Speaker 1: Bloomberg Audio Studios, podcasts, radio news.
Speaker 2: We're keeping a watch on media. Let's go to a
Speaker 2: panel up on stage at the theater here at screen time,
Speaker 2: our Lucas Shaw talk with Brian Roberts, CEO and chairman
Speaker 2: of Comcast NBC Universal.
Speaker 3: Coming out.
Speaker 4: Well, look, you have a We're not gonna go there
Speaker 4: right away, but you have earnings in a few months.
Speaker 4: You can just wipe that clean, right that'll. I want
Speaker 4: to start just with news of the moment, because you
Speaker 4: guys have a pretty big business in Florida, which I
Speaker 4: believe has been affected by the hurricane down there. So
Speaker 4: is everything fine at the parks?
Speaker 5: Thanks for starting there both theme park great news for
Speaker 5: that is will be open tomorrow and maybe even tonight
Speaker 5: with the city walk. We also are the cable company
Speaker 5: right in Fort Myers and right where the storm came in.
Speaker 5: So a lot of devastations we all have witnessed, and
Speaker 5: fortunately we have a culture probably a thousand peace but
Speaker 5: working on it today.
Speaker 1: We'll have people soon's powers back. We'll be back.
Speaker 5: Just had this storm a couple of weeks ago hit
Speaker 5: Georgia and Florida. It's awful this time of year, so
Speaker 5: hopefully everybody is safe, and it was good. I think
Speaker 5: the media did a great job for warning people and
Speaker 5: it was taken quite seriously, So thank you for asking.
Speaker 1: Yeah, I feel like there's more.
Speaker 4: I mean, for obvious reasons, there's just so much more
Speaker 4: storm coverage than ever before.
Speaker 1: Maybe global warning.
Speaker 4: Yeah, that's probably why. No easy way to transfer off
Speaker 4: of it. But I'm glad everyone's okay. I wanted to
Speaker 4: start sort of big picture with you. Most of your peers,
Speaker 4: i'd say, are getting are A lot of them are
Speaker 4: getting out of the media business, right, So Shery Redstone,
Speaker 4: Cells Rupert sold a few years ago, or at least
Speaker 4: out of the entertainment business. AP and T and Verizons
Speaker 4: or telecom companies got out. You seem to be investing
Speaker 4: more in media and entertainment at a time where there's
Speaker 4: a lot of anxiety and uncertainty about it. Why does
Speaker 4: it make sense for comcasts to be in the entertainment
Speaker 4: business and what do you see that sort of bright
Speaker 4: about the future that maybe others don't agree with.
Speaker 5: Well, I think a broad statement like that. You know,
Speaker 5: Larry Ellison just chose to get in. You're sponsored by AWS.
Speaker 5: There's you know, a complete change of who's enthusiastic and
Speaker 5: what do they bring to the party, and maybe some
Speaker 5: of those folks thought it was time to exit. We're
Speaker 5: pretty excited about the company we've got. We have in
Speaker 5: the media part of the business, studios growing great. Some
Speaker 5: of the clips you said, I hope Wicked wins that
Speaker 5: that poll and more importantly wins the box office. Fabulous
Speaker 5: bet by Donna team last year Oppenheimer, Chris Mellandandre You've
Speaker 5: got Jason Cumming later.
Speaker 1: I'm just bummed out.
Speaker 5: I'm not doing the hot wings your body well, thank you.
Speaker 1: Yeah.
Speaker 5: And so you know, we have in Peacock a strategy.
Speaker 5: I'm sure we'll get into a little more. That is
Speaker 5: a growth business for us. And we've also selling our
Speaker 5: Hulu steak so we actually will have you know, very
Speaker 5: little money net in streaming in terms of losses versus profits, so.
Speaker 1: You know, each company is different.
Speaker 5: Then we also have a broadband the majority of the
Speaker 5: company that my dad started, Comcast Cable now really a
Speaker 5: broadband connectivity.
Speaker 1: Business Wi Fi. You know, if you were to go
Speaker 1: back ten years and you say, let's design.
