Back in December 2022, when Comcast executives first started talking about folding NBC’s regional sports networks into Peacock, the streaming service was still something of an enigma. Unlike other pure plays, Peacock was unique among the major players as an ad-supported video-on-demand service with around 20 million subscribers, available at a relatively inexpensive price point. The decision to prioritize the ad tier, it seemed, was an attempt by Comcast C.E.O. Brian Roberts and C.F.O. Mike Cavanagh to test the streaming waters without upending NBCUniversal’s multibillion-dollar advertising business. It was unclear whether Peacock was a bet on the future of the industry, or merely a hedge.
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