Sports
Behind Comcast's big TV deal: a bleak picture for once mighty cable industry
When Comcast swallowed NBC and Universal Studios 14 years ago, the sibling cable channels USA Network, Bravo and CNBC were considered diamonds in the rough.
USA Network had gained traction with its “Blue Skies” programming strategy: sunny and upbeat TV programs infused with a buoyant energy and natural light. The cable channels were NBCUniversal’s equivalent of blue skies, routinely delivering three-quarters of the company’s profit. In 2012, cable networks threw off a robust $3.3 billion in cash flow.
Times have changed.
Comcast this week announced its plans to jettison all but one cable channel into a separate, stand-alone publicly traded company that will take shape over the next year.
“This is a reminder that the cable television network business is yesterday’s news,” analyst Craig Moffett said Wednesday in an interview. “If it feels like Comcast is shedding itself of an albatross — that’s because it is.”
For now, Comcast’s cable channels remain a viable business by generating $7 billion in annual revenue. But you have only to look at the properties the Philadelphia cable giant is keeping to see how the top brass has picked future winners and losers in a fast-changing media landscape.
Comcast will hold on to the NBC broadcast network, with its NBC News and NBC Sports units, along with its prolific Los Angeles-based Universal film and television studios, Universal Studios theme parks, local TV stations, including KNBC-TV in Los Angeles, and streaming service Peacock, which now has 36 million subscribers.
The lone cable outlet set to remain within NBCUniversal is Bravo, which has a bold brand, cultural cachet and the “Real Housewives” franchises. Company executives reviewed data that showed NBC and Bravo shows had strong viewership on Peacock, insiders said.
The spinoff company will be composed of the remainder of the cable channels, including MSNBC, CNBC, USA, Oxygen, Syfy, E! and the Golf Channel as well as digital properties, including Rotten Tomatoes, Fandango and SportsEngine.
Comcast’s move is the strongest sign yet of alarm reverberating throughout Hollywood’s traditional companies. Cable channels have long been a key economic pillar by generating billions of dollars in cable distribution fees that more than covered up the misses when big-budget movies flopped or during advertising recessions.
No more. Rampant cord-cutting has roiled the television business and linear cable channels — once a mighty draw for couch-potato viewing — have become endangered species.
Industry executives privately acknowledge that they unintentionally contributed to the erosion by making cable channels less appealing — stuffed with endless sitcom reruns, dated movies and extended commercial breaks, contributing to the rise of on-demand streaming services.
Millions of consumers have switched to streaming platforms that offer fewer commercials, or none at all, and lower subscription prices. In the first six months of the year, an additional 4 million customer homes dropped pay-TV, according to a recent MoffettNathanson report.
That’s a 30% decline since 2012, when there were more than 100 million pay-TV homes in the U.S.
Consumers also can cancel streaming services with a click of a button — without haggling with a customer service representative at a pay-TV company call center.
The toll has been enormous. Thousands of entertainment company workers have been laid off in the last four years in seemingly endless waves of restructuring. Traditional media companies have struggled to shore up their slumping stock prices.
In August, Warner Bros. Discovery took a $9-billion write-down on the value of its basic cable portfolio, which includes CNN, TBS, TNT and Cartoon Network. That same month, Paramount Global wrote down $6 billion in value for its cable channels, including MTV, Nickelodeon, VH-1 and Comedy Central.
Pay-TV channel blackouts have become more common. And pioneering satellite TV company DirecTV two months ago announced its plan to buy competing Dish Networks for $1. That merger is expected to face regulators’ scrutiny.
More separations and roll-ups may be coming.
Warner Bros. Discovery Chief Executive David Zaslav has telegraphed his desire to wheel or deal assets now that President-elect Donald Trump is preparing to take office. Zaslav’s company is desperate to pay down debt taken on two years ago when the smaller Discovery merged with WarnerMedia, relieving AT&T of its entertainment headache.
Although Comcast’s move is bold, the reckoning began seven years ago after Netflix had become the go-to destination for younger viewers. That’s also when Rupert Murdoch, the now 93-year-old media baron, decided to sell much of 21st Century Fox to Walt Disney Co. Some investors and analysts believe the $71-billion price for the Fox assets was wildly overvalued.
Since then, Disney has taken steps to de-emphasize cable distribution, and the Burbank powerhouse is planning to launch ESPN directly to consumers next year — a move that many in the industry believe will mark the tipping point for the cable channel business.
“Comcast is accelerating this pressure [in the cable business] with its success with Peacock, which makes the legacy pay-TV model with multi-channel bundling of cable networks a much more difficult prospect going forward,” Raymond James analyst Frank G. Louthan wrote in a note Wednesday.
