Comcast Is Making Slow Progress in Response to Increased Competition

Comcast’s core cable business enjoys significant competitive advantages, but it faces increased pressure from fixed-wireless offerings, which have proven viable broadband alternatives, and from fiber network expansion. Adjusting to this competitive reality is painful, but we expect the market will reach equilibrium over the next couple of years. With the media business in flux, we aren't optimistic about NBC and Peacock. But we expect Comcast will have opportunities to position NBC more strongly, leveraging unique assets like the parks business.