Carving Up Comcast

On Monday morning, shortly after announcing that Comcast would spin off NBCUniversal and its theme parks into a separate media-focused business, Brian Roberts addressed investors on a conference call. The chairman and co-chief executive opened the meeting by declaring it an “exciting day for Comcast” as he invoked the company’s history of evolving “alongside our customers, our industries, and the broader marketplace.” He then made a corporate-jargon-laden case that separating Comcast’s media assets from its broadband business was “not about separating what we built together,” but about “positioning two exceptional businesses to move forward with greater focus, agility, and the ability to capitalize on the opportunities ahead.”

After Roberts concluded his opening remarks, chief financial officer Jason Armstrong led a Q&A session, prodding Roberts and co-chief executive Mike Cavanagh for more insight into Philadelphia’s decision behind the seismic move. Just two questions in, Armstrong asked whether the restructuring should be interpreted “as a step toward potential transactions for either company over time.” Translation: Is Comcast’s intention to put these two entities in play for M&A activity?

“Absolutely not,” Roberts replied, reiterating his scripted talking points.

“Definitely not,” echoed Cavanagh.