Comcast is gearing up for significant job cuts in its cable and telecom business in the coming weeks, as the media conglomerate restructures ahead the expected spin-off of NBCUniversal in 2027.
On the company’s third-quarter 2026 earning call, CFO Jason Armstrong said Comcast expects to take a restructuring charge of more than $1 billion in Q4.
“We expect to have a significant charge in the fourth quarter related mostly to our transformation efforts, and I would quantify that at over $1 billion,” he told analysts.
The scope of Comcast’s layoffs is yet to be determined, with individual teams currently assessing what the impact will be, according to two sources familiar with the situation. For now, the layoffs are expected to affect the Comcast Cable side of the business, not NBCU divisions.
Armstrong said the restructuring “is to get ahead of cost actions that will facilitate sort of a fast start into 2027” and are aimed at “strengthening our competitive position.” He continued: “We don’t look at it as a cost-cutting exercise. This is the ability to simplify in order to move faster, to be more nimble in decision-making, and I think really create capacity, you know, to invest for growth.” Part of Comcast’s growth initiatives involve stepping up its push into wireless services and business services.
For the third quarter, revenue in Comcast’s connectivity and platforms business fell 2.7% to $19.66 billion, as it saw continued net losses of broadband and cable TV subscribers. Revenue from NBCU’s TV, film and theme parks operations rose 6.5% to $10.54 billion.
Comcast in June announced that it will spin off NBCUniversal (together with Sky) in a tax-free transaction expected to be completed in mid-2027. Execs on the Q3 call reiterated that the spin-off timeline remains on track. The plans for the NBCU spin come after the separation of its cable networks (excluding Bravo) and other businesses into Versant Media, which closed in January of this year.
On Wednesday’s earnings call, Comcast co-CEO Mike Cavanagh — who is set to become CEO of the standalone NBCU — reiterated the rationale for the spin-off.
“While there is still significant work ahead, we have a clear path to completion [of the NBCU/Sky spin-off] and remain focused on creating two companies with the strategic flexibility, financial strength and leadership to compete and grow independently,” Cavanagh said. “And we have tremendous confidence in the future of both companies. Each has significant structural advantages, a strong competitive position, and substantial opportunities for long-term growth and value creation.”
Comcast has tapped Michael Angelakis, Comcast’s former CFO who has served as chairman and CEO of investment fund Atairos Group since 2015, to become CEO of Comcast following the NBCU spin.
As of Dec. 31, 2025, Comcast has about 179,000 employees. Comcast’s plans to cut jobs in cable TV, broadband and wireless segments were reported Wednesday by Bloomberg.
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