I would have thought this would have taken place sooner. Comcast Corp. announced plans to split its media and technology businesses, spinning off NBCUniversal and Sky into a separate publicly traded company. NBCUniversal will hold theme parks, Universal Studios, NBC, Telemundo, Peacock, Bravo, and Sky, while Comcast will hold the broadband, wireless, and cable businesses. The deal is expected to close by mid-2027, with Mike Cavanagh, Comcast’s current co-CEO, running the new NBCUniversal, and Comcast led by the returning former CFO, Michael Angelakis.

The news comes just months after Comcast shed most of its cable TV business to Versant Media. Comcast’s acquisition of NBCUniversal in 2011 was seen as a major bet on the benefits of combining content and distribution pipelines, but Wall Street never saw the value, and in recent years, we have seen little proof of value in keeping the businesses combined. Comcast’s current co-CEO reinforced this point when asked why they are doing the deal now, saying, “Where we previously believed that scale and the diversification benefits warranted operating these businesses as one company, we’ve now simply changed our mind about that.”

Comcast Chairman and co-CEO Brian Roberts said the split was “absolutely not” a step toward potential strategic transactions for either company and that selling NBCU is “definitely not our plan.” Comcast expects to retain a stake of up to 19.9% in NBCUniversal for up to a year after the tax-free spinoff is completed.

For those who suggest this now means that Netflix, Apple, etc., can acquire NBCU and Peacock, slow down. Anyone can claim that one company should acquire another, but that doesn’t mean it makes financial sense or benefits the company. People are writing “let the bidding begin,” but the split won’t even take place for another year. No one is bidding on anything.

Here’s a bulleted list of what the media and some in the industry are getting wrong about Fox’s announcement to acquire Roku, including some making up numbers. Stick to the facts.

• Those using Fox’s purchase of MySpace as evidence as to why Fox will mess up the Roku acquisition are delusional. That deal is neither comparable nor relevant. The MySpace acquisition took place 21 years ago, before social media existed, two years before Netflix started streaming, five years before Instagram launched, and even two years before the iPhone was announced.
• Based on its current licensing deal with the NFL, Fox can’t make NFL games “free” on Tubi or The Roku Channel. That’s not how NFL deals are structured, and the price paid is based on the type of service it will be on (free/vMVPD/SVOD) and the number of users. If Fox wanted to make games free, it would have to renegotiate its terms with the NFL, if the NFL allowed it.
• I see many posts calling Roku a hardware company, or that Fox is paying for a dongle. Read the balance sheet. In Q1 2026, Roku’s revenue from device sales was less than 10% of total revenue, at $118M, down 16% YoY.
• Roku does not have 100 million “Roku devices” in the market. Roku reported it has more than “100 million streaming households,” and many of those households are accessing Roku’s platform via third-party hardware from TV manufacturers.
• Roku’s definition of a household is “the number of distinct user accounts streaming on the Roku platform in a given 30-day period.” That doesn’t mean “100 million people,” as some are reporting.
• A report said Netflix “bid” on Roku, which is not accurate. Netflix never put in a binding bid for Roku. (Netflix has since confirmed this) Being interested in acquiring a company and having discussions with them is not the same as “losing out” to Fox. For those saying Netflix needs a FAST service, they don’t need to acquire Roku to get one.
• Why can’t CNBC quote the actual number? Fox “acquired Tubi in 2020 for less than $1 billion.” The price was “approximately $440 million in net cash.” It’s a public number.
• Many are incorrectly citing numbers from Roku’s balance sheet and even implying that Fox will “take on Roku’s debt.” Wrong! Roku has zero long-term debt and had $2.38 billion in cash and cash equivalents at the end of Q1. Fox says the deal is expected to be accretive to free cash flow per share by the second full year after closing. This means it adds more cash to the company than it costs.
• – Fox did not take on $12 billion in debt. FOX obtained $12 billion of fully committed bridge financing from Morgan Stanley Senior Funding. They didn’t borrow $12 billion; they are simply approved for $12 billion in financing. The debt impact on the balance sheet is expected to be approximately $8.3 billion.