Speaker 5: With your perfect knowledge of what the world looks like today,
Speaker 5: what would be a cool company. You would say, I
Speaker 5: like to connect everybody to what we're doing, whether it's
Speaker 5: in streaming, or whether it's in AI, or whether it's
Speaker 5: going to be in you know, whatever comes Nest Zoom
Speaker 5: calls working from home, and we have the nation's most
Speaker 5: connected broadband customers. We have a converge service with wireless
Speaker 5: and broadband in more homes than AT and T, Verizon
Speaker 5: T Mobile combined, and a lot of that content. A
Speaker 5: hundred million people every quarter coming to watch today's show,
Speaker 5: Tonight's show SNL which is fabulous as always this year,
Speaker 5: And don't know how one Michael can do it every time,
Speaker 5: but this being such an important year, what a great
Speaker 5: first two shows, and then film and television and the
Speaker 5: stories we have, and then of course sports, and I'm sure.
Speaker 1: We'll talk a little about that as well.
Speaker 5: So I think we have a pretty great company, and
Speaker 5: I more excited.
Speaker 1: This will be our sixtieth year. My dad founded it.
Speaker 5: This will be and last year was the most profitable
Speaker 5: year and the best year in company's history. And you know,
Speaker 5: we're about to do earnings everything. We're gonna have a
Speaker 5: great year this year by all the analyst accounts, and
Speaker 5: maybe even the best year in the company's history are
Speaker 5: right there, and so why would you not be excited.
Speaker 1: You brought up Peacock.
Speaker 4: I'm curious how long until Peacock is really a profitable
Speaker 4: and sustainable business on its own.
Speaker 5: Well, first of all, we don't look at as on
Speaker 5: its own, So I'm not doing a duct your question completely.
Speaker 5: But that's not how we're running the business. We're running
Speaker 5: it as part of the media business. So take the Olympics.
Speaker 5: Eighty seven percent of the viewing was on NBC or
Speaker 5: one of our cable channels. Thirteen percent was on Peacock.
Speaker 5: But together we presented to the consumer all those choices,
Speaker 5: every event, every athlete, every country, Mike Turico doing two
Speaker 5: prime time shows in a heroic fashion.
Speaker 1: Hard to get. We have the stats here.
Speaker 4: Nbcunivers Will had the most viewership of any company TV
Speaker 4: viewership had any company in August because of thelige.
Speaker 5: Did it for seventeen straight days. It's so hard to
Speaker 5: keep America's a viewer's attention for more than two hours,
Speaker 5: let alone seventeen days.
Speaker 1: So that was a whole company effort.
Speaker 5: And so to pick one part of the company and say, well,
Speaker 5: how's that part doing well? If your goal is to
Speaker 5: just be Netflix. That's a really important question. If your
Speaker 5: goal is to have a media company that, particularly in
Speaker 5: the United States, which is where most of our emphasis is,
Speaker 5: is to deliver sports to I think of you know,
Speaker 5: Bloomberg didn't have a print business where I was chatting
Speaker 5: with some friends from the Wall Street Journal and they
Speaker 5: had to go from a dying print business to a
Speaker 5: growing digital business.
Speaker 1: And New York Times had to do the same.
Speaker 5: And there's some people that didn't make it USA today
Speaker 5: may not quite get there. So if you inquire regional papers,
Speaker 5: tough business.
Speaker 1: We think NBC we.
Speaker 5: Are going to get there, and Peacock is going to
Speaker 5: be part of how that happens is more and more
Speaker 5: people cut the cord, more and poor people will take Peacock.
Speaker 4: That's why people ask about the sustainability to Peacock.
Speaker 1: I get that it's part of.
Speaker 4: This broader group, right, but your cable networks are the way, right,
Speaker 4: so you need something.
Speaker 1: To offer that.
Speaker 5: Peacock we think this year will be the most losses
Speaker 5: we've had, even including the NBA investment that we're making.
Speaker 1: We're already improved. That's what last y won't hurt profitability going.
Speaker 5: We well, it might theoretically if in the short run,
Speaker 5: but in the long run we're super excited and think
Speaker 5: that it's factored into what we need to spend and
Speaker 5: what will monetize if you go back, we had all
Speaker 5: our content on Hulu.
