Comcast

EXECUTIVE SUMMARY

Comcast occupies a singular position in the LA28 ecosystem: it is simultaneously a Founding Partner of the organizing committee and, through its subsidiary NBCUniversal, the exclusive U.S. broadcast rights holder for the Olympic and Paralympic Games through 2036. This dual role gives Comcast unmatched leverage and visibility across the entire Games experience, from venue branding to every frame of televised and streamed content reaching American audiences.

Comcast became the second Founding Partner of LA28 in March 2021, extending a relationship with the U.S. Olympic movement that dates to the company's role as official communications provider for Team USA. The partnership spans Comcast's consumer brands (Xfinity, Comcast Business) and its media properties (NBC, Peacock, USA Network, Telemundo). NBCUniversal's U.S. media rights deal, valued at $7.65 billion for 2022-2032 and extended through 2036 for an additional $3 billion, makes it the single largest commercial relationship in Olympic history.

Paris 2024 demonstrated the financial power of this arrangement: NBCUniversal generated a record $1.91 billion in incremental revenue from the Games, with $1.4 billion from advertising and over $300 million from Peacock subscriptions. Viewership averaged 30.6 million across platforms, up 82% from Tokyo 2020, marking the most-watched Summer Games since 1996.

1. OLYMPIC HISTORY & MARKETING PRESENCE

1.1 Partnership Timeline & Evolution

NBC's Olympic broadcast history stretches back to 1964 (Tokyo Summer Games), but the modern era of dominance began with Seoul 1988, when NBC secured exclusive U.S. rights for $300 million. Since then, the network has broadcast 18 Olympic Games.

Key milestones in the broadcast rights evolution:

• 1996-2008: NBC paid a combined $3.5 billion for rights to Atlanta 1996 and all Games from 2000-2008
• 2000 (Sydney): First supplemental cable coverage via CNBC and MSNBC; 441.5 hours total
• 2004 (Athens): First Games as newly formed NBCUniversal; 1,210 hours across NBC, CNBC, MSNBC, USA, Bravo, Telemundo; 203 million viewers
• 2008 (Beijing): First live online streaming via NBCOlympics.com
• 2012 (London): NBC paid $2.2 billion for 2010/2012 rights; lost $223 million on Vancouver 2010
• 2014: Secured $7.65 billion deal for 2022-2032 Games (approximately $1.2 billion per Games)
• 2024: Extended rights through 2036 for an additional $3 billion

Comcast Corporate Partnership (separate from broadcast rights): - 2011: Comcast completes acquisition of NBCUniversal - 2017: Comcast brands (Xfinity, Comcast Business) become official communications services provider for Team USA - 2021: Comcast becomes second Founding Partner of LA28

Paris 2024 - Record $1.91 billion in incremental revenue - $1.4 billion in advertising revenue - Over $300 million from Peacock streaming subscriptions - 30.6 million average viewers across platforms (82% increase over Tokyo) - 23.5 billion minutes streamed, up 40% from all prior Summer and Winter Olympics combined - 180 billion total minutes watched across the 17-day event

Milano Cortina 2026 - Record coverage: More than 3,200 hours across all platforms, with over 700 hours on linear television (the most ever for a Winter Olympics), including a record 230+ hours on NBC. Every day features at least five hours of daytime coverage of skiing, snowboarding, hockey, speed skating, figure skating, and more. - Peacock as streaming home: Most comprehensive Winter Olympic streaming destination in U.S. media history, covering every sport and all 116 medal events live. - AMC Theatres partnership: NBC live daytime coverage of the Winter Olympics expanded to more than 150 AMC Theatres nationwide from February 6-22. - Enhanced accessibility: Expanded closed captioning for all Olympic events across NBCU broadcast and cable networks, plus the Gold Zone whip-around show on Peacock. - Digital distribution partnerships: Meta, Overtime, Reddit, TikTok, and YouTube for cross-platform content distribution and fan engagement. - NBC Sports Digital: Streaming more than 2,500 hours across TV Everywhere platforms, featuring live competition across all 16 sports.

1.2 Signature Programs

• NBCUniversal/LA28 Combined Offering: First-of-its-kind package bundling media, sponsorship, and activation opportunities across 2021-2028 Games cycle
• Peacock Integration: Paris 2024 served as proof of concept for streaming-first Olympic coverage
• Xfinity/Team USA: Long-running sponsorship positioning Xfinity as the connectivity backbone for Team USA operations
• Comcast Sponsored Athletes (Paris 2024): Comcast announced 16 sponsored Team USA athletes, including:
• Noah Lyles (Track & Field, USA) - 100m Olympic gold medalist (Paris 2024)
• Sophia Smith (Soccer, USA) - U.S. Women's National Team forward
• Torri Huske (Swimming, USA) - Olympic gold medalist (Paris 2024)
• Grant Holloway (Track & Field, USA) - Olympic silver medalist, world champion in 110m hurdles
• Jewell Loyd (Basketball, USA) - WNBA All-Star, Olympic gold medalist
• Anna Hall (Track & Field, USA) - World Championship medalist in heptathlon
• Victor Montalvo (Breaking, USA) - World champion B-boy
• Carson Foster (Swimming, USA) - Olympic medalist
• Anastasia Pagonis (Para Swimming, USA) - Paralympic gold medalist, social media presence with millions of followers
• Mallory Weggemann (Para Swimming, USA) - Three-time Paralympic gold medalist
• Dennis Connors (Para Cycling, USA) - Paralympic competitor
• "Making Team USA" presented by Xfinity: Storytelling platform highlighting athlete journeys to qualification. Launched for Paris 2024 and returned for Milano Cortina 2026 with expanded video content, athlete features, and behind-the-scenes coverage
• Xfinity Athlete Connections Program: Provided all 900+ Team USA athletes qualifying for Paris 2024 with a "Connections Credit" for internet access during their Games preparation

2. LA28-SPECIFIC INITIATIVES

2.1 Announced Plans & Positioning

• Comcast Squash Center at Universal Studios: One of the first two named venues in Olympic history, hosting squash's Olympic debut on Hollywood's iconic Courthouse Square backlot (recognizable from the Back to the Future trilogy). This is part of LA28's groundbreaking venue naming rights pilot program.
• LA28 Volunteer Program: Comcast will contribute to LA28's volunteer infrastructure (25,000+ community and employee volunteers)
• Diversity, Equity & Inclusion Collective: Comcast will support LA28's DEI initiatives as a founding partner of the collective
• Home Market Advantage: As a Philadelphia-headquartered company with major operations throughout the U.S., Comcast will leverage its broadband, wireless, and media footprint to drive awareness and engagement

LA28 Venue Context: The Games will use 40+ competition venues across the LA metro area, with a dual-venue Opening Ceremony shared between the LA Memorial Coliseum and SoFi Stadium (announced May 2025). SoFi Stadium will be reconfigured for swimming in Week 2 (38,000 capacity, largest swimming venue in Olympic history). Athletics moves to Week 1 at the Coliseum, which will host the Closing Ceremony and earn the distinction of being the first venue in history to host events at three Olympic Games (1932, 1984, 2028). LA28 announced a first-of-its-kind venue naming rights program in August 2025, of which Comcast holds two entries: the Comcast Squash Center at Universal Studios and the Peacock Theater (weightlifting/boxing). The Ticket Draw registration opened January 14, 2026 with tickets from $28. The 50-state Olympic torch relay, beginning April 2028 (announced by LA28 CEO Reynold Hoover as a first in Olympic history), will provide extensive broadcast content for NBC's coverage.

2.2 Regulatory/Market Context

The dual sponsor/broadcaster role raises questions about editorial independence and competitive balance that other sponsors do not face. Comcast controls both the advertising marketplace (selling ad inventory) and is itself a major advertiser. The $7.65 billion rights deal essentially requires maximizing viewership and ad revenue to achieve ROI, creating strong alignment between Comcast's corporate interests and Games promotion. No other LA28 partner commands comparable influence over how the Games reach American audiences.

3. EXECUTIVE LEADERSHIP & DECISION-MAKERS

3.1 C-Suite Leadership

• Brian L. Roberts: Chairman and Co-CEO of Comcast Corporation. Roberts has led Comcast since 2002 and oversaw the 2011 NBCUniversal acquisition that created the company's dual Olympic role. In September 2025, Comcast announced a co-CEO structure effective January 2026.
• Michael J. Cavanagh: Co-CEO of Comcast Corporation (effective January 2026). Previously served as President and, before that, CFO. Spent two decades in financial services, including as Co-CEO of JPMorgan Chase's Corporate & Investment Bank. Named to the Comcast Board of Directors. The co-CEO appointment signals succession planning for the Roberts era.

3.2 Olympic Partnership Leadership

• Mark Lazarus: Chairman, NBCUniversal Media Group. Oversees all NBC Sports operations including Olympic coverage
• Dan Lovinger: President, Olympic & Paralympic Partnerships, NBCUniversal. Leads advertising sales for Olympic properties

3.3 Board Members with Relevant Experience

The co-CEO transition and NBCUniversal's planned spin-off of cable networks into a separate company ("SpinCo") are restructuring the corporate landscape heading into LA28. The broadcast rights and Olympic partnership remain with the core Comcast/NBCUniversal entity.

4. AGENCY & CREATIVE PARTNERS

4.1 Agency Model

Comcast works with external agencies for corporate and brand advertising while NBCUniversal handles significant creative production in-house for its Olympic broadcast coverage.

4.2 Known Agency/Partner Relationships

• Goodby Silverstein & Partners: Creative agency for Comcast corporate campaigns, including Olympic-themed advertising (e.g., 2022 Winter Games spot featuring Paralympian business owner)
• NBCUniversal In-House: Broadcast promotion, digital content, and platform-specific creative
• Digital Distribution Partners (Milano Cortina 2026): Meta, Overtime, Reddit, TikTok, YouTube for cross-platform content distribution

4.3 Notable Creative Executions

• Paris 2024 Broadcast Reimagination: NBC overhauled its traditional playbook, leaning into Peacock streaming and social media engagement, resulting in record viewership
• Paralympian Business Owner Spot (2022): Featured Mike Schultz, emphasizing Comcast's support for both athletic and entrepreneurial achievement

5. COMPETITIVE POSITIONING

5.1 Market Share & Competitive Landscape

Comcast is the largest cable operator and one of the largest broadband providers in the United States. The company faces intensifying competition from fiber providers (AT&T Fiber, Verizon Fios), fixed wireless (T-Mobile, Verizon), and streaming platforms. The Olympic rights serve as a critical differentiator for Peacock in the streaming wars.

Key Competitors and Their Sports Media Strategies: - Disney / ESPN: Disney does not hold Olympic broadcast rights. ESPN has invested heavily in NFL, NBA, MLB, and college sports but lacks Olympic programming. NBC's exclusive U.S. Olympic rights (secured through 2036 for $7.75 billion) lock Disney out entirely. - Fox Sports: No Olympic programming. Holds NFL, FIFA World Cup 2026 (shared), and college sports rights. - Amazon Prime Video: No Olympic programming. Holds Thursday Night Football (NFL) and is expanding into live sports but has no Olympic affiliation. - Warner Bros. Discovery: No U.S. Olympic programming. Holds March Madness (TNT) and some international Olympic rights in European markets through Eurosport/Discovery+.

NBC's $7.75 billion deal through 2036 is the single largest sports media rights deal in Olympic history and gives Comcast/NBCUniversal an unassailable position in U.S. Olympic broadcasting.

5.2 Olympic Sponsorship Differentiation

No other company holds both a Founding Partner position and exclusive national broadcast rights. This creates a vertically integrated sponsorship model: Comcast can activate across its own media properties (NBC, Peacock, Telemundo, Bravo, USA Network) without paying for external media placement, while simultaneously selling ad inventory to other sponsors. Paris 2024 generated $1.4 billion in advertising revenue and over $300 million in Peacock subscriptions, demonstrating the financial power of this vertical integration. The venue naming rights program (Comcast Squash Center) adds a physical brand presence that complements the media dominance.

5.3 Key Brand Messaging

• Connectivity: Xfinity as the infrastructure enabling fans to watch, stream, and engage
• Community: Supporting volunteers, DEI initiatives, and local impact programs
• Innovation: Peacock as the streaming platform redefining how audiences experience the Games

6. KEY METRICS & BUSINESS CONTEXT

6.1 Financial Performance

• 2025 Annual Revenue: ~$123.3 billion (0.2% YoY increase)
• 2024 Annual Revenue: $123.7 billion (1.78% increase from 2023)
• Peacock Revenue Growth: 46% increase in 2025, fueled by Paris Olympics and sports content
• 2025 Operating Cash Flow: $8.8 billion; Free Cash Flow: $4.4 billion
• Connectivity Revenue Growth: 5% in competitive broadband environment
• Mobile Line Additions: 1.2 million new lines in 2025
• Market Capitalization: ~$150 billion (February 2026)
• Stock: CMCSA (NASDAQ)

6.2 Olympic Period Performance

• Paris 2024 Revenue: Record $1.91 billion in incremental revenue
• Advertising Revenue: $1.4 billion from Paris 2024
• Peacock Subscriptions: Over $300 million attributed to Paris Games
• Broadcast Reach: 180 billion total minutes consumed; most-watched since 1996 Atlanta Games
• Studios Performance: Universal Pictures ranked #2 in worldwide box office in 2025

APPENDIX: KEY SOURCES

Official Sources

• Comcast Corporate Newsroom: corporate.comcast.com
• NBCUniversal Media: nbcuniversal.com
• LA28 Official Partners: la28.org/en/our-partners.html
• Comcast Investor Relations: cmcsa.com/financials

Industry Analysis

• Sportico: Olympic Sponsorship and Media Rights Reporting
• Adweek: Venue Naming Rights Coverage
• Inside The Games: Olympic Partnership Coverage

Financial Filings

• Comcast Q4 2025 Earnings Report
• Comcast 2025 Annual Report (SEC 10-K)

End of Research Brief