Comcast Beats Q3 Expectations, Explores Spinoff of Cable Networks and Streaming Partnerships

Oct 31, 2024, 01:09 PM

Comcast reported third-quarter earnings that exceeded analyst expectations, with earnings per share of $1.12 versus the expected $1.06 and revenue of $32.07 billion exceeding the expected $31.66 billion, boosted by the Olympics and up 6.5% year-over-year. Comcast is exploring a spinoff of its cable networks, including channels such as CNBC, MSNBC, Bravo, E!, and USA Network, into a separate, well-capitalized, possibly publicly traded company. This move, which would not include Peacock or broadcast networks, aims to create strategic flexibility and open opportunities for potential streaming partnerships or mergers. President Mike Cavanagh and CEO Brian Roberts indicated interest in collaborating with other streaming services to strengthen their position in the evolving media landscape.