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Comcast$CMCSA · filed: saw revenue fall 0.0% in FY2025 to $123.7BNew shipTrillion Score 482Fall Risk LowNext year $112.3B–$128.4B sealedCheck ▾Close ▴
What Comcast filed
Saw revenue fall 0.0% in FY2025 to $123.7 billion, operating margin 16.7% against a 5.8% median for cable & other pay television services, equity 35.5% of assets, and dividend per share up 10 years running. Every figure links to the filing it came from on Comcast’s card. New ship: no warning signs. Trillion Score 482, #9 of 12 in its field; Fall Risk Low (how it is measured).
What the house said in advance
Revenue for the fiscal year after 2025-12-31 between $112.3B and $128.4B, an 80% range sealed on 26 Sept 2026 · receipt #81b903 · graded in public by the revenue in Comcast’s next annual report.
Figures as filed with the SEC. Ranges, scores and boats are statistical descriptions of past filings, not ratings or recommendations. Reporting, not advice.
In plain words
Comcast isolates **$7 billion** in linear TV revenue, keeping broadband and streaming; structure tests whether cable networks can escape conglomerate discount.
$7 billion
in annual revenue from the parent
12%
in pre-market trading to
$44.20
adding roughly
$5.8 billion
in market capitalization before the opening bell
Comcast announced Monday it will spin off NBCUniversal's cable networks and its European media arm Sky into a standalone publicly traded company, separating approximately $7 billion in annual revenue from the parent. The stock rose 12% in pre-market trading to $44.20, adding roughly $5.8 billion in market capitalization before the opening bell.
The new entity will house USA Network, CNBC, MSNBC, E!, Syfy, Golf Channel, and Oxygen alongside Sky's UK and European operations. Comcast retains NBC broadcast network, Peacock streaming, Universal theme parks, and Universal Pictures. The transaction is structured as a tax-free spinoff to existing shareholders, with completion targeted for late 2024 or first quarter 2025 pending regulatory clearance. Mark Lazarus, current NBCUniversal Media Group chairman, will lead the spun company. Comcast president Mike Cavanagh has signaled the structure for eighteen months in earnings calls, describing linear TV as a shrinking but cash-generative asset best managed separately.
The move isolates declining linear viewership from Comcast's growth engines. Cable network revenue across the industry fell 8% year-over-year in the third quarter, per MoffettNathanson data, while Peacock added 5 million subscribers in the same period. Comcast's remaining entity emerges with 58 million broadband subscribers, theme parks generating $2.3 billion in quarterly revenue, and a streaming platform no longer subsidizing cable networks' cost base. The spun company inherits predictable affiliate fees and advertising but faces cord-cutting that erased 2.3 million traditional pay-TV subscribers from Comcast's customer base in the past year alone.
Allocators should note three follow-on effects. First, the spinoff tests whether pure-play linear TV assets can trade above the conglomerate discount; Charter and other distributors may view the standalone entity as a negotiation target within twelve months. Second, Comcast's remaining leverage ratio improves immediately, potentially enabling $3-4 billion in additional buybacks or theme park expansion capital in 2025. Third, Sky's inclusion suggests Comcast views European regulatory risk as containable, but the entity will carry roughly $30 billion in combined debt, limiting near-term M&A optionality for either company.
The announcement arrives six weeks before Comcast's December 12 investor day, where management will detail capital allocation for the leaner structure and Peacock's path to profitability by 2025.
Branded by POPS4 · proof in 60 seconds
For the principal
Monitor December investor day for buyback commitment and theme park capex guidance; remaining entity is pure broadband-and-IP play.
For the operator
Watch Charter's negotiating posture with the spun entity in Q1 2025; affiliate fee pressure accelerates if standalone trades below $12 per share.
For the house
Initiate coverage on spinco at launch; short-term long CMCSA into December 12 event, trimmed positions in linear-exposed comps.
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