Rumor mill: With a spinoff from Comcast on the horizon, NBCUniversal is reassessing where its next leg of growth will come from. According to people familiar with the talks, gaming and other digital entertainment are on the list, though nothing is imminent. Those people said there are no active deal discussions and that any transaction would only happen after the separation is complete. However, the talks suggest NBCUniversal is looking beyond traditional film and television to more interactive, technology-heavy businesses.
Inside Comcast, executives are reassessing what to do with the cable and connectivity business. The company is looking at ways to use its network more directly in the boom in data centers and AI workloads. That would tilt Comcast's future more toward high-capacity data delivery and away from legacy pay-TV.
Comcast has declined to comment on potential deals. CEO Brian Roberts, speaking to Reuters, emphasized that the breakup is about focus rather than transaction-making. "The better way to move forward for the opportunities that we see for both of these businesses is to let them run independent of each other with focused dedicated great management teams and strong assets," he said. On timing, he added: "We just decided once you're in go mode, you know, we want to go."
Even so, the announcement has set off a new round of speculation. Bankers, lawyers, and analysts say NBCUniversal's film and TV studio, Peacock streaming service, and theme parks offer more growth than its declining cable channels. Charter Communications' shares jumped as much as 25% after the announcement, driven by speculation that the two companies could eventually merge.
Roberts dismissed the idea that the spinoff is a setup for deals. "Absolutely not," he said during a call with investors, adding that the goal is to "put each company in the strongest position to create value, fully monetize its assets, and aggressively pursue its own or great organic growth strategies."
But the idea hasn't gone away. One person familiar with the matter said Netflix could see strategic value in NBCUniversal's studio and content library, though any such deal would face steep regulatory and structural challenges. Bankers and lawyers tracking the situation also see NBCUniversal as a more visible target once it stands on its own.
The structure of the spinoff adds some constraints. Comcast will keep a 19.9% stake in NBCUniversal and intends to sell it down over time. For the spinoff to remain tax-free, NBCUniversal has to run on its own for at least a year after the deal closes, and can't sell itself or merge during that time. However, it could still explore transactions that were not previously discussed.
There are signs NBCUniversal wants to widen its scope. Michael Cavanagh, who will lead the business after the split, said, "We have the freedom now to explore adjacent businesses where we have the right to play."
Gaming is one of those areas. Roberts has shown interest in the sector for years, and Comcast has previously explored acquisitions of Activision and Electronic Arts, as well as a potential investment in Epic Games, according to one person with direct knowledge of those discussions.
The company has also leaned into partnerships that connect gaming with its broader entertainment portfolio, including its work with Nintendo on theme park attractions and animated films. "The Super Mario Bros. Movie" and "The Super Mario Galaxy Movie" each generated more than $1 billion globally.
The gaming industry is going through its own reshaping. Take-Two Interactive is preparing to release the next installment of Grand Theft Auto, which has already logged more than $1 billion in preorders ahead of its November debut. Microsoft has considered spinning off its Xbox unit, and Electronic Arts is being taken private in a $55 billion deal backed by Saudi Arabia's Public Investment Fund, Silver Lake, and Affinity Partners.
For NBCUniversal, a deeper move into gaming would not just be about new revenue streams. It could also give the company more ways to push its franchises into the places where people actually spend time now – long-running, interactive game worlds.
Craig Moffett of MoffettNathanson was skeptical that major deals will follow anytime soon. "We don't see a Netflix-for-NBCU deal. And no, we don't see a Comcast and Charter deal, either," he wrote. "Having them under the same roof didn't make either better, and the combined company has been saddled by a conglomerate discount for 15 years to reflect the suboptimal capital allocation that conglomerates demand."
The Comcast-NBCUniversal split is about betting on data centers over cable, and gaming over TV