Speaker 1: We bought the company.
Speaker 5: That was what NBC had committed to before we own
Speaker 5: the company. Then Fox happened and Disney got control of Hulu,
Speaker 5: got an amicable way to extricate, which was taking five years.
Speaker 5: We didn't want to sell our Hulu steak until the
Speaker 5: end of those.
Speaker 1: Five more than five years. At this point, a little.
Speaker 5: Bit going to We're going to figure out eventually the
Speaker 5: end and we will have taken We've already taken, you know,
Speaker 5: a lot of billions of dollars out off of several
Speaker 5: hundred million dollar investment and maybe more to come, we hope.
Speaker 5: And so when that's all said and none, we got
Speaker 5: all the content onto Peacock, but we had to start
Speaker 5: at a very late date compared to other streaming coad
Speaker 5: So our strategy was to take all the sports we
Speaker 5: had and now make them available to people who didn't
Speaker 5: buy the bundle. We're the first ones in a way
Speaker 5: to actually do that, and then later on all the
Speaker 5: episodes and all the seasons and all the great content
Speaker 5: that Donna's making and film created a new set of windows.
Speaker 5: Team did a super job where some of our content
Speaker 5: is for four months, all of it's on Peacock. The
Speaker 5: next ten months it goes to either Amazon or Netflix,
Speaker 5: and then back to Peacock. Nobody had ever done that before,
Speaker 5: So we've been kind of innovating, I think, in the
Speaker 5: changing industry and the changing landscape to work for our
Speaker 5: set of assets to give us a very sustainable path
Speaker 5: to be able to say to you that our media
Speaker 5: business will be profit is profitable, will continue to be profitable,
Speaker 5: and I believe will grow despite the downward pressure because
Speaker 5: of the growth of Peacock.
Speaker 4: Right, I'm wondering if you are confident in Peacock on
Speaker 4: its own, not on its own, you know, within your company,
Speaker 4: but as a as a viable streaming service going forward.
Speaker 4: Why it's been publicly reported by Bloomberg and others. You've
Speaker 4: had conversations with other companies about merging streaming services, joint ventures,
Speaker 4: that sort of thing. You know, paramounts certainly been out there.
Speaker 4: Why have those talks if you're a big believer in Peacock.
Speaker 5: Well, there's always just because you reported at Bloomberg, I'm
Speaker 5: not going say it's accurate, but of course if it's Bloomberg,
Speaker 5: it must be accurate.
Speaker 4: So therefore, well you reference the Journal they also reported.
Speaker 4: I feel like if we're if both Bloomberg and the
Speaker 4: Journal are reporting something odds.
Speaker 1: Are it's accurate?
Speaker 5: Absolutely so, and throw NBC News in there too. So
Speaker 5: in all seriousness, obviously people are going to say, there
Speaker 5: is a changing landscape, what can I do that would
Speaker 5: advance myself? So conversations is always going to happen. They
Speaker 5: happen all businesses all the time. I think it's a
Speaker 5: tough thing to actually get executed because I'm a believer
Speaker 5: coming from where I started my career in cable.
Speaker 1: My first job was selling HBO.
Speaker 5: Door to door, one of the first jobs, and we
Speaker 5: had a lot of channels. When John Malone said we're
Speaker 5: going to go to five hundred channels, it kind of
Speaker 5: got laughed about. And then the Internet, of course went
Speaker 5: to Infinity Infinity, so the notion that we'd have ten
Speaker 5: streaming service doesn't intimidate me whatsoever. The technology for the
Speaker 5: consumer is the question can I bounce from show to show.
Speaker 4: I'm not sure hard to get from Netflix to Peacock
Speaker 4: to Apple.
Speaker 5: If you believe that's how it's going to be, then
Speaker 5: that's an issue. I'm coming from a world that we
Speaker 5: went from three channels when my dad started to five
Speaker 5: hundred channels and we had no problem doing that, and
Speaker 5: the consumer.
Speaker 1: Got used to it. So the question will be can
Speaker 1: we solve that?
