Comcast’s Streaming Joint Venture SkyShowtime Secures Regulatory Approval

Comcast’s (CMCSA) streaming joint venture with ViacomCBS (VIAC) has received all the required regulatory approvals. SkyShowtime is now set to launch in more than 20 European markets later this year.

Comcast is a media and technology company that offers high-speed internet, video, voice, and wireless services. It also offers security and automation services.

SkyShowtime

SkyShowtime will be available in Albania, Andorra, Bosnia and Herzegovina, Bulgaria, Croatia, Czech Republic, Denmark, Finland, Hungary, Kosovo, Montenegro, Netherlands, North Macedonia, Norway, Poland, Portugal, Romania, Serