Michael Cavanagh, President of Comcast Corp (NASDAQ: CMCSA), highlighted the company’s comprehensive strategy for sustained growth across various sectors in a recent interview with CNBC.
He praised his team for maintaining a robust business portfolio amidst significant challenges and potential consolidation within the media and telecommunications industry.
Cavanagh emphasized Comcast’s strong position across all its business units, stating, “Each one of our businesses is in its own strong position, making money. There’s no piece of business that we’d say we’re a laggard in.”
He underscored the company’s aggressive investment strategy, including plans to expand their cable network by adding a million passings in the cable business this year.
Comcast targets NBA broadcasting rights
A key focus for Comcast is growth in its NBCUniversal division. Cavanagh cited the recent collaboration with acclaimed director Christopher Nolan, resulting in multiple Oscar wins, as an example of the company’s successful strategy in the entertainment sector.
Additionally, he mentioned Comcast’s pursuit of NBA broadcasting rights and a multi-billion dollar investment in the Epic Universe theme park in Florida.
Cavanagh’s remarks come just days after Comcast reported fiscal second-quarter revenue that fell slightly short of Wall Street estimates.
Currently, CMCSA is down more than 10% from its year-to-date high in early February.
‘Consistent and patient’ approach
In the same interview, Comcast CEO Brian Roberts maintained a cautious stance on industry consolidation.
“You can’t control those kinds of things,” he said, reiterating Comcast’s focus on internal growth and consistency.
He acknowledged recent industry changes, such as developments at Paramount, but emphasized Comcast’s strategy of building “a company with six growth tracks and several businesses in transition.”
President Michael Cavanagh also noted some softness in the theme parks business, reflecting the state of the US consumer.
He commended the Federal Reserve for handling inflation and economic growth optimally.
Throughout the interview, he stressed Comcast’s commitment to organic growth, strong financial management, and capital returns.
He described the company’s approach as “consistent and patient,” aimed at building a “very, very special and unique company.”
As Comcast navigates a rapidly evolving media landscape, Cavanagh’s comments suggest a strategy focused on leveraging existing strengths and strategic investments rather than major acquisitions or consolidation moves.
This approach appears designed to maintain Comcast’s position as a leader in the converging worlds of media, technology, and telecommunication.
Comcast’s strategic direction and investment plans underscore its commitment to adapting and thriving in a competitive industry. By focusing on internal growth and leveraging its robust portfolio, Comcast aims to strengthen its market position and deliver consistent value to shareholders.
The post Comcast’s Michael Cavanagh: ‘Each one of our businesses is making money’ appeared first on Invezz