Speaker 5: Well, we have a technology which we've licensed to Charter,
Speaker 5: We've launched the Rogers. We do it with Sky, we
Speaker 5: do in Australia, we do it in South Africa where
Speaker 5: you just talk to it and say House of Cards,
Speaker 5: Sunday night football, Dodgers game, congratulations, af Phillies didn't do.
Speaker 1: So well yesterday. You just go. It's just like changing channels.
Speaker 5: Now somebody will come along and say, well, can I
Speaker 5: buy one subscription and get all these services?
Speaker 1: So I'm not out of luck.
Speaker 5: Well that sounds like cable TV was, So I have
Speaker 5: a bias that I could see it all kind of
Speaker 5: being some form of consumer wants to go where the
Speaker 5: great content is. And if AMC makes a show breaking
Speaker 5: bad and nobody had ever watched AMC before that, perhaps
Speaker 5: and all of a sudden, they had AMC and they
Speaker 5: had breaking bad.
Speaker 1: That's the great community here makes the breakthrough.
Speaker 5: Must have programming, whether that one day is an Olympics
Speaker 5: or one day is a show that I never knew
Speaker 5: I wanted, and the word of mouth, and I'm confident
Speaker 5: that Peacock can play an important role in that. And
Speaker 5: whether we do that with others or by ourselves or
Speaker 5: in some sort of partnership, you know, those are things
Speaker 5: that right today we're pretty happy where we're at.
Speaker 1: But we'll see. We didn't bid on Paramount. You know,
Speaker 1: all the.
Speaker 5: Press wants to have us do something I don't know
Speaker 5: that we are going to do.
Speaker 4: Right, Okay, I was going to take you in another direction,
Speaker 4: but you brought up M and A, so let's go
Speaker 4: and do it. You didn't bet on Paramount. The company
Speaker 4: you've been linked to most often is WBD. There's this
Speaker 4: sort of belief in the market. You want to spin
Speaker 4: out any Universal, you want to merger with Warner Brothers, Discovery,
Speaker 4: you want to buy something like that. You've publicly, privately,
Speaker 4: through my understanding, like been not necessarily dismissive, but said
Speaker 4: you don't think that's going to happen. Is why don't
Speaker 4: you think that that deal makes sense?
Speaker 5: Well, I think I don't want to come on any
Speaker 5: specific deal, and you can understand and why that would
Speaker 5: be the case. And you know, there are a wonderful
Speaker 5: set of assets and Davids Aslove is doing working really hard,
Speaker 5: trying to figure out.
Speaker 4: Back to say, doing a good job.
Speaker 5: And then your self, how do you how can you
Speaker 5: read my mind? But I in all seriousness here they're
Speaker 5: trying to do something very different than what I just described.
Speaker 5: And therefore I think we're going to do our thing.
Speaker 5: And we're the company we've got and the assets and
Speaker 5: the team.
Speaker 1: The people.
Speaker 5: You know, I'm you know, you can characterize any way
Speaker 5: you want. I think we're on a good track. And
Speaker 5: I start because I think at its heart, the company
Speaker 5: we've got started with again before I was there for
Speaker 5: fifty years at NBC and one hundred years at Universal.
Speaker 5: But take NBC and the assets that have been created
Speaker 5: are appealed to Americans and maybe they appealed to Britain too.
Speaker 5: It's English speaking for the most part, it's relevant. One
Speaker 5: hundred million consumers touch us every ninety days. Most of
Speaker 5: the country watches something from NBC Universal, and how do
Speaker 5: we get that to the digital world and monetize that
Speaker 5: with digital ads.
Speaker 1: That's what we're trying to do.
Speaker 5: And we've got a broadband business and a television business
Speaker 5: at Comcast Exfinity.
Speaker 1: So during the Olympics we.
