[Comcast's breakup](https://www.cnbc.com/2026/06/29/whats-behind-the-comcast-break-up-hope-for-a-disney-like-valuation.html) is being priced as if spinning out NBCUniversal suddenly unlocks a Disney-like 10x multiple. The logic breaks down instantly. Disney trades at 10x *after* streaming margins compressed for two years and the company proved it could generate $11B in FCF. Comcast hasn't proved cable can stabilize at 20%+ EBITDA margins while streaming burns cash.

Research these companies