• Loading stock data...
Saturday, April 5, 2025
Nominations Are Open for Front Office Sports Honors! Submit Now

Comcast Stock Falls, but Peacock and Sports Rights Provide Hope

Change and contradiction were prevalent in Comcast’s quarterly earnings, with record top-line revenue joined by an altered business model and falling stock.

Gregory Fisher-Imagn Images

One of the foremost U.S. companies for TV distribution and internet connectivity is finding content itself to be an increasingly critical pathway—with sports standing at the heart of that growing shift.

Comcast, the No. 2 pay-TV provider and major entity for broadband access, reported a company record Thursday for quarterly revenue, with its fourth-quarter haul of $31.9 million beating the comparable total from 2023 by 2.1%, as well as analyst projections. Net income, meanwhile, soared by nearly 47% to $4.8 million in the quarter.

Amid the superlatives, though, the totals revealed a major pivot point for the NBC Sports parent company. Comcast lost another 311,000 cable-TV subscribers in the quarter, leaving a new total of 12.5 million, and broadband subscriptions similarly fell by 139,000 to 31.8 million. 

The company, however, saw meaningful growth in several parts of its content business, including a 28% revenue surge with its Peacock streaming service to $1.3 billion, as well as improved results from its movie studio and theme park operations, plus its sports networks. 

Peacock has 36 million subscribers, flat from Comcast’s third-quarter results. The pathway to profitability for the service, however, continues to improve as losses there fell to $372 million, less than half the comparable total for the prior-year period and down from a $436 million loss in the third quarter. There was also no major churn following the subscriber boosts seen during and immediately after the Paris Olympics. 

Despite those gains, though, investors were still rather displeased with the cable and broadband subscriber losses, and sent Comcast stock down 11% Thursday to a 52-week low of $33.25 per share. 

Spin-Off Talk

Another notable statistic emerging Thursday regarding Peacock was that 98% of the viewing on the service involving NBCUniversal channels is from content not on cable channels it plans to spin off by the end of this year, and instead is dominated by NBC’s broadcast channel and Bravo. To that end, Comcast executives said the percentage was a further testament to the evolved corporate strategy.

“We’re not really running a Peacock-only strategy. We’re running a broadcast-plus-streaming strategy, and looking to optimize that over the years ahead,” said Comcast president Mike Cavanagh. 

Of course, standing at the top of that more focused media model is sports, particularly the NFL and Olympics. In the meantime, NBCUniversal outlets that will be part of the spinoff, like the Golf Channel, are already preparing for a newly separated reality.

“We’re definitely going to operate as two different companies, for sure, independent of one another,” NBC Sports EVP of golf Tom Knapp tells Front Office Sports. “We will continue to be who we need to be, and have synergies with NBC, but clearly, we will be an independent business.”

NBA Impact

Cavanagh, meanwhile, acknowledged the arrival of NBA rights to NBC beginning this fall, costing roughly $2.5 billion annually, may ultimately result in price increases at Peacock or the establishment of a higher subscription tier. Any such decisions, however, will not arrive until at least 2026.

“I would give us the full first season of NBA, into the second season, before we sort of normalize our businesses to handle the higher expense there,” he said.

Linkedin
Whatsapp
Copy Link
Link Copied
Link Copied

What to Read

Apr 4, 2025; Tampa, FL, USA; Connecticut Huskies guard Paige Bueckers (5) and forward Sarah Strong (21) react on the bench during the fourth quarter in a semifinal of the women's 2025 NCAA tournament against the UCLA Bruins at Amalie Arena.

Women’s Final Four Delivers Nearly 4M Viewers, Still 64% Drop

Both of this year’s games were blowouts, which didn’t help returns.
Mar 29, 2025; Newark, NJ, USA; Duke Blue Devils forward Cooper Flagg (2) before playing against the Alabama Crimson Tide in the East Regional final of the 2025 NCAA tournament at Prudential Center.

As College Basketball Teams Got Older, Duke Embraced the Fountain of Youth

How the Blue Devils went old-school in the transfer portal era.

Women’s March Madness Eyes Another Change: Go Fully Neutral?

Attendance in the regional rounds is up significantly.

Men’s Final Four: Big Programs, Big Money, and No Cinderellas

The men’s and women’s Final Fours take place this weekend.

Featured Today

Mar 1, 2025; Gainesville, Florida, USA; Florida Gators guard Walter Clayton Jr. (1) and center Olivier Rioux (32) and guard Alijah Martin (15) and forward Thomas Haugh (10) huddle after the game against the Texas A&M Aggies at Exactech Arena at the Stephen C. O'Connell Center

How Florida Built a Final Four Roster With ‘Under-Recruited’ Players

“We’ve never gotten a single player because we’re the highest bidder.”
Dec 27, 2024; San Jose, California, USA; San Jose Sharks center Macklin Celebrini (71) skates during warm ups before their game against the Vegas Golden Knights at SAP Center at San Jose
April 3, 2025

Macklin Celebrini and the Sharks Rookies Have Brought Good Vibes to a..

The rookie’s arrival has boosted spirits incongruously high inside the flagging franchise.
Mar 26, 2025; Indianapolis, Indiana, USA; Los Angeles Lakers forward LeBron James (23) in the first half Indiana Pacers at Gainbridge Fieldhouse.
April 1, 2025

The Creator Behind the LeBron ‘Glazing’ Trend Sweeping TikTok

FOS spoke to TikTok user OkaySpade who made the original song.
Mar 22, 2025; Providence, RI, USA; McNeese State Cowboys manager Amir Khan before a second round men’s NCAA Tournament game against the Purdue Boilermakers at Amica Mutual Pavilion
April 1, 2025

Inside the 24-Hour NIL March Madness Deals

Some of the most viral partnerships come together overnight.
hard-knocks-2020

NFL Expands ‘Hard Knocks’ Pool of Teams: Who’s Eligible for 2025?

The NFL is relaxing rules surrounding its reality TV show.
Feb 2, 2025; Pebble Beach, California, USA; Rory McIlroy (right) is interviewed by CBS broadcaster Jim Nantz (left) on the 18th hole during the final round of the AT&T Pebble Beach Pro-Am golf tournament at Pebble Beach Golf Links.
April 2, 2025

Final Four Snags Jim Nantz’s Masters Plan Even After Retirement

Nantz’s final NCAA tournament on the call for CBS was in 2023.
NWSL
April 2, 2025

NWSL Could Make Tens of Millions Selling New TV Games

Almost 200 games are up for grabs over the next two years.
Sponsored

How UBS Crafts Impactful Partnerships Across Sports, Arts, and Culture

As UBS continues to expand its impressive array of sports and entertainment partnerships, the company solidifies its position as a leader in wealth management.
April 1, 2025

March Madness Ratings Dip After Record Start: Will Final Four Deliver?

Viewership had been at a record pace through the opening rounds.
April 1, 2025

Yankees RSN, Comcast Reach Deal After FCC Pressure

The deal keeps the regional sports network on an expanded basic tier.
Oct 20, 2024; Green Bay, Wisconsin, USA; General view of a television camera operator during the game between the Houston Texans and Green Bay Packers at Lambeau Field.
March 31, 2025

Sources: NFL ‘Virtual Lock’ to Opt Out of Media-Rights Deals

Data continues to support an early opt-out of the league’s rights.
March 31, 2025

Former ESPN Reporter Zach Lowe Rejoins Bill Simmons at The Ringer

Lowe worked with Ringer co-founder Bill Simmons at Grantland.