Speaker 5: Had almost double the viewing two x in the Comcast
Speaker 5: homes because when you turned on the TV, there was
Speaker 5: all things Olympics in our X one guide, in our
Speaker 5: Zumo boxes. And I think that we have a playbook
Speaker 5: that works for us. Other companies are trying to chase Netflix,
Speaker 5: and you've got Netflix coming on later. Done an incredible
Speaker 5: job everywhere in the world, but in the US, I
Speaker 5: think we can do an incredible job in our And
Speaker 5: then we've got Sky in the UK, which had been
Speaker 5: doing the same kind of thing in the UK, so
Speaker 5: it kind of fits really well in our English speaking
Speaker 5: universal it does globally distribute, so we set up a
Speaker 5: partnership with Paramount Sky show Time, we partner with others.
Speaker 5: There's always going to be conversations around how do we
Speaker 5: remain very relevant globally, But where we have our own
Speaker 5: distribution and our own platforms and our own set of skills,
Speaker 5: I think that's what we're focused on.
Speaker 4: Would do you think the current regulatory climate would you
Speaker 4: be able to buy a big media company.
Speaker 1: Look, I think.
Speaker 5: That's not a reason were that I would give you
Speaker 5: as an answer not to do something.
Speaker 1: You brought up cable.
Speaker 4: There was a belief, I think among analyst executives for
Speaker 4: a while that there was what you'd call a floor. Right,
Speaker 4: there's been a decline in the cable business, but at
Speaker 4: a certain point it would level off because a certain
Speaker 4: number of people would always want to pay for it
Speaker 4: or would just have it right, like older people, whatever,
Speaker 4: sports fans, whatever it may be. The last six month,
Speaker 4: twelve months, it feels like there's been a little bit
Speaker 4: of a revision there where there's some discussion that maybe
Speaker 4: there isn't a floor, that it just falls to zero
Speaker 4: when you're talking with your finance guys, for strategy people,
Speaker 4: what do you see as or the base the floor
Speaker 4: for cable.
Speaker 5: So that's not actually how I think we should think,
Speaker 5: because who knows is they answer that question.
Speaker 1: I look at it as a consumer and then trying.
Speaker 5: To have a set of products that we offer the
Speaker 5: consumer that were indifferent to the answer. So if there's
Speaker 5: many people want to buy a bundle in video great.
Speaker 5: We want to have the best bundle and that's Exfinity.
Speaker 5: We have a talking remote, Emmy Award winning, we have
Speaker 5: all the content. We were the first people to put
Speaker 5: Netflix on that box. It was just as good as HBO.
Speaker 5: We could switch channels everything you said earlier, no problem.
Speaker 5: We have the I think the best entertainment operating system
Speaker 5: out there. The same time, along came streaming in a
Speaker 5: much healthier way, and people said, I want.
Speaker 1: To cut the cord.
Speaker 5: We make virtually the same amount of money, some cases
Speaker 5: more if you take broadband only.
Speaker 1: Why do I say more? Well, we don't have.
Speaker 5: To bill you all those extra fees, and we don't
Speaker 5: have to raise rates. And when you're unhappy about something,
Speaker 5: you call us.
Speaker 1: There's cost to doing business.
Speaker 5: Now you're buying your streaming, you're dealing directly with the
Speaker 5: content company. And we managed to get our business to
Speaker 5: where we're in. Different to the answer that question. So
Speaker 5: I remember the first time I met Bill Gates, really
Speaker 5: sat down and had a meeting. He said, someday, this
Speaker 5: is in the nineties, the Internet was just starting. You
Speaker 5: will have more data customers than you have video customers.
Speaker 5: At that point, we had zero Internet and we had,
Speaker 5: I don't know, twenty twenty five million video. Fast forward,
Speaker 5: we have thirty two thirty two million broadband and half
Speaker 5: as many video. So we set up our company with
Speaker 5: fiber optics, with long term investments to anticipate what has happened.
Speaker 1: And now are we perfect about that? Of course not so.
Speaker 5: I think I think you know, there could be more decline,
Speaker 5: It could level off YouTube TV, Hulu Live.
Speaker 4: Is it going to hurt your soul a little bit
Speaker 4: if YouTube TV surpasses you as the biggest cable operator.
Speaker 5: Not if they're using Infinity broadband and watching NBC and
Speaker 5: watching it, we will have transitioned our company pretty carefully.