Comcast executives say they are not entirely pulling the plug on their cable channel business, noting that the new company will have resources to buy additional channels or other properties to build scale..
“The company will have significant cash flow, a strong balance sheet, and the financial flexibility to pursue growth opportunities, both organically and potentially through acquisitions,” Comcast President Mike Cavanagh said in a note to employees.
The spinoff company, which doesn’t yet have a name, will continued to be controlled by Brian Roberts, chair of Comcast.
Mark Lazarus, who currently serves as chair of NBCUniversal Media Group, will shift to the new company as its chief executive.
Comcast shareholders will receive stock in the new company in tax-free transactions.
Moffett, the analyst, said the cable channel company will face considerable challenges maintaining the channels’ position in the pay-TV and advertising markets.
“This [spinoff] is good news for investors but it’s not a guaranteed success,” Moffett said. “We’ve seen this movie before with Viacom and CBS. Separating the broadcast network from the cable channels could leave the cable channels adrift.”
In 2006, the late mogul Sumner Redstone split his media empire consisting of the cable channels and the Paramount film studio. CBS forged forward with its broadcast network, television studio, Showtime and a book publishing house.
Five years ago, Redstone’s daughter, Shari, reunified the company. In July, she decided to unload the entire enterprise, now called Paramount Global, to the Larry Ellison family. That transaction also faces a regulatory review.
Moffett and other analysts say the spinoff company could struggle to maintain the size of distribution fees that Comcast was able to wrangle from pay-TV operators, thanks to the muscle of NBC and its marquee program, “Sunday Night Football.”
Some analysts wonder whether Comcast is preparing the cable channels to be absorbed by another company or a private equity firm.
“It looks like this is set up for [another] transaction,” Moffett said of the Comcast spin.
Wall Street seemed to endorse the spinoff news. Comcast shares gained 1.6% Wednesday to close at $42.99.
Dave Roberts tossed T-shirts to fans. The students were back out in bunches. UCLA traded in its recent first-half troubles for a big lead.
It was sort of fun to be a Bruin again Saturday at Pauley Pavilion.
On an evening the team honored Roberts, the Dodgers manager and former Bruins outfielder who triumphantly hoisted the World Series trophy over his head during a timeout as fans roared, it was possible to forget about UCLA’s troubles for a few hours.
The Bruins’ 67-55 victory over Maryland was a needed reprieve for a team aching over its defense, not to mention a two-game losing streak that was comfortably snapped despite the Terrapins grabbing one offensive rebound after another.
Maryland (7-9, 0-5) finished with an absurd 20 offensive rebounds, leading to 24 second-chance points, and it still wasn’t enough to make the final minutes a worry for UCLA (11-5, 3-2) after a 6-0 push put the game away.
Forward Eric Dailey Jr. ensured that things didn’t go awry for the Bruins, nearly logging a double-double with 15 points and nine rebounds. Trent Perry (16 points, six rebounds) hit a clutch corner three-pointer with a little less than six minutes left after Maryland had closed to within five points.
Maryland’s inability to make baskets — the Terrapins shot 30.3% overall and 18.2% from three-point range — was forced in part by some active defense, notably from UCLA’s Steven Jamerson II. The backup center had perhaps his best across-the-board showing as a Bruin, finishing with eight points, five rebounds, three assists, two blocks and one steal in 22 minutes.
UCLA guard Trent Perry, left, collides with Maryland guard Andre Mills while battling for a defensive rebound in the first half Saturday.
(Gina Ferazzi / Los Angeles Times)
His top highlight came on an offensive rebound he snagged while falling out of bounds and saved by flinging a pass to Perry for a three-pointer. UCLA would have won with even greater ease had it not made just 18 of 27 free throws (67%).
There were moments it was easy to forget the Bruins were playing without guard Skyy Clark (hamstring) and forward Brandon Williams (lower-leg injury). Both players are considered day to day, meaning they could return soon.
Maryland could relate to being shorthanded. The Terrapins were missing star center Pharrel Payne, who remained sidelined because of a knee injury. Forward Elijah Saunders led Maryland with 17 points.
It wasn’t nearly enough given the Bruins looked a bit more like the team they need to be.
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The Atlanta Falcons have added one of the team’s greatest players to its front office.
The Falcons announced on Saturday that former quarterback Matt Ryan, who spent the first 14 years of his 15-year NFL career with the team after being drafted third overall in 2008, will be president of football on Saturday. The 40-year-old Ryan, who holds team records for passing yards, touchdowns and wins, will assume the new role immediately.