My post, which gives a quick overview of the deal with factual numbers, can be found here.

The rumors are true. Fox Corporation announced it has agreed to acquire Roku for $160 per share, in cash (60%) and Fox common stock (40%), valuing Roku at approximately $22 billion in enterprise value. Fox is taking on new debt to fund the deal and has secured $12 billion in fully committed bridge financing from Morgan Stanley.

The deal is expected to close in the first half of 2027, and upon closing, existing FOX shareholders are expected to own approximately 73% of the combined company, with Roku shareholders owning approximately 27%. Fox originally invested in Roku in 2013, participating as an early, pre-IPO investor

Fox says the deal is expected to be accretive to free cash flow per share by the second full year after closing and to achieve approximately $400 million in run-rate cost synergies, with additional revenue upside. In 2021, Roku’s Stock hit an all-time high of $479.50 during the pandemic-driven streaming boom, but it quickly declined to under $100 a year later. From April 2022 to December 2025, Roku’s stock only briefly peaked above $100 per share.

As expected, Roku will remain an open platform, and content from other companies will continue to be supported and promoted, with a continued focus on an aggregation strategy. Fox said they plan to keep Tubi and The Roku Channel separate after the deal closes, noting that about a third of their audiences overlap. While the combination of Fox and Roku brings together news and sports channels with two free streaming services, it’s the advertising side of Roku’s business that’s most valuable. Based on Wall Street estimates, the deal values Roku at 24x FY27E EBITDA.

During Roku’s Q1 earnings, the company broke out its advertising and subscription business for the first time, with advertising revenue of $613M, up 27% YoY. Subscription revenue was $519M, up 30%. Total revenue for the quarter was $1.248B, up 22% YoY on net income of $85.7M. Revenue from device sales was less than 10% of total revenue, at $118M, down 16%. Streaming hours across the Roku platform were up 8% to 38.7 billion. Roku ended Q1 with $2.38 billion in cash and cash equivalents on hand, with zero long-term debt.

As part of the deal, Anthony Wood, founder, chairman and CEO of Roku, will join the Fox board. The Fox and Roku investor presentation is located here.

I’m often asked for a list of in-person conferences and events in the streaming media industry, so here’s an Excel sheet you can download listing nearly 50 events worldwide. For vendors wondering which events are the best fit, I’m happy to do a call with you and share my feedback on which events align with your objectives. Especially if you are new to a vendor’s marketing team, reach out to me. (dan@danrayburn.com)

My list does not include any private events, vendor-produced events, meetups, or events that are only open to members. The list includes events primarily tied to the broadcast/TV and sports industries, as well as OTT services. It does not include events where video is used for retail/commerce, security, education, gaming, government and other use cases. I have excluded any event that focuses solely on video production, filmmaking, or the creator economy and does not discuss streaming technology and business models.

Streaming is a technology. OTT is a business model. Broadcast is an industry. While many use the terms interchangeably, they are different, so other events do exist that are not on my list, depending on the video use case. If you think an event should be added to the list, please leave it in the comments section on this LinkedIn post, and I will consider it. I may not add it, but the Excel sheet is open and unlocked, so feel free to download and edit it as you wish. I will update the list a few times per year, and have included a date on the file so you always know when it was last edited.

At the NAB Streaming Summit on April 20, 2026, Robert Schildhouse, CEO of BBC Studios’ DTC business, discussed the strategic evolution of streaming and the specific success of BritBox. Schildhouse, an industry veteran who helped launch Hulu in 2008, outlined how his division prioritizes a “durable and profitable” business model over the high-volume, “grow-at-all-costs” strategy popularized by Netflix.

