Comcast Corp Goldman Sachs Communacopia + Technology Conference 2026

Mike, thanks for having me.

Yeah. Well, thanks, Mike. Well, it's great to be here. It's a little bit of a homecoming. I used to be in your seat for several years and understand the amount of work that goes into this conference. So thank you, thank Goldman for hosting this. Thanks for inviting us to come present. You're right. It's been a busy year at Comcast, in particular, a busy summer. We announced late June an intention to separate into two different businesses, and we've spent a decade plus building two strong businesses. More recently, as you look at sort of the competitive dynamics, the end markets, strategic positioning, investment requirements, there's a little bit of a divergence in terms of what these two businesses are focused on, and so decision to separate them.

I think, along with that decision, there are certainly opportunities on the other side, but let me just rewind the clock what went into that decision with us saying we got to answer several questions on the viability of these companies as standalone businesses. First was, could we put leadership teams in place? I think we have answered that question already. Mike Cavanagh, Michael Angelakis in position to run the two businesses. I have had the pleasure of knowing both of them for a long time. Michael Angelakis hired me way back when from Goldman, 12 years ago at Comcast. He was the CFO and vice chairman at the time, deep operating background on the cable side, always been an infrastructure guy. Then had the privilege of working with Mike Cavanagh for over a decade.

Right Deep background at JP Morgan, CFO background.

In the roles that they are going to play in the businesses. NBC, Mike Cavanagh has spent the last period of time as president, co-CEO of Comcast, and really has kind of been running NBC for the last three years, so very natural transition into that role. Michael Angelakis, a long period of time at Comcast. Before that, Providence Equity, always an infrastructure bent to his investing style, so an operator but with an investor lens. He spent the last several years in private equity as well. So really interesting lens to bring into the business, but deep operating experience on the cable side. So that is leadership. If you look at the top level, and then we have rounded out the teams around those two, then you get into how well-positioned are these businesses.

If you look at the connectivity and technology side, as you mentioned, we are a scale leader in broadband. We are a challenger in wireless, fastest growing scaled wireless company with a long ways to go. We are the only business services company at scale that is growing with a massive amount of room to go, which I am sure we will talk about in enterprise, which we are excited about. Then if you shift over to the content side of the business, and you look at the strength of the portfolio there, depth of IP, depth in the experiences segment. You step back and say you got a top three studio. You got a top two global experiences business. You have a streaming business that is mostly domestic-focused, but has now made its way to profitability, and the future is bright.

That was an important milestone, and so it sets both businesses up well. Next question we had to answer was as we separate balance sheets, could you separate them and have strong characteristics around each side? Which I think we will easily check that box. Our intention is both companies will have strong investment-grade balance sheets. Now it is about the execution phase of that. With the leadership teams in place, we are off and running, building all the things that we have to put in place to separate. Obviously, we have given a target of middle of next year, and do not see any issues with that. We are off and running towards it.

Yeah. I think, no doubt, it's a competitive environment. I think you're hearing that from everybody. It's competitive in broadband. It's competitive across convergence as well. As we step back and look at broadband, we're in the fortunate position of we're one of two wires into the home. Our long-term view, despite competitive intensity right now, has been and continues to be that a wire wins, right? We think there'd be two wires in the vast majority of homes, but wired technologies win. If you think about the ability to increase speeds over time, if you think about lowest latency, if you think about lowest marginal cost to upgrade, all those sort of bring you back to you want a wire in the home. Saying that, fixed wireless has emerged as a new competitor. They are several years in to taking share.

Wireless companies have all devoted a set amount of capacity to say, "We've got excess capacity. How do we soak up that capacity? Let's go put some in the fixed wireless market." That continues. I think you're seeing around 1 million subs a quarter or so if you add up the totality of fixed wireless. I think the leadership position and the composition within that's changing a little bit. You're seeing a couple decelerate, but then one is accelerating, so the total picture still looks the same. But every one of those companies is in search of a wire into the home and would rather put traffic across a wire than they would fixed wireless. They're telling you that by their actions.

Right. Right. Long term, it sort of validates the strategy for us around wire into the home.

But for now, it's competitive, and so fixed wireless continues to be a pressure on subscriber additions. That's no different from the past several years. Satellite looms out there as a potential threat. Would reiterate what we said on the second quarter call, not really seeing it yet, but there's no complacency around it. I think we'll see it over time and in particular in rural and maybe deep suburban markets, it may be a better option as a competitor than we've faced historically. So that's something we're bracing for. Fiber, certainly not the last category. Maybe it should've been the first. But that's the long-term competitor in our view.