Ryan will report directly to owner Arthur Blank and collaborate with president and CEO Greg Beadles to ensure the alignment of the business and football areas of the organization.
Former Atlanta Falcons quarterback Matt Ryan (2) on the sideline before he is inducted into the team’s Ring of Honor at halftime of a game against the Tampa Bay Buccaneers at Mercedes-Benz Stadium in Atlanta, Georgia, on Oct. 3, 2024. (Brett Davis/Imagn Images)
“Throughout his remarkable 14-year career in Atlanta, Matt’s leadership, attention to detail, knowledge of the game and unrelenting drive to win made him the most successful player in our franchise’s history,” Blank said in a statement.
“I am confident those same qualities will be a tremendous benefit to our organization as he steps into this new role. From his playing days to his time as an analyst at CBS, Matt has always been a student of the game, and he brings an astute understanding of today’s NFL, as well as unique knowledge of our organization and this market. I have full confidence and trust in Matt as we strive to deliver a championship caliber team for Atlanta and Falcons fans everywhere.”
The Falcons fired head coach Raheem Morris on Sunday after back-to-back 8-9 seasons. The Falcons had won their last four games, leading some to believe Morris might be afforded a third season, but Blank had other plans.
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CBS Sports broadcaster Matt Ryan before a game between the Kansas City Chiefs and the Denver Broncos at Empower Field at Mile High in Denver, Colorado, on Nov. 16, 2025. (Ron Chenoy/Imagn Images)
The Falcons also fired general manager Terry Fontenot after five seasons on Sunday. Ryan will be fully involved in the team’s search for the Falcons’ next head coach and general manager.
“Arthur gave me the chance of a lifetime almost twenty years ago, and he’s done it again today,” Ryan said in a statement.
“While I appreciate the time I had with the Colts and with CBS, I’ve always been a Falcon. It feels great to be home. I could not be more excited, grateful, or humbled by this new opportunity. I began my career with a singular goal: to do right by the Blank family, the Falcons organization, the City of Atlanta, and especially our fans. My commitment to the success of this franchise has not changed. I’m beyond ready to help write a new chapter of excellence.”
Ryan has spent the last three seasons as a member of the CBS Sports team as an analyst.
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Atlanta Falcons quarterback Matt Ryan (2) passes the ball against the Buffalo Bills during the second half at Highmark Stadium in Orchard Park, New York, on Jan. 2, 2022. (Rich Barnes/USA TODAY Sports)
“I want to thank the incredible team at CBS Sports. I loved my three years there and I am truly grateful for their support in pursuing this opportunity. The CBS Sports culture is amazing, and I have made teammates and friends for life,” Ryan said in a statement.
Ryan, who was drafted out of Boston College, played with the Falcons for 14 seasons and holds many franchise records, including passing yards (59,735), attempts (8,003), completions (5,242), passing touchdowns (367), passer rating (94.6), completion percentage (65.5) and 300-yard games (73).
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HIGH SCHOOL BASKETBALL
FRIDAY’S RESULTS
BOYS
CITY SECTION
Dorsey 75, Northridge Academy 67
El Camino Real 60, Carson 40
Fairfax 80, North Hollywood 43
Harbor Teacher 43, Torres 33
LA Hamilton 47, Marquez 40
LA University 74, Franklin 52
Santee 71, Rise Kohyang 39
SOCES 74, Lincoln 73
