Comcast withdraws from the bidding for WBD, according to the president, who stated, "We continue with significant concentration. However, I believe we are improved for having considered it."

Cavanagh, slated to assume the role of Comcast’s co-CEO soon, stated that the firm formulated its proposal for WBD based on a pledge not to “stress the Comcast balance sheet to any stressful level.” He further mentioned that Comcast had deliberated internally regarding whether to proceed with any engagement, considering the possible upheaval or diversion. In the end, they concluded it was their responsibility to investigate the prospect.

“I respect and understand the decision of the Warner Brothers board to obviously prefer the certainty of high levels of cash or collared stock and not what we were willing to go to to make it happen,” Cavanagh said. “So good news is that we like what we were doing, as I just described, and we roll on with a lot of focus. But I think we’re better for having taken a look.”

Comcast’s resulting proposal was acknowledged to be “light relative to the other proposals” in terms of cash. Instead, the offer centered on a significant chunk of equity in a proposed combined entertainment company that would have merged NBCUniversal’s Parks, Media, and Studios segments with Warner Bros.’ Studio streaming segment. WBD shareholders would have received a “substantial percentage” of this company, which would have operated as a publicly traded controlled subsidiary of Comcast.

Cavanagh contended that Comcast didn't genuinely consider itself a primary contender for these holdings: “We didn’t expect that we had a high likelihood of being prevailing with a deal that made sense to us.”

He further stated that the merged WBD/Comcast “would have been an interesting play” would likely have altered its streaming approach for broader international reach. He emphasized that Comcast had “better for having taken a look” the prospect and, following the process of reciprocal due diligence, “walked away feeling great about our business and our strategies.”

Cavanagh, who earned a degree from Yale, informed Yale News in 2020 “the demands of being a rower prepared me extremely well for the professional challenges that came later in my career.”

Eyes in the boat

With the WBD saga concluded, NBCUniversal is rolling on with a deep sense of focus, secure in the belief they “like what we’re doing” and “don’t need to do anything else.” The remaining NBCUniversal businesses are entering 2026 with great momentum and leadership, and “good solid business strategies,” he said. Cavanagh argued the overall strategy is unique in media, encompassing a global parks business, a leading studio (ranked No. 2 in film over recent years), and a robust media segment combining broadcast and streaming.

The media division alone brings in $40 billion worldwide, he noted. This division holds a key spot with traditional channels such as NBC, Telemundo, and the top reality network Bravo, all of which are crucial for the strategy powering the streaming service, Peacock. Peacock's approach is firmly focused on the domestic market, aligning with the company's overall direction. The organization doesn't see a need for global reach at this moment, mentioning that there are “plenty of buyers” for their studio productions in various overseas territories.

Peacock has shown meaningful improvement, cutting its losses by $900 million in the last 12 months, and currently boasts 41 million high-average-revenue-per-user subscribers. Sports content, including the Olympics, NFL, and NBA, is a key driver for both acquisition and engagement, allowing Peacock to serve its league partners effectively. The expectation is Peacock will “continue to meaningfully improve its even dollar losses” in 2026 versus 2025. In October, Comcast reported Peacock’s streaming losses had narrowed to $217 million, down from $436 million year-over-year, although subscriber growth appeared to plateau at 41 million.

Universal Studios sustains its power via robust connections with leading filmmakers such as Steven Spielberg and Christopher Nolan. The company intends to keep funding its personnel and obtaining additional intellectual property, for instance, through collaborations with Nintendo, which resulted in Super Mario. Beyond entertainment, the theme park division, presently known as Universal Destinations and Experiences, stands as a worldwide entity with sites in Los Angeles, Orlando, Beijing, and Osaka. Upcoming expansion involves constructing a park in the UK, slated for debut circa 2030 or 2031.

Cavanagh concluded he welcomes consolidation in the wider industry, even though Comcast apparently won’t be participating in this particular opportunity with Warner Bros. Discover. He said he thinks, “generally speaking, consolidation hopefully leads to market healing as players start to figure out how they really want to make money over the long term.” For his part, he said NBCUniversal is confident in its own sound strategy, ready to execute and capitalize on the opportunities the next couple of years provide. The boat is being rowed onward.

[Disclosure: the author worked at Netflix from June 2024 through July 2025.]