What Universal Orlando's Slowdown Means for Comcast's Media Split

Comcast executives spent part of a September investor conference defending a plan to split the company in two, even as they acknowledged that attendance at Universal Orlando Resort has not recovered from a slowdown that began in June.

The remarks, delivered September 9 at the Goldman Sachs Communacopia + Technology Conference, tied together two storylines that matter to the entertainment business: the health of Universal's theme park division and the future shape of NBCUniversal itself, which Comcast plans to spin off as an independent public company by mid-2027.

Orlando's Slowdown Continues

Epic Universe opened in Orlando in May 2025 as Universal's third gate at its Florida resort. In Comcast's second-quarter 2026 earnings, for the period ended June 30, the theme parks division reported revenue of $2.4 billion, up 2.7% from a year earlier, but adjusted EBITDA fell 5.1% to $609 million. Comcast said attendance across the broader resort came in below expectations, with softening that began in June and continued into the third quarter.

Comcast co-CEOs Brian Roberts and Mike Cavanagh said in the earnings release that the company remained confident in the long-term opportunity, citing its brands, locations and what they called a "proven ability to create attractions and experiences that drive real consumer demand."

What's Behind the Softness

At the September conference, CFO Jason Armstrong said the attendance pressure that surfaced in the second quarter had not let up. He pointed to elevated gasoline prices and higher airfare costs weighing on travel demand generally.

Armstrong also described a tougher year-over-year comparison: Epic Universe's opening had created a pull-forward of demand that, in his words, "lifted the entire Orlando market" in 2025, making the current period look weaker by contrast. International parks added separate pressure. Attendance at Universal's Osaka park has been under strain for roughly three quarters amid China-related travel disruptions, while the Beijing park has faced broader macroeconomic softness among Chinese consumers. Armstrong said that measured against two years ago, rather than against Epic Universe's opening year, Orlando's attendance, spending and guest-satisfaction metrics have actually improved.

A Second, Larger Breakup

The theme park questions are unfolding alongside a corporate restructuring already in motion. In January 2026, Comcast completed its first breakup of the year, spinning off Versant Media Group, which holds cable networks including USA Network, CNBC, MS NOW (formerly MSNBC), E!, Syfy, Oxygen and Golf Channel, along with digital properties such as Fandango and Rotten Tomatoes. Versant now operates as an independent public company, with Brian Roberts and his family retaining significant voting influence in it.

On June 29, Comcast announced a second, larger separation: spinning off NBCUniversal, including the British broadcaster Sky, from its broadband, cable and wireless business. The new NBCUniversal, projected to generate roughly $60 billion in combined annual revenue, will hold Universal Pictures and its studios, NBC and Telemundo, NBC News, Peacock, Bravo, the theme parks division and Sky. Comcast co-CEO Mike Cavanagh is set to become NBCUniversal's CEO, while former Comcast CFO Michael Angelakis will lead the remaining broadband company. Chairman Brian Roberts is expected to stay involved with both and retain super-voting control. Comcast said it plans to keep a stake of up to 19.9% in NBCUniversal for as long as a year after the split, to be sold off over time. The separation is targeted for completion in about a year from the announcement, or mid-2027.

Peacock's First Profitable Quarter

One piece of the case for a standalone NBCUniversal improved over the summer. In the second quarter, Peacock's paid subscribers rose by 2 million to 48 million, up 7 million from a year earlier. Revenue increased 54% year-over-year, with advertising revenue up nearly 70%. The service posted adjusted EBITDA of $189 million, a swing of roughly $290 million from a loss the prior year — its first profitable quarter.

Armstrong credited the FIFA World Cup, the NBA Playoffs and the reality series Love Island USA. Streaming carried 48% of Telemundo's total audience delivery for the World Cup, up from 30% in 2022, and the Spain-Argentina final drew a 13.9 million average-minute audience on streaming platforms, a 370% increase over the most-watched match of the 2022 tournament.

Why the Stock Fell

Comcast shares fell sharply on September 9, dropping between roughly 7% and 8% depending on the source, after Armstrong's remarks at the conference. The decline was not attributed to theme parks alone. Armstrong also said broadband subscriber losses would continue this year, even as he expected the pace of losses to narrow, citing rivals offering gigabit-speed service for $30 to $40 a month.

Other cable and wireless stocks moved that day too: Charter Communications fell about 6% and T-Mobile slipped roughly 3%, a pattern that suggested investors were reassessing broadband competition across the sector rather than reacting to Comcast alone. Armstrong said the planned NBCUniversal separation remained on track, with both resulting companies expected to carry investment-grade balance sheets.

What Comes Next

The NBCUniversal-Sky spinoff still requires further steps, including tax rulings and regulatory clearance, before it can close. Comcast's next quarterly report will show whether Orlando's attendance softness has eased or deepened further into the fall, and whether Peacock's advertising and subscriber gains can be sustained without a World Cup on the calendar.

Versant's performance as an independent, publicly traded company since January offers one early reference point for how markets price a Comcast spinoff once the parent company's broadband scale is stripped away — a comparison investors are likely to keep drawing as NBCUniversal's own separation approaches.