South East 59, Locke 45
View Park 44, Orthopaedic 40
Westbrook 57, Maywood CES 56
Wilmington Banning 50, Verdugo Hills 37
WISH Academy 50, University Prep Value 47
SOUTHERN SECTION
ACE 57, Victor Valley Christian 45
Agoura 52, Newbury Park 48
Alhambra 57, Montebello 43
Aliso Niguel 39, Beckman 37
Anaheim 57, Garden Grove Santiago 42
Anaheim Canyon 75, Santa Ana Foothill 52
Animo Leadership 61, Ambassador 58
Arcadia 69, Muir 45
Arlington 73, Hemet 66
Arrowhead Christian 68, Linfield Christian 53
Arroyo 79, Pasadena Marshall 57
Ayala 67, Diamond Bar 63
Azusa 77, Duarte 76
Banning 77, Desert Mirage 30
Bassett 51, Pomona 18
Bell Gardens 69, San Gabriel 49
Beverly Hills 57, Culver City 48
Big Bear 98, AAE 49
Bishop Amat 91, Gardena Serra 49
Blair 95, South Pasadena 78
Bonita 68, Walnut 51
Brea Olinda 67, Garden Grove Pacifica 53
Burbank Burroughs 72, Glendale 64
Calabasas 81, Westlake 70
California 84, El Rancho 39
California Lutheran 66, Desert Christian Academy 65
Calvin Christian 63, Cornerstone Christian 28
Cathedral 73, Cantwell-Sacred Heart 69
Cerritos 60, Whitney 32
Chaminade 55, Loyola 48
Citrus Hill 80, Canyon Springs 55
Corona Centennial 89, Norco 21
Corona Santiago 70, Eastvale Roosevelt 63
Crescenta Valley 77, Burbank 64
Desert Hot Springs 69, Cathedral City 46
Downey 78, Firebuagh 38
Dunn 60, Grace 53
Edgewood 67, Workman 34
Edison 75, Newport Harbor 70
El Dorado 69, Sonora 60
El Toro 53, Mission Viejo 48
Excelsior Charter 79, Lucerne Valley 34
Foothill Tech 66, Cate 39
Fountain Valley 56, Huntington Beach 49
Gahr 54, Dominguez 52
Glendora 54, Claremont 33
Hacienda Heights Wilson 62, Charter Oak 52
Harvard-Westlake 78, Crespi 53
Indian Springs 64, Pacific 32
JSerra 80, Orange Lutheran 66
Keppel 79, Schurr 50
Laguna Beach 69, Irvine University 48
La Habra 69, Crean Lutheran 56
Lakeside 72, Heritage 53
Lakeview Leadership 69, PAL Academy 22
La Salle 63, Mary Star of the Sea 38
La Sierra 52, Jurupa Valley 51
La Serna 49, Santa Fe 47
Long Beach Cabrillo 59, Long Beach Jordan 53
Long Beach Poly 78, Compton 50
Long Beach Wilson 65, Lakewood 52
Los Alamitos 80, Marina 60
Maranatha 45, Heritage Christian 44
Mater Dei 95, Servite 76
Mira Costa 69, Peninsula 28
Moorpark 58, Camarillo 54
Murrieta Valley 70, Great Oak 67
North Torrance 47, West Torrance 42
Northview 45, West Covina 37
Oaks Christian 72, Thousand Oaks 65
Ontario Christian 79, Woodcrest Christian 58
Orange 60, Estancia 59
Oxford Academy 64, Artesia 62
Oxnard 60, Rio Mesa 50
Oxnard Pacifica 73, Dos Pueblos 70
Paloma Valley 65, Vista del Lago 42
Palos Verdes 53, Wiseburn-Da Vinci 51
Pasadena 86, Hoover 20
Perris 52, Valley View 51
Pilibos 69, Mesrobian 35
Pioneer 79, Glenn 41
Portola 69, Irvine 44
Ramona 87, Norte Vista 77
Rancho Christian 78, Liberty 39
Rancho Verde 76, ORange Vista 46
Rio Hondo Prep 51, Chadwick 50
Riverside King 62, Corona 53
Riverside North 44, Moreno Valley 41
Riverside Prep 65, CIMSA 52
Rosemead 38, South El Monte 33
Rowland 41, Covina 40
Rubidoux 56, Patriot 43
San Bernardino 94, Miller 45
San Marcos 73, Buena 35
San Marino 60, La Canada 53
Santa Ana Valley 40, Magnolia 33
Santa Barbara 64, Ventura 37
Santa Clara 48, St. Bonaventure 45
Santa Rosa Academy 81, United Christian Academy 40
Sequoyah 51, Hillcrest Christian 47
Sierra Canyon 78, Sherman Oaks Notre Dame 74
Sierra Vista 69, Garey 35
Silver Valley 53, Hesperia Christian 46
Simi Valley 93, Del Sol 42
Southlands Christian 50, Avalon 49
South Torrance 50, Torrance 46
St. Anthony 79, St. Bernard 71
St. Genevieve 67, Paraclete 41
St. John Bosco 74, Santa Margarita 73
St. Monica 78, St. Paul 60
Temecula Valley 79, Vista Murrieta 73
