Comcast The Peacock Flies Solo

Research evidence excerpt

Comcast The Peacock Flies Solo

J P M O R G A N North America Credit Research

29 June 2026

Underweight

Comcast CMCSA

The Peacock Flies Solo Moody's:S&P: A3A- Outlook:Outlook: StableStable

Fitch: A- Outlook: Stable

The above agency ratings are at the corporate level

North American Corporate Credit –

• This morning, Comcast announced plans to separate its connectivity and Tech, Media, & Telecom (IG)

media businesses into two independent public companies, Comcast and AC Erica R Spear

NBCUniversal, through a spin-off of NBCUniversal and Sky, putting an end

(1-212) 834-4143

to years of speculation around whether the firm would consider a split and erica.spear@jpmchase.com

when. While management clearly framed the transaction as a means of Quinn Degen

improving strategic focus and capital allocation, the announcement raises (1-212) 270-0091

several important questions for bondholders around the ultimate debt roger.degen@jpmchase.com

allocation, standalone credit profiles, and potential strategic paths available to J.P. Morgan Securities LLC

each business following the separation. Today, we will review the announced

transaction, our expectations for the pro-forma capital structures, and the

implications of renewed consolidation speculation across both the Cable and

Media sectors.

• Comcast bonds widened following the announcement, extending

underperformance that had already begun in recent sessions. While the move

has improved valuations at the margin, we remain Underweight on Comcast

given the considerable uncertainty surrounding the ultimate capital structure,

debt allocation, and ratings profiles of the two standalone companies.

Management has provided only limited details beyond its expectation that both