Speaker 5: We're going to, you know, be pretty happy with the
Speaker 5: Comcast NBCUniversal that we got.
Speaker 4: You brought up internet. Internet seems to also it's not
Speaker 4: shrinking at all. Obviously everybody needs it. But most people
Speaker 4: now have access to the internet, right there's maybe thirty
Speaker 4: forty million homes or people that don't because of where
Speaker 4: they live. When you're thinking about the future trajectory and
Speaker 4: growth of your business, is there a business you're not
Speaker 4: in now that you feel like you need to be
Speaker 4: to sort of be a quote unquote growth story or
Speaker 4: can you do it with the assets you have?
Speaker 5: Well, I obviously there are things like AI that intrigue
Speaker 5: everybody and make it fun and stimulating to want to
Speaker 5: go to work every day and what's happening? And I
Speaker 5: love technology and it's inspiring and scary and all things
Speaker 5: in between. So I had answer. I'd start the answer
Speaker 5: to that by saying, Okay, go back ten years and
Speaker 5: ask yourself what you did with the internet. Then go
Speaker 5: back to the that Bill Gates moment, and what were
Speaker 5: you doing twenty years ago with the internet whatever number
Speaker 5: of years? And we were doing pictures, and then we
Speaker 5: got to Napster and we got to go down the list,
Speaker 5: and now we're into four K and we're working from
Speaker 5: home and we think we're done. And the way I
Speaker 5: keep score is bits per home. And if you look
Speaker 5: at the cagar of bits per home, it's gone up
Speaker 5: twenty five thirty percent since nineteen ninety seven.
Speaker 1: Every year we're doing what we hope. There are bits,
Speaker 1: but they're your bits.
Speaker 5: There's everybody in there's rooms bits, it's video cameras, it's
Speaker 5: hopefully healthcare, and.
Speaker 4: Do you get as that keeps growing as it moves
Speaker 4: maybe to other devices you feel comfortable that your company
Speaker 4: will capture enough of that.
Speaker 5: So the name drop one other person who I think
Speaker 5: understood this better than way better than me.
Speaker 1: First time. Got to many times.
Speaker 5: Go visit with Steve Jobs to try to get an
Speaker 5: Apple box to be our box. And we were trying
Speaker 5: to merge boxes and of course they have Apple TV,
Speaker 5: we have our box.
Speaker 1: Never actually happened, and.
Speaker 5: One of the meetings they said, well, you should give
Speaker 5: up because we're going to win that. Well, you should
Speaker 5: put Wi Fi in all your boxes and that's how
Speaker 5: you'll win. And you should be the best pipe and
Speaker 5: he said the best dumb pipe. And I said, well,
Speaker 5: that doesn't sound very exciting to be the best dumb pipe.
Speaker 5: And we would edit that when I go home. So
Speaker 5: I went home, went to our chief technology officer and said,
Speaker 5: what's Wi Fi? And today we have the nation's biggest
Speaker 5: Wi Fi network, and we have more customers and ninety
Speaker 5: percent of your cell phone usage ninety percent is Wi Fi.
Speaker 5: And that's because seventy percent of all the bits going
Speaker 5: over the Internet right now are streaming, and streaming wasn't
Speaker 5: here ten years ago. So I sit here and say
Speaker 5: the most exciting thing about our company is what's coming
Speaker 5: in the next ten years that happens in innovation around
Speaker 5: the world, hopefully here in America, hopefully Silicon Valley in
Speaker 5: LA and everywhere else Philadelphia, and that we're going to
Speaker 5: continue to have bits home go up and whether that's
Speaker 5: Apple provision pro Streaming sports is a natural. When we
Speaker 5: had one football game in America, went from CBS, NBC
Speaker 5: and Fox had Thursday Night and it moved to Prime
Speaker 5: so it went from TV to streaming. The number one
Speaker 5: night in bits traveling the Internet in America was Sunday night.
Speaker 1: Thank you HBO.
Speaker 5: The entire Internet moved at Thursday night with one football game.