Temple City 66, Monrovia 49
Twentynine Palms 59, Yucca Valley 33
University Prep 59, Desert Christian 45
Valencia 84, Canyon Country Canyon 58
Vasquez 97, PACS 52
Village Christian 90, Cerritos Valley Christian 34
Warren 86, Paramount 57
Webb 75, Newport Christian 48
Western 68, Savanna 54
Westminster La Quinta 60. Rancho Alamitos 48
Woodbridge 66, St. Margaret’s 50
Yorba Linda 49, Sunny Hills 48
INTERSECTIONAL
Buckley 64, Taft 61
Rolling Hills Prep 72, Narbonne 42
GIRLS
CITY SECTION
Marquez 36, MSCP 31
Panorama 38, Fulton 7
South East 61, Huntington Park 36
SOUTHERN SECTION
AAE 46, Big Bear 31
Arcadia 69, Muir 31
Arroyo 26, Pasadena Marshall 19
Ayala 41, Diamond Bar 32
Banning 66, Desert Mirage 14
Bonita 41, Walnut 24
Brentwood 61, Crossroads 32
Buena Park 72, Santa Ana Calvary Chapel 20
Burbank Burroughs 58, Glendale 42
Camarillo 59, Moorpark 31
Capistrano Valley Christian 49, Samueli Academy 35
Cerritos 72, Whitney 58
Chaparral 61, Murrieta Mesa 60
CIMSA 42, Riverside Prep 24
Corona Centennial 96, Norco 8
Costa Mesa 60, Westminster 36
Crescenta Valley 77, Burbank 39
Desert Chapel 45, Joshua Springs Christian 15
Desert Christian 37, University Prep 26
Downey 53, Gahr 16
Duarte 61, Azusa 23
Edgewood 44, Workman 25
El Dorado 48, Crean Lutheran 30
El Modena 61, Santa Ana Foothill 27
El Rancho 38, California 31
Esperanza 47, Anaheim Canyon 34
Etiwanda 69, Villa Park 49
Fillmore 44, Santa Clara 19
Flintridge Prep 73, Pasadena Poly 37
Fullerton 51, Laguna Hills 35
Garden Grove 47, Ocean View 23
Glendora 61, Claremont 32
Godinez 43, Placentia Valencia 23
Hacienda Heights Wilson 75, Charter Oak 20
Hemet 33, Canyon Springs 20
Hesperia 54, Apple Valley 38
Hesperia Christian 56, Silver Valley 54
Holy Martyrs Armenian 49, AGBU 23
Indian Springs 62, Pacific 28
Irvine 45, Northwood 34
Keppel 53, Schurr 34
La Canada 54, San Marino 22
La Puente 32, Ganesha 22
La Serna 51, Santa Fe 40
La Sierra 30, Jurupa Valley 29
Lawndale 55, Hawthorne 9
Leuzinger 77, Compton Centennial 28
Liberty 46, Vista del Lago 27
Loara 44, Anaheim 39
Long Beach Jordan 72, Long Beach Cabrillo 5
Lucerne Valley 42, Excelsior Charter 38
Murrieta Valley 61, Great Oak 19
Newbury Park 55, Agoura 33
Nogales 63, Baldwin Park 42
North Torrance 47, West Torrance 35
Norwalk 49, Bellflower 40
Oak Hills 78, Burbank Burroughs 33
Oak Park 91, Royal 10
Oakwood 61, Burbank Providence 15
Ontario Christian 86, Lakewood St. Joseph 51
Palos Verdes 55, Wiseburn-Da Vnci 50
Pasadena 53, Hoover 43
Patriot 62, Rubidoux 9
Pioneer 55, Glenn 30
Ramona 62, Norte Vista 18
Riverside King 60, Corona 47
Riverside Poly 52, Hillcrest 51
Rowland 58, Covina 30
Sage Hill 73, Portola 45
San Bernardino 61, Miller 19
Santa Ana Valley 45, Western 38
Santa Clarita Christian 45, Faith Baptist 37
Santa Paula 73, Carpinteria 43
Saugus 79, Golden Valley 39
Savanna 44, Westminster La Quinta 21
Sierra Vista 60, Garey 38
St. Margaret’s 64, Laguna Beach 41
Southlands Christian 22, St. Lucy’s 19
South Torrance 49, Torrance 41
Temple City 53, Monrovia 34
Thousand Oaks 67, Oaks Christian 32
Twentynine Palms 62, Yucca Valley 20
Valencia 82, Canyon Country Canyon 55
Village Christian 68, Cerritos Valley Christian 56
Vista Murrieta 51, Temecula Valley 48
Warren 57, Mayfair 32
West Covina 32, Northview 25
Westlake 61, Calabasas 57
Woodbridge 50, Irvine University 16
Yorba Linda 42, Sunny Hills 32
INTERSECTIONAL
Archbishop Mitty 80, Fairmont Prep 45
Chatsworth 49, Northridge Academy 40
Newport Beach Pacifica Christian 67, North County San Marcos 53
Rosary Academy 53, King/Drew 44
West Ranch 82, Vaughn 11
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