook: revenue down 3–7%, EBITDA down 7–14%, and free cash flow of $1–1.2 billion as investments in new products begin to phase in.

4 hours ago

Transcript

Comcast plans Versant Media spin-off

CMCSA

M&A

Comcast approved the spin-off of its cable television networks and digital platforms into a new independent company, Versant Media Group, effective Jan. 2, 2026.
Shareholders will receive 1 share of Versant for every 25 shares of Comcast held as of the Dec. 16, 2025 record date, with fractional shares sold for cash proceeds.
Versant will begin “when-issued” trading under VSNTV around Dec. 15, transitioning to regular-way trading under VSNT on Jan. 5, 2026.
Goldman Sachs and Morgan Stanley are serving as financial advisors, with Davis Polk & Wardwell as legal counsel; the separation aligns with Comcast’s strategic focus amid its bid for Warner Bros. Discovery’s studio and streaming assets.

1 day ago

Bloomberg

Comcast Board approves spin-off of Versant Media Group

CMCSA

M&A

Board approval: On December 3, 2025, Comcast’s Board approved separating its cable networks and digital platforms into a new public company, Versant Media Group, via a pro rata distribution of shares.
Distribution mechanics: Shareholders of record as of December 16, 2025 will receive one Versant share for every 25 Comcast shares; any fractional Versant shares will be sold in the market for cash proceeds.
Timing and trading: The distribution is expected after Nasdaq close on January 2, 2026, with when-issued trading under ticker “VSNTV” starting around December 15, 2025, and regular-way trading under “VSNT” beginning January 5, 2026.
Post-separation status: After the spin-off, Versant will operate independently and Comcast will hold no ownership, with the separation expected to be tax-free to Comcast and its shareholders (excluding fractional share cash payments).

1 day ago

8-K

Comcast renews NBCUniversal-Warner Bros. Discovery merger bid

CMCSA

M&A

Comcast renewed its offer to merge NBCUniversal with Warner Bros. Discovery, proposing a mix of cash and stock and a potential management role for WBD CEO David Zaslav.
The deal would combine HBO Max, Peacock, and film and TV assets to drive synergies in streaming, theme parks, and content distribution, while proceeding with planned spin-offs of cable channel divisions.
Comcast’s strong financial position contrasts with Warner Bros. Discovery’s challenges, including a –4.4% three-year revenue growth rate, 3.73% operating margin, and 1.28% net margin.
Competing all-cash bids from Paramount and Netflix heighten pressure on Comcast to demonstrate superior long-term value through integration.

2 days ago

Bloomberg

Comcast names Steve Croney CEO of Connectivity & Platforms division

CMCSA

CEO Change

Management Change

Layoffs

Comcast appoints Steve Croney as CEO of its Connectivity & Platforms division effective January 1, 2026, succeeding Dave Watson, who will transition to Vice Chairman to advise on strategic initiatives.
Croney, formerly COO, led a five-year price lock and updated broadband plans to stabilize subscriber losses and enhance customer experience.
The leadership change aligns with broader corporate restructuring—including planned layoffs and the 2025 spin-off of most cable networks—as Comcast focuses on network convergence and sports investments.
Despite a slight dip in division EBITDA, Comcast maintains a strong financial position and continues deploying AI and data analytics to drive operational performance.

Oct 30, 2025, 6:10 PM

Morningstar

Comcast reports Q3 2025 results

CMCSA

Earnings

CEO Change

Share Buyback

Leadership transition: Steve Crone elevated to CEO of Connectivity & Platforms in early 2026 and Dave Watson to Vice Chairman; Mike Cavanagh named Co-CEO under Brian Roberts
Total revenue declined ~3% y/y, excluding the Paris Olympics revenue grew ~3%; adjusted EPS and EBITDA roughly flat; free cash flow rose 45% to $4.9 B; net leverage at 2.3x
Connectivity & convergence: broadband subscribers down 104 k; broadband ARPU up 2.6%; wireless net adds at record 414 k; convergence revenue +2.5%
Q3 capital return of $2.8 B, including $1.5 B in share repurchases and $1.2 B in dividends; Q4 buyback pacing set at $1.5 B

Oct 30, 2025, 12:30 PM

Transcript

Comcast reports Q3 2025 results and Connectivity & Platforms CEO transition

CMCSA

Earnings

Management Change

Share Buyback

Steve Crone will become CEO of Comcast’s Connectivity & Platforms segment and Dave Watson will shift to Vice Chairman, effective early 2026, marking a key leadership change in the business unit.
Total company revenue declined ~3% YoY (driven by tough Paris Olympics comps) but was up nearly 3% ex-Olympics; free cash flow rose 45% to $4.9 billion, and Comcast returned $2.8 billion to shareholders via $1.5 billion in buybacks and $1.2 billion in dividends.
Connectivity & Platforms EBITDA fell 3.7% as Comcast invests in simplified pricing, product enhancements, and customer experience; broadband net losses were 104,000 subscribers, while wireless net adds hit a record 414,000 lines, pushing wireless penetration above 14% of the broadband base.
Theme parks revenue grew 19% with EBITDA up 13%, buoyed by Epic Universe, and studios saw strong box office from Jurassic World Rebirth; media revenue ex-Olympics rose 4%, Peacock revenue grew mid-teens, and media EBITDA jumped 28% as Peacock losses narrowed to just over $200 million.
Capital expenditures totaled $3.1 billion focusing on network expansion and gateway deployment; Comcast ended the quarter at 2.3× net leverage, maintained a $1.5 billion quarterly buyback pace, and reiterated its disciplined capital allocation strategy.

Oct 30, 2025, 12:30 PM

Transcript

Comcast reports Q3 2025 results

CMCSA

Earnings

Share Buyback

Dividends

Comcast reported Q3 2025 adjusted EPS of $1.12 and adjusted EBITDA of $9.7 B, flat y/y from Q3 2024.
Connectivity & Platforms segment delivered 2.4% revenue growth and a 37.2% EBITDA margin, with Residential Connectivity revenue up 3% and Xfinity Mobile adding 414 K lines.
Content & Experiences saw Theme Parks revenue up 18.7% to $2.717 B, Studios revenue up 6.1% to $3.0 B, and Media revenue down 19.9% (ex-Olympics +4.2%).
Generated $4.9 B of free cash flow, returned $2.8 B to shareholders in Q3 (including $1.5 B buybacks and $1.2 B dividends), and reduced net leverage to 2.3x.

Oct 30, 2025, 12:30 PM

Presentation

Comcast reports Q3 2025 results and leadership transition

CMCSA

Earnings

CEO Change

Share Buyback

Steve Croney to become CEO of Connectivity & Platforms and Dave Watson to Vice Chairman in early 2026
Q3 revenue down ~3% y/y (ex-Paris Olympics +3%), free cash flow up 45% to $4.9 billion, and $2.8 billion returned to shareholders
Connectivity & Platforms EBITDA declined 3.7% y/y amid investment plans; broadband lost 104,000 subscribers (ARPU +2.6%) while wireless net adds hit 414,000, pushing penetration over 14%
Business Services revenue grew 6% and EBITDA rose 5%, driven by cybersecurity, mobile solutions, and enterprise services
Parks revenue increased 19% and EBITDA 13% on full Epic Universe quarter; media EBITDA up 28% with Peacock losses narrowed to just over $200 million

Oct 30, 2025, 12:30 PM

Transcript

Earnings Transcripts

Quarterly earnings call transcripts for COMCAST.

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