Comcast Corp.: UPDATE: Comcast’s NBCU spin: Simplification of structure likely to result in a more complex industry chess board

Research evidence excerpt

Comcast Corp.: UPDATE: Comcast’s NBCU spin: Simplification of structure likely to result in a more complex industry chess board

Equity Research

North America Cable, Satellite & Telecom Services

29 June 2026

Comcast Corp.

UPDATE: Comcast’s NBCU spin:

Simplification of structure likely to

CMCSA EQUAL WEIGHTresult in a more complex industry

North America Cable, NEUTRAL Satellite & Telecom Serviceschess board Price Target USD 28.00

Price (26-Jun-26) USD 23.17

Comcast’s separation of NBCU could be more important for Potential Upside/Downside +20.8%

potential future M&A in media and cable than for its Source: Bloomberg, Barclays Research

immediate impact on operations.

North America Cable, Satellite &

Telecom Services

UPDATE This publication is an update to 'Comcast Corp.: Comcast’s NBCU spin: Simplification of Kannan Venkateshwar

structure likely to result in a more complex industry chess board', originally published on 29 Jun +1 212 528 7054

2026 at 10:48 EDT, to correct the calculations in Figure 1, including the base case and bull kannan.venkat@barclays.com

case. Specifically, we correct the numbers for Comcast's Media segment, which now BCI, US

exclude Versant. Viren Uchil

+1 (212) 526 7523

After years of investor questions on corporate structure, Comcast announced a decision to spin viren.uchil@barclays.com

out NBCU on a tax-free basis, separating it from the cable business. Existing shareholders of BCI, US

Comcast will get shares in the new entity. The company already spun out the cable network Lauren Bonham

business of NBCU as Versant earlier this year, and headlines suggested that Comcast was +1 212 526 3856

looking to spin NBCU as part of a potential deal to combine with WBD’s assets previously1 . Our lauren.bonham@barclays.com

takeaways are as follows: BCI, US