Why Comcast Needs to Enter the M&A Game: Buy Out Hulu or a Competitor | Charts

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Scale matters in streaming, and even with NBCUniversal titles, Peacock just isn’t big enough yet

Natasha Lyonne in "Poker Face"
Natasha Lyonne in "Poker Face" (Peacock)

If Comcast is serious about its streaming ambitions, it must weigh its two most likely expansion plans: Buying out Disney’s ownership stake in Hulu or an M&A with a competitor.

In its first-quarter earnings, Comcast showed impressive growth in Peacock subscribers to 22 million. But while revenue was up 45%, Peacock’s losses were mounting ($704 million vs. $456 million a year ago), the NBCUniversal parent reported Thursday.

Questions remain about Comcast’s endgame with both Peacock and NBCUniversal as a whole. Can a major SVOD succeed with demand mostly driven by library titles like Peacock? How much more money is Comcast CEO Brian Roberts willing to part with before Peacock turns a profit? The streamer is set to lose $3 billion in 2023, after a $2.5