Unlike general entertainment platforms aiming for 200 million global households, BritBox focuses on a disciplined, niche approach, which some might call the “Anti-Netflix” model. Some of Robert’s key takeaways on the business included:

• Profitability Over Scale: BritBox prioritizes profit margins and lifetime customer value over sheer subscriber counts
• Distinctive Content Lanes: BritBox leans into specific British genres that resonate with American audiences, particularly mysteries, crime, and period dramas
• Retention vs. Hits: Instead of relying on a single quarterly “mega-hit” to drive sign-ups, the service focuses on its “deep cannon” of thousands of hours of programming to keep users engaged long-term

Schildhouse highlighted the successful launch of BritBox Premier, a premium tier that offers 4K quality, early access to shows, mobile downloads, and documentaries from BBC Select. Though launched with little fanfare, it already represents over 10% of its own-and-operated subscribers.

An interesting stat Robert gave out was that 50% of BritBox’s direct subscribers are on annual plans. These users are worth more than twice as much as monthly subscribers, given their significantly higher tenure and lower churn. BritBox’s audience leans older and more female, a segment Schildhouse describes as more loyal and less prone to “serial churn” than younger viewers.

Marketing efforts are highly specific: while a general viewer might not see BritBox ads, target demographics are “overwhelmed” by them across TV and social media to keep the service top-of-mind.
Robert also teased the May 6 release of The Other Bennet Sister (a Pride and Prejudice spin-off), which he views as a major “on-ramp” for reaching broader female audiences.

Schildhouse strongly believes the industry’s future lies in aggregation and bundling, not fragmentation. BritBox is actively experimenting with bundles—having already partnered with Starz, MGM+, and Hallmark—to introduce the service to unique, adjacent audience profiles.

My thanks to Robert for speaking at the NAB Show Streaming Summit and giving everyone an update on BritBox’s business and market strategy. My apologies that his fireside chat is not available on demand; we had a technical issue with the recording. The rest of the presentations from the show can be seen here.

At its UpFronts presentation, Netflix announced it has more than 250 million monthly active users (not subscribers) on its Standard With Ads plan, up from 190 million in November of 2025. During Netflix’s Q1 earnings, the company said 60% of new Netflix customers now choose the ad plan, and a new stat from the UpFronts also showed that more than 80% of ad-supported viewers sign in to Netflix weekly.

In its Q1 earnings report, Netflix noted its ad business is expected to double this year, reaching $3 billion in revenue. In a letter to shareholders, the company noted that building the ads business has been a priority and that Netflix now works with over 4,000 advertisers, up 70% year over year.

The 250 million number is not the number of subscribers on its Standard With Ads plan. Netflix uses its own data, not a third-party, to calculate monthly active users as everyone in a household who watches more than one minute of ads on the service each month.

Starting next year, Netflix will also launch the ad-supported plan in 15 more countries: Austria, Belgium, Colombia, Denmark, Indonesia, Ireland, the Netherlands, New Zealand, Norway, Peru, the Philippines, Poland, Sweden, Switzerland and Thailand.

A company called BitMar, which promises to “stream everything legally,” is scamming people out of $150 by linking to free YouTube content via Bing search and Pluto TV. The CEO reached out, offering me a “personal lifetime membership” and hoping I would “inform my audience” about the service. I’ll be happy to inform them. Stay away from BitMar!

While the company doesn’t say it streams content from the major OTT platforms, it still uses their name in its marketing, saying: “BitMar provides easy access to more movies, and TV shows, than: Cable, Satellite, Netflix, Disney Plus, Max/HBO Max, Amazon Prime Video, Apple TV+, Peacock, and Hulu combined, and more songs, than: Pandora, Spotify, Amazon Prime Music, and Apple Music—combined.”

As expected, all of its recent reviews on the Google App Store are 1-star. Google shouldn’t allow this type of app in the store; Apple doesn’t. The fine print on BitMar’s site makes for a good laugh. “Some content may be internationally restricted. Not all content is free and/or accessible. We have a no-refund policy.”

If you are a consumer reading this post, do not pay for this service.