In short: Cited only as the read-across everyone got wrong: "everyone thought Disney was going to do poorly on earnings cuz Universal's parks were crap. But guess what? Universal was crap. Disney was up."
51:35The entertainment's doing fine. Live sports ESPN everyone had written it off for nothing. Now they're saying wow this is pretty valuable. They're crushing it in the box office and they're investing in the experiences, new cruise ships, new investment into the parks. And I loved it. Everyone thought Disney was going to do poorly on earnings cuz Universal's parks were crap.
In short: Named by Sethi (its NBC/streaming efforts) as a comparison in the "how much can streaming really charge" discussion. No stance.
In short: +20% on a plan to tax-free-spin NBCUniversal + Sky (theme parks, Universal studios, NBC/Telemundo, Peacock, Bravo) from broadband/wireline over ~12 months (Comcast keeps ~20% for up to a year). Unwinds the 2010s content+distribution model (echoes AT&T/Time Warner). "If it were to pull back, we would get involved."
Comcast said it will spin off its entertainment side — NBCUniversal, the Universal theme parks, Peacock, and Sky — into a separate, tax-free company, leaving the core cable/broadband business behind. The stock jumped 20% because investors think the pieces are worth more apart than together (the mirror of AT&T's costly Time Warner mistake). Singh isn't chasing it up here, but says he'd "get involved" if it pulls back.
Full passage: premium transcript (PDF).
In short: The subject — splitting in two: NBCUniversal + Sky (Universal Studios, parks incl. Epic Universe, NBC, Telemundo, Bravo, Peacock, Sky) become a standalone media co under co-CEO Mike Cavanagh; the parent keeps broadband, wireless and Comcast Business (65M+ homes) under returning CEO Michael Angelakis. Tax-free separation in ~12 months, parent keeps up to 19.9% of NBCU to sell down / cut debt; buyback suspended. Shares +17% intraday (biggest since 2008), settled ~+5% (was −22% YTD). Second step after Jan's Versant spin. Wells Fargo SOTP ~$25/sh — upside "requires a transaction." (Recap, not a stance call.)
Comcast is two very different companies stapled together. One is a steady "utility" — the cable broadband, WiFi and wireless business that pipes internet to 65 million-plus homes and throws off reliable cash but barely grows (and is now being nibbled by home internet over 5G and Starlink). The other is a lumpy show-business empire — Universal movie studios, the theme parks, NBC, the Peacock streaming service, and Sky in Europe — whose results swing wildly depending on hit movies and big TV events. Comcast is now splitting these apart: the media empire (NBCUniversal + Sky) becomes its own publicly traded company, and the parent keeps the connectivity utility.
Why do it? Because bundling a boring-but-steady cash machine with a volatile hit-driven studio confused investors who wanted one or the other, and the combined stock languished (down ~22% this year before the news). Splitting lets each be valued on its own terms — and, crucially, gives each its own stock to use as currency for deals. That's why Wall Street thinks the real prize is mergers: a standalone NBCUniversal is big enough to either go buy more content (to fight Netflix and Disney) or get bought itself. One analyst estimate (Wells Fargo) says the pieces are worth about $25 a share separately — only slightly above today's price — so the extra upside depends on a future deal actually happening. A recap, not a call.
In short: Bought last week. Did the work on how fast the broadband "ice cube" melts (10 years or 50?) given Starlink / fixed-wireless / FTTH — concluded ~30M-home fiber-to-node + coax network is low-latency, durable and a huge cash generator. The SpaceX/Starlink IPO noise knocked it ~$30→$22 = the opportunity. Valued it "like a private-equity investor," not a headline 5–7x P/E → significant upside. The NBCU spin is value-surfacing, "not takeover bait."
Comcast is a cable-and-broadband giant (plus NBCUniversal and theme parks). The fear weighing on the stock is that its home-internet business is a melting "ice cube" — that newer options like Elon Musk's Starlink satellites, fixed-wireless and fiber-to-the-home will steal its customers. Harrington's research asked how fast that melt really happens — 10 years or 50? — and she concluded: slowly. Comcast serves about 30 million homes with a network that runs fiber to a neighborhood node and then coax cable into the house; with a software upgrade it's fast, low-latency, already built, and throws off enormous cash.
Her valuation method is the key idea: she values Comcast "like a private-equity investor" — i.e. what would a buyer pay for the actual cash these businesses generate — rather than slapping a low headline price-to-earnings multiple on it the way the market does with Disney or Charter. On that basis there's "significant upside." The bonus: hype around the SpaceX/Starlink IPO knocked Comcast from about $30 to $22, handing her a cheaper entry, and she reads Comcast's plan to spin off NBCUniversal as management shining a spotlight on undervalued assets — not as putting itself up for sale.
In short: Reported Thursday alongside Charter — results "mixed, but mostly okay," and the stock rallied (the counterpoint to Charter's poor print the next day).
Comcast is the other big US cable company, reporting the day before Charter. Eisman read it as "mixed but mostly okay," and the stock rose — the calmer counterpoint to Charter's ugly print the next day. He's not making a call on it here; it's context for the cable-industry backdrop.
2:11On Thursday and Friday of last week, Comcast and Charter reported. The results that Comcast reported on Thursday were mixed, but mostly okay, and the stock rallied. The results Charter reported on Friday were poor, and the stock declined 25%. Now, I recommended Charter in January at $223. The stock had a nice rally until Friday, but after Friday is now down 22% on the year.
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Verbatim excerpts from the public transcripts (auto-pulled at each mention's timestamp, lightly cleaned). Timestamps link into the video; "source page" opens that commentator's full analysis at this row. Click a mention's header line to expand it (one open at a time). For personal study — not investment advice.