<p><em>Note: <a href="https://thescienceofhitting.com/t/cmcsa">Review all prior Comcast (CMCSA) research on the TSOH website</a></em></p><p><span>From “</span><strong><a href="https://thescienceofhitting.com/p/a-transformational-moment"><span>A Transformational Moment</span></a></strong><span>” (November 2025):</span></p><p><span>“I would likely act if I became more confident Comcast management is open to monetizing NBCUniversal (NBCU) and unlocking significant per share value. In my view, the assets could command a price tag that would equate to a large majority of the market cap [at $25 per share]… </span><strong><span>If there’s growing indication that a deal is being considered, it’s likely I’d buy Comcast</span></strong><span>.”</span></p><p><span>I sold Comcast </span><a href="https://thescienceofhitting.com/p/portfolio-change-11072023"><span>in November 2023</span></a><span> for two key reasons: </span><strong><span>(1)</span></strong><span> sustained deterioration in the core Cable franchise, to a degree that led me to believe my thesis for that business was no longer valid; and </span><strong><span>(2)</span></strong><span> a lack of evidence management recognized and was appropriately reacting to the realities of what was happening, with a similar dour view on dithering at NBCUniversal.</span></p><p><span>The roots on the second point go back much further. The following is from “</span><strong><a href="https://thescienceofhitting.com/p/comcast-q1-fy21"><span>Peacock: From DTC To DOA?</span></a></strong><span>”, which I published in May 2021: “I don’t think that management is serious about making the tough decisions that are necessary for any shot at real success in the global DTC business… [But] as time passes, the odds of a big strategic change - particularly at NBCUniversal - seems to be declining. </span><strong><span>There’s a lack of urgency from management</span></strong><span>.”</span></p><p><span>That brings us to Comcast’s big announcement: </span><a href="https://www.cmcsa.com/static-files/c6cb27cb-d2b9-487b-9051-b42ff1229fc5"><span>on June 29th</span></a><span>, management outlined their intention to separate into two publicly traded companies, </span><a href="https://www.cmcsa.com/static-files/ced447a4-4823-4904-b398-bab2a392d1c7"><span>Comcast Cable and NBCU / Sky</span></a><span>. Considering that Comcast management has shot down speculation around an NBCU spin </span><a href="https://x.com/TSOH_Investing/status/2071630015532294461?s=20"><span>as recently as January 2026</span></a><span>, this news is a material and unexpected change to the Comcast story.</span></p><p><span>Interestingly, while the stock price surged more than 20% on the morning of the separation announcement, it has since given back all of those gains. </span></p><p><span>On Friday afternoon, CMCSA closed at ~$24 per share – down about 60% from the peak levels that the stock reached in mid-2021 (~$58 per share).</span></p><p><span>Is Mr. Market’s apathy presenting a compelling investment opportunity?</span></p>
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