Speaker 5: So the number one night in consumption on bits on
Speaker 5: Peacock was the single biggest night in the Internet's history
Speaker 5: in America. Work flawlessly, super proud of that moment led
Speaker 5: us to the Olympics. I think we're just scratching the
Speaker 5: surface all regional sports, the Dodgers games.
Speaker 4: You know, the regional sports network business.
Speaker 5: I will think we're going to reinvent itself in streaming.
Speaker 5: Right where else is that going? And so more and
Speaker 5: more that cord cutting question are we which side of
Speaker 5: that are we on?
Speaker 1: Because the more it happens.
Speaker 5: The more broadbands we're going to sell, the more broadband
Speaker 5: is going to be valuable to you as a consumer,
Speaker 5: and more it's going to differentiate from wireless. We have
Speaker 5: the best network, So I go back to what jobs said,
Speaker 5: let's be the best network.
Speaker 1: We'll edit out dumb and.
Speaker 5: Let's make sure we never lose sight of that. And
Speaker 5: that's where we're investing. So again, going back to what's
Speaker 5: a for our company, look like a winning hand. Be
Speaker 5: on the side that you don't care what the answer
Speaker 5: is to that question. If the consumer wants to cut it, yes,
Speaker 5: that will hurt some parts of our company, but other
Speaker 5: parts of our company are going to succeed, and that's
Speaker 5: going to be you know, indifferent or net Could.
Speaker 4: You brought up sports? You just made a really big
Speaker 4: deal for the NBA. So I'm told there's a publicly
Speaker 4: announced now no.
Speaker 1: Oh yeah, very excited about it.
Speaker 4: Two questions. One, you're I have know the packages aren't
Speaker 4: exactly the same, but you know the price be like
Speaker 4: doubled this time, more than doubled. How do you pencil
Speaker 4: out the the math on that? Because one of the
Speaker 4: criticisms that at David Thazlewood level, he's a loser in
Speaker 4: the circumstance would be you overpaid. There's no way that
Speaker 4: those numbers make sense.
Speaker 1: Well, we'll see right who knows.
Speaker 5: He's suing to get it, So I don't think that
Speaker 5: that's a uh A good one.
Speaker 4: He believes he'll have to pay. Last if you went
Speaker 4: with that lawsuit, I believe.
Speaker 3: Okay, So you had Disney, Amazon, ourselves and potentially those guys,
Speaker 3: and if you took it on a per game basis
Speaker 3: and adjusted right, that one is the finals. We didn't
Speaker 3: get those, we got the semi finals. So adjusted a
Speaker 3: regular season added all and get it down to some
Speaker 3: sort of game per CPM or however you would look
Speaker 3: at it. We're all basically paying the same price. In
Speaker 3: our case, we got the most quantity as well as
Speaker 3: some incredible quality. And so the life cycle of Peacock
Speaker 3: and where we're at it is going to be a
Speaker 3: big driver.
Speaker 1: It's a nine month product.
Speaker 5: It is relevant to a really growing, diverse, young audience,
Speaker 5: exactly what we want for Peacock. It fits in with
Speaker 5: writing the schedule after Sunday night football. We've got Olympics,
Speaker 5: We've got many other great events, and.
Speaker 1: So we think this is what the market was.
Speaker 5: It's about once every twenty five years, twenty years, that
Speaker 5: there's a platform change. We're in the right place at
Speaker 5: the right time. Team Mark and Rick Cordell and Mike
Speaker 5: Cavanaugh others, fantastic job making it happen, and we really
Speaker 5: admire what the NBA is going to do has done,
Speaker 5: and we're excited to be a partner.
Speaker 1: Couldn't be more excited.
Speaker 4: Does that mean you're like, are you sort of out
Speaker 4: on the next big like the UFC's coming up next
Speaker 4: year you sort of made your bet that's not for you?
Speaker 4: Or do you still have the spending to go after
Speaker 4: We haven't.
Speaker 1: You know, I don't want to speak on any one.
Speaker 5: We haven't typically done that property, but we had NBA
Speaker 5: on NBC felt like no, I grew up in it right.
Speaker 5: There's a real, just incredible enthusiasm at NBC Sports and
Speaker 5: across the whole company that this is going to be
Speaker 5: an engine for growth for the many many years and
Speaker 5: hopefully there'll be a twenty thirty year relationship or long
Speaker 5: long after I'm gone.
Speaker 1: So I'm excited.
Speaker 4: I think, unfortunately about out of time. But I didn't
Speaker 4: want to ask you one more question. Because you've always
Speaker 4: the one more question.
Speaker 1: This one's easy.
Speaker 4: You brought up I'm ending on an easy note. This
Speaker 4: year you brought up Steve Jobs, you brought up Bill Gates.
Speaker 4: When you go to like the billionaire summer camps, right,
Speaker 4: like the.
Speaker 1: Who's your click? Who are?
Speaker 5: I was helping my wife recover from knee surgery. I
Speaker 5: wasn't there, so I didn't go any camps. It's been
Speaker 5: a great.
Speaker 1: No.
Speaker 5: It's a fun industry, right, And what happened over time
Speaker 5: and the first time my dad and I were invited
Speaker 5: to that, we went together. We always asked to stay
Speaker 5: in the same room and just use it as a
Speaker 5: chance to like pinch ourselves that a company. When I
Speaker 5: got out of college went to work for Comcasts, we
Speaker 5: had twenty million in revenues and this year give or
Speaker 5: take no guidance here, but you know called one hundred
Speaker 5: and twenty billion, and it's like only in America. So
Speaker 5: I think when we get to go and see the change,
Speaker 5: and what's obviously changed over the years is now the
Speaker 5: technology Google the first time they showed up or Yahoo,
Speaker 5: remember Warren Buffett ask him a question of Yahoo, of
Speaker 5: Jerry Yang or something like, well, tell me how you monetize,
Speaker 5: and you know, nobody could understand. And now, of course
Speaker 5: the world's changing. So I think that's what has allowed
Speaker 5: our company. We've tried to partner with those and say
Speaker 5: we don't have all the answers and keep some certain
Speaker 5: sort of humility as we continue to be in a
Speaker 5: very tough business and changing, and keep our enthusiasm and
Speaker 5: attract great people. And that's, uh, that's what we're trying
Speaker 5: to do.
Speaker 4: Your dad started to pass the range Toro at a
Speaker 4: pretty young age, right, Have you thought about that in
Speaker 4: your circumstance at all?
Speaker 5: You know, you know, I always it was a very
Speaker 5: different company, and you know, we have great kids who
Speaker 5: are doing their own thing in life. We'll see, But
Speaker 5: Mike Cavanaugh, we've had we've attracted people over time who
Speaker 5: I think, if I'm hit by a bus, our company
Speaker 5: is in great shape.
Speaker 1: But we've been.
Speaker 5: Able to use the two tier stocks that my dad
Speaker 5: created that kind of have a stability and a long
Speaker 5: term investor owner mentality by trying to be trying to
Speaker 5: recognize the public duty and importance of being a you know,
Speaker 5: best in class company.
Speaker 4: Ryan, thanks for being here.
Speaker 1: Thanks Lucas.
Speaker 2: All right, that of course, is the head of Comcast,
Speaker 2: Brian Roberts with our Lucas Shaw. I mean this is
Speaker 2: someone where the media business, right, cable business has certainly.
Speaker 1: Been in decline.
Speaker 6: I think it's fair to say well, but also said
Speaker 6: where's the floor. That's what Lucas asked, where's the floor
Speaker 6: of this business?
Speaker 2: But he grew up in it right, and he's been
Speaker 2: part of the changes. If you think about he came
Speaker 2: to Comcast back in nineteen ninety, that's over a quarter
Speaker 2: of a century ago. That company that he now leads
Speaker 2: has transformed dramatically.
Speaker 6: We'll just think about what the landscape looked like then
Speaker 6: when Comcast was started by his father. He said, there
Speaker 6: were three channels out there, and there were five hundred channels.
Speaker 6: And now you have people using the smallest screens that
Speaker 6: they carry around in their pockets each and every day
Speaker 6: to consume more content than they're consuming on the big screen.