NBCUniversal’s streaming service, Peacock, recorded a substantial $552 million loss in the fourth quarter of 2025, a figure heavily influenced by rising sports rights costs, particularly the recent addition of NBA games. The streaming service, however, did manage to increase its subscriber base to 44 million, up from 41 million in the previous three quarters.
Peacock’s Losses Mount as Sports Rights Costs Soar
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The streaming service saw a $552 million loss in Q4 2025, driven by increased programming and sports rights expenses.
- Peacock’s adjusted EBITDA loss reached $552 million in Q4 2025, a 48.4% increase year-over-year.
- The addition of NBA rights is projected to result in annual losses between $500 million and $1.4 billion for NBCUniversal.
- Comcast anticipates offsetting these losses through advertising growth and subscriber acquisition.
- NBCUniversal is preparing for a busy “Legendary February” featuring the Super Bowl, Olympics, and NBA All-Star Game.
The fourth-quarter loss, detailed in a report, represents a $180 million increase compared to the same period last year and marks the largest quarterly loss since the first quarter of 2024. The financial impact stems from higher programming costs and “elevated sports rights expenses” associated with both linear networks and the streaming platform, notably the inclusion of NBA and exclusive NFL games. NBCUniversal previously indicated that its NBA deal, first reflected in Q4 2025 results, would lead to annual losses ranging from $500 million to $1.4 billion.
Comcast CFO Jason Armstrong acknowledged on Thursday’s earnings call that the structure of the company’s sports rights payments, particularly those related to the NBA, contributed to the Q4 declines. He anticipates these declines will worsen in the first quarter of 2026 as Peacock broadcasts more games. Armstrong stated, “Over time, we expect to offset this impact through advertising growth and subscriber acquisition and monetization across both Linear and Peacock.” Overall, media segment revenue for Comcast decreased by 140.9% to $122 million.
While Peacock’s adjusted EBITDA loss increased by $335 million compared to the previous quarter, the service improved its overall performance by $711 million for the full year. NBCUniversal is gearing up for its “Legendary February” programming lineup, which will feature Super Bowl LX, the Milan Cortina 2026 Olympic Winter Games, and the NBA All-Star Game within a 17-day span. The company is also adding MLB games to its portfolio this spring under a three-year agreement valued at $200 million annually.
Comcast concluded 2025 with revenue of $123.7 million, remaining flat compared to the prior year, but improved its free cash flow by 53.4% to $19.2 billion. Armstrong also noted that Comcast’s debt ratio will “increase slightly” due to the Versant tax-free spinoff. Versant, which became a publicly-traded company earlier this month, had projected launching with $2.25 billion in net debt at a 1.0x leverage ratio.
MLB Talent Heads to NBC Sports
Former Chicago Cubs first baseman and World Series champion Anthony Rizzo is joining NBC Sports as a lead MLB analyst for studio coverage. Rizzo officially retired from the league last September, following a season with the New York Yankees and a World Series appearance the previous year. He previously appeared as a guest analyst for TBS during the postseason.
Former Cincinnati Reds first baseman Joey Votto is reportedly finalizing a deal with NBC Sports to contribute to its baseball coverage. Votto retired from the sport in August 2024 after a 17-year career and was considered a top prospect for MLB media partners, including NBC, Netflix, and ESPN.
NBC will reintroduce Major League Baseball to its sports portfolio this spring for the first time since 2000, having maintained involvement through regional networks and two years of airing Sunday morning contests on Peacock. Under its new three-year rights deal with MLB, the network will air a doubleheader on Opening Day, “Sunday Night Baseball,” the MLB Draft, and the Wild Card Round across NBC and Peacock.
NBC is also reportedly nearing an agreement with former Los Angeles Dodgers pitcher Clayton Kershaw to join its studio coverage, with plans for him to work alongside Bob Costas for a limited number of weeks. Jason Benetti remains the frontrunner for the play-by-play role, though his contract with Fox extends into the summer.
Tirico Focused on Existing Commitments
NBC Sports’ lead voice, Mike Tirico, indicated to Variety that his schedule is currently too full to take on baseball play-by-play duties. The primary voice for NBC’s NFL, NBA, and Olympics coverage, Tirico expressed a desire to call a baseball game at some point in his career, having not yet had the opportunity.
Next week, Tirico will call Super Bowl LX from Levi’s Stadium in Santa Clara, Calif., alongside analyst Cris Collinsworth and sideline reporters Melissa Stark and Kaylee Hartung. Immediately following the game, he will host prime-time Olympics coverage before traveling to Italy.
“It’s going to be easy,” Tirico told Sports Media Watch earlier this month. “I mean, people who have hard jobs, they’d be laughing at us if they saw what we were doing. We have people who are looking after us, making sure we get there, taking care of the travel arrangements. We’ll sleep a few hours on the plane, and then, ‘Let’s go.’ It’s not that hard — it’s fun.”
In addition to his Super Bowl and Olympics responsibilities, Tirico will also be on the microphone for the premiere of “Sunday Night Basketball” this Sunday, Feb. 1, as the New York Knicks face the Los Angeles Lakers from Madison Square Garden in New York, N.Y.
Other Moves Around the Sports Media Landscape
- Former New York Yankees second baseman Willie Randolph is joining YES Network as a studio analyst, announced during the network’s “Yankees Hot Stove” show on Wednesday. This follows the departure of studio analysts Jeff Nelson and Dave Valle.
- Geoffrey Mason, an award-winning producer, former ABC Sports executive producer, and Sports Broadcasting Hall of Fame member, passed away earlier this week at the age of 85. Mason held roles with ESPN, Fox Sports, and NFL Network, and served as coordinating producer for ABC during the 1972 Munich Olympics hostage crisis.
- Rosters for the 2026 World Baseball Classic will be revealed on a 90-minute special edition of “MLB Tonight” airing next Thursday, Feb. 5 at 7 PM ET, featuring host Sierra Santos, analyst Chris Young, and reporter Jon Morosi. MLB Network host Lauren Shehadi will interview Team USA players Aaron Judge, Paul Skenes, and Tarik Skubal.
- The National Hockey League announced that the Dallas Stars will face the Vegas Golden Knights in a Stadium Series game in February 2027 at AT&T Stadium in Arlington, Texas. The game will air on ABC, marking the first time the network will broadcast an outdoor NHL game since the 2024 Stadium Series.
