Comcast CEO Brian Roberts Says U.S. Still Best Country To “Grow Your Business”

“I continue to be an optimist,” said Comcast chairman-CEO Brian Roberts, asked at tail of a media conference Q&A why he remains so upbeat on the company’s growth prospects.

“Obviously, look at the world around us, and there’s instability. We’re pretty much focused, most of the company, in the U.S.” With “some of the external things happening, we were fortunate to [be in another] market with Sky in the U.K — but most of the businesses are here. And I think this is still the best country where you can grow your business.”

He wasn’t specific but, as of today, a trade war is on with Canada, with Mexico coming. President Donald Trump launched 25% tariffs overnight on the two nations and doubled import taxes on Chinese goods to 20%. China responded with tariffs on U.S. agricultural goods. All that tanked the stock market for the second day in a row and is likely to spur inflation. High interest rates, which had mostly likely been heading down, may not do that anytime soon.

Separately, FCC chair Brendan Carr announced last month the that Commission launched an investigation of the NBCUniversal parent’s DEI policies amid a sweeping rollback of diversity, equity and inclusion initiatives in the public and private sector.

The prospect of a lighter regulatory touch and more M&A, a hope that in part helped sweep Trump into office, has not materialized yet amid economic uncertainty. Media companies, in particular, are having a rough time with the new president.

Asked about M&A at the Morgan Stanley gathering, Roberts said the stock sitting at an historic low multiple makes the bar high for acquisitions. “It’s our job to look at everything, and we do that. [But] the last two acquisitions have all been around business services, actually, not what everybody would have maybe predicted.”

The broadband and media giant’s strong balance sheet gives it the scale it needs for whatever it needs.

Like a new NBA rights deal — a key for Peacock, covering “a big hole” in the schedule to “slow churn and to build something for the long term,” he said. “We have Sunday Night Football. We have the Olympics. We have, obviously, all the entertainment content. But, you know, right after New Years, the winter, and a bit of the spring — the first and second quarter — that’s where the NBA has tonnage. And we are actually getting the most games of any of the three providers … That drives your subs, your ARPU, and your churn.” ARPU is average revenue per user.

He called the upcoming spinoff of NBCU cable networks (except Bravo), the brainchild of President Mike Cavanagh, “a very smart move.”

“We haven’t done something like this before, and it wasn’t my idea, but I like to think we’re open minded.”

He reiterated that only a small fraction of viewing (about 2%) on Peacock came from the cable networks. “So the brands that are really strong, that are our cable networks, are not getting a direct to consumer solution today. And they’re great brands, and they’re great businesses. So we have a very good path for them to be able to take advantage of our strong balance sheet, be spun off, be one of the first to do this. Others, I think, would like to be in our position, with the ability to do this quickly, have a first mover advantage.”

Warner Bros. Discovery is restructuring its businesses into two divisions, separating Linear Networks From Streaming & Studios in what appears to be the groundwork for its own split.

Roberts said Comcast’s transaction should be completed by year end and promised a great board and a name coming soon.