Peacock, the streaming platform owned by Comcast through NBCUniversal, released its latest earnings on Thursday. The numbers paint a troubling picture. In fact, the scale of the setback is sharper than expected. NBA commissioner Adam Silver envisioned a very different outcome when he approved the $76 billion, 11-year broadcast agreement that began this season. Meanwhile, the league sits squarely at the center of this unraveling, linking league ambition directly to Peacock’s growing concerns.

The platform reported a deeper fourth-quarter deficit of $552 million, rising sharply from $372 million during the same period last year. According to Comcast, the surge in losses stems largely from onboarding the NBA and carrying an exclusive NFL matchup. However, there was a payoff.

Driven by its expanded sports and entertainment slate, Peacock generated $1.6 billion in overall revenue, up from $1.3 billion a year earlier. At the same time, the platform reached 44 million paying users, climbing from 41 million at the end of the third quarter and 36 million one year ago, the company confirmed Thursday.

Meanwhile, Comcast chief financial officer Jason Armstrong said on a morning call that Peacock has reached meaningful scale. And that the company expects losses to improve significantly again in 2026. He linked that outlook to Comcast’s ongoing efforts to operate through a turbulent era for traditional Hollywood studios.

At the same time, Comcast chairman and CEO Brian Roberts addressed the broader market conditions surrounding Peacock. He pointed to continued industry consolidation and the company’s brief evaluation, followed by withdrawal, from pursuing Warner Bros. Discovery.

Overall, Comcast posted $32.3 billion in revenue, closely matching the $32.34 billion consensus estimate and rising 1.2% from $31.9 billion last year. However, profitability weakened. Net income attributable to Comcast fell 55% to $2.16 billion. Meanwhile, adjusted earnings per share declined 12.4% to $0.84, still ahead of the $0.76 analyst expectation.

At the segment level, content and experiences revenue increased 5.4% to $12.7 billion. Media revenue, including NBCUniversal, climbed 5.5% to $7.6 billion. However, Universal film studios’ revenue slipped 7.4% to $3.02 billion. That drop was countered by theme park revenue, which surged 22% to $2.9 billion following the May 2025 debut of Epic Universe.

Interestingly enough, the report dropped at such a time when two NBA legends are face-to-face in an unwanted spot. On one side, we have Charles Barkley. And on the other end, Michael Jordan. The former is seemingly disappointed, here’s why…

Amidst the NBA’s trouble, Charles Barkley calls out Michael Jordan’s NBC

In February 2025, concern around Charles Barkley’s future dominated NBA media circles. During that period, Barkley revealed he walked away from an NBC proposal worth $100 million. Months later, NBC shifted direction and announced Michael Jordan as a special contributor. As a result, fans initially mourned the lost chance of a Barkley and Jordan reunion after their public rift. But then MJ wasn’t meant to go live on air.

The new season opened with Inside the NBA airing on ESPN alongside heavy promotion around Michael Jordan. Expectations rose quickly. However, NBC limited Jordan’s role to one extended sit-down with Mike Tirico in MJ’s Insights to Excellence. As a result, Charles Barkley, like many fans, expressed clear disappointment.

“We need Michael Jordan affiliated with the NBA, but now you see this thing coming out with the NBC, and you’re like, ‘Wait, y’all did one interview, like five months ago, and y’all gonna sprinkle it throughout the season? Come on, man.’ That’s disingenuous by NBC. Listen, that’s crazy, man. I’m disappointed the way that worked out,” Barkley lashed out.

This is where ambition meets awkward reality. Peacock is chasing scale, the NBA is absorbing the shock, and NBC is learning that star power needs presence, not patience. Meanwhile, Charles Barkley voices what fans already feel. Expectations soared with Michael Jordan, but delivery stalled. Therefore, as consolidation tightens and broadcasts evolve, credibility now matters as much as spectacle.