Peacock faces pressure as Comcast prepares NBCUniversal split
Comcast’s planned separation would leave Peacock to compete with larger streamers while it tries to turn subscriber growth into profit.
By James Whitfield · Staff Writer
3 min read
Comcast’s planned breakup would put Peacock under sharper pressure to prove it can work as a standalone streaming business. The company is preparing to separate NBCUniversal, Peacock and Sky from its broadband and wireless operations, according to The Verge, removing Peacock from a combined company that Comcast said generated more than $123 billion in revenue last year.
Peacock has shifted from an add-on tied closely to Comcast’s cable customers into a service that must sell subscriptions on its own. Comcast ended Peacock’s free tier for new customers and stopped offering it as a no-cost Xfinity benefit in 2023, moves The Verge described as signs that the company saw the service as strong enough to charge for directly.
A smaller streamer in a crowded market
Peacock had 46 million subscribers as of March 2026 after adding 5 million over the previous year, The Hollywood Reporter reported. That leaves it far behind the biggest streaming rivals: Netflix had more than 325 million subscribers, Disney Plus had 132 million, and HBO Max had more than 140 million viewers, according to figures cited by The Verge, The Hollywood Reporter and Deadline.
Peacock also remains limited to the United States, while several competitors operate globally. Comcast co-CEO Mike Cavanagh said in March that the company had no plans for an international Peacock rollout, according to The Hollywood Reporter.
The service has leaned on live events and NBCUniversal programming to bring in viewers. The Verge reported that Peacock has carried exclusive Olympics streams and live sports including Sunday Night Football and Big Ten games, while also using reality TV from Bravo as part of its pitch to subscribers.
Profitability remains the key test
Peacock brought in $2 billion in revenue in the first quarter of 2026, according to The Hollywood Reporter. The service still posted a $432 million loss for the quarter, up from a $215 million loss in the same period a year earlier.
NBCUniversal media chairman Matt Strauss said Peacock would become profitable in the current quarter, Deadline reported. Speaking at the Evercore Global TMT Conference, Strauss said there was more than one way to approach streaming and that NBCUniversal had been playing to its strengths.
Peacock has also added product features meant to distinguish its live and mobile viewing. The Verge reported that the service introduced vertical video streams for live sports on mobile, a “Bravoverse” feed with clips from Bravo shows narrated by an AI version of Andy Cohen, and mobile games tied to Law & Order and Jeopardy.
Technical complaints remain part of the challenge. The Verge cited user reports of buffering, problems with Peacock apps on some TVs, and titles vanishing from “My Stuff” lists.
Merger speculation lingers
Peacock’s programming slate has raised questions about whether sports and unscripted television are enough to keep subscribers engaged. Variety reported that Peacock canceled Poker Face last year, leaving the service without that series as a flagship scripted title.
Comcast co-CEOs Brian Roberts and Mike Cavanagh told investors the split was not designed as a merger or acquisition strategy, Variety reported. Some industry observers remain unconvinced.
Peter Supino, an analyst at Wolfe Research, said he expected one or both of the separated Comcast businesses to combine with peers or rivals, according to The Hollywood Reporter. Media executives who spoke with Oliver Darcy for the Status newsletter also questioned Comcast’s denials, with some speculating that Netflix could pursue NBCUniversal assets.
This story draws on original reporting from The Verge.