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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 is separating **$28 billion** in linear TV assets into a standalone public company, isolating secular decline and freeing the parent for growth capital allocation.
8.2%
in pre-market trading to
$44.17
adding roughly
$13 billion
in market capitalization before the opening bell
$39 billion
in 2018
Comcast announced Monday it will spin off NBCUniversal's broadcast and cable networks into a new publicly traded company alongside Sky, its European media division. The parent company's shares rose 8.2% in pre-market trading to $44.17, adding roughly $13 billion in market capitalization before the opening bell. The transaction will separate legacy linear television assets from Comcast's higher-growth streaming and theme park operations, which remain under the Comcast banner with Peacock and Universal Studios.
The new entity will house NBC, CNBC, MSNBC, USA Network, and the company's European Sky broadcasting platform, which Comcast acquired for $39 billion in 2018. Combined, these assets generated approximately $28 billion in revenue over the trailing twelve months, representing roughly 24% of Comcast's consolidated top line. The spinoff is structured as a tax-free distribution to existing Comcast shareholders, who will receive pro-rata shares in the new company. Management expects the transaction to close in the fourth quarter of 2025, subject to regulatory clearance and final board approval. Comcast will retain its 57 million broadband subscribers, its theme park division, and full ownership of Peacock.
The spin creates two distinct investment profiles. The legacy broadcast company inherits mature cash-generating assets facing secular headwinds from cord-cutting, which has accelerated to 2.3 million net pay-TV subscriber losses across the U.S. cable industry in the first three quarters of this year. Sky faces similar pressure in the UK and Continental Europe, where linear viewership has declined 14% year-over-year among adults aged 18 to 49. The parent company, meanwhile, retains faster-growing businesses: Peacock added 3 million subscribers in the most recent quarter and now sits at 36 million paid subscribers, while theme parks posted 11% revenue growth in the last fiscal year.
The structure mirrors similar media separations, though the timing is notable. Warner Bros. Discovery and Paramount Global have both discussed spinning linear assets but have not pulled the trigger. Comcast is moving first, likely betting that a clean separation enhances strategic optionality for both entities. The broadcast spinoff could pursue acquisitions of other orphaned linear networks or negotiate bundled carriage deals with distributors from a position of focused scale. The parent company, unburdened by declining TV ratings, can allocate capital exclusively toward broadband infrastructure, Peacock content, and park expansion.
Allocators should monitor three milestones. First, the naming and executive appointments for the new broadcast entity, expected in Q1 2025, will signal operational priorities and acquisition appetite. Second, the debt allocation between parent and spinco, which Comcast will detail in the Form 10 filing, will determine the broadcast company's leverage profile and dividend capacity. Third, carriage contract renewals for NBC and MSNBC in late 2025 will test whether the spun entity can defend affiliate fees without the leverage of Comcast's broader distribution footprint.
The announcement lands four weeks before Comcast's existing carriage agreements with DirecTV expire. Whether the spin was timed to insulate those negotiations or to accelerate them is not yet clear, but the market assigned a $13 billion premium to the optionality.
Branded by POPS4 · proof in 60 seconds
For the principal
The spin isolates legacy decline and clarifies succession planning; watch debt allocation in the Form 10 for dividend sustainability signals.
For the operator
Monitor the naming of the new entity's CEO and CFO in Q1 2025; signals consolidation appetite and whether Sky becomes acquisition currency.
For the house
We're holding Comcast parent exposure for broadband and parks; the broadcast spinco is a potential short on carriage renewal risk into 2026.
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