Comcast (CMCSA) (CMCSK) might be the most complicated big company in America, Jack Hough writes in this week’s edition of Barron’s. Recently, the things that are supposed to be hurting the company don’t look so bad, and the things that are supposed to be helping aren’t. Movies are making money, but in theme parks, attendance has slipped, perhaps because a post-COVID surge has passed, but also probably because some vacationers are holding out for May and the opening of a new park at Universal Orlando called Epic Universe, the author notes. In television, legacy players have been squeezed between rapid declines in cable subscriptions on one side, and streaming services that are still burning cash on the other. Meanwhile, Peacock paid subscribers jumped 29% over the past year. Management also has a plan. Comcast will spin off cable networks MSNBC, USA, CNBC, E!, Oxygen, Syfy, Golf Channel, and other digital assets. It will keep Bravo, whose reality shows are particularly Peacockable. This SpinCo will be free to do deals, the publication adds.
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