The decisions that made it
The Adjacency Expansion · Growth & Portfolio
Comcast Spent a Decade Buying the Content Its Pipes Carried. Now It's Giving the Pipes Their Walking Papers.
Comcast paid $13.8 billion for control of NBCUniversal in 2011 to own what its cable ran. By 2026 it spun the cable networks off into a company called Versant—proof that adjacency value expires when the logic that justified it does.
8 min
The Cannibalization Choice · Decision Forks
Peacock Isn't Eating Comcast's Cable Cow. The Cow Was Already Dying.
Everyone calls Peacock a cannibal: $11B+ in losses since 2020 to kill Comcast's own cable business. But cable was dying regardless — pay-TV fell from 80% to 34% penetration. The real bet was never about TV.
8 min