Comcast says NBCUniversal is already courting partners before split

NBCUniversal is not waiting for its Comcast split to become official before looking for friends in high places.

Comcast co-CEOs Brian Roberts and Mike Cavanagh told Wall Street investors on the company’s second-quarter earnings call Thursday that NBCUniversal has begun conversations with potential partners as it prepares to operate as part of a separate company.

The planned separation, announced by Comcast in June, would create two companies. One would be built around NBCUniversal and Sky, with a focus on entertainment content. The other would hold Comcast’s traditional cable TV, broadband and wireless networks.

Comcast has said the split is expected to be completed by next summer.

Roberts, referring to a recent conference attended by media and technology executives, said the company had heard “great ideas” and that he was excited about expanding existing partnerships. His reference appeared to point to the annual Allen & Co. gathering in Sun Valley, according to Deadline.

Cavanagh told investors that NBCUniversal is “in a great position to partner with others.”

The call marked the first time Comcast’s top executives addressed the breakup plan in an earnings setting since announcing it. Their message was clear: NBCUniversal may be leaving the Comcast nest, but it is being pitched as a business with enough weight to keep swinging.

Asked whether NBCUniversal will have enough scale on its own, or whether it could pursue a merger or acquisition in the media sector, Cavanagh described NBCUniversal as “an extremely valuable collection of assets.”

He said NBCUniversal and Sky have the relationships, size and operating ability to remain a major player once independent. He added that the separation would give the media company more focus and room to invest in its own businesses and nearby growth areas.

Cavanagh pointed to NBCUniversal’s networks and studio operations, and he put particular emphasis on sports. He cited this year’s Super Bowl, Winter Olympics and World Cup coverage, along with continuing rights relationships with the NFL, NBA and other leagues.

According to Cavanagh, NBCUniversal’s sports ties are not limited to contract terms. He said the company’s production, broadcast and streaming distribution help leagues build audiences and increase the value of their rights.

The executives also framed independence as a way for NBCUniversal to be more open to outside deals. Cavanagh contrasted that approach with more closed-off strategies elsewhere in the business, saying NBCUniversal could build its own platforms while also looking for chances to partner, bundle services, use outside intellectual property in its theme parks and create studio content for other platforms.

Roberts said independence would help NBCUniversal work with partners on content, sports events and other projects.

For now, Comcast is presenting the split as a launchpad rather than a retreat. The partners, deals and possible combinations come next.

This story draws on original reporting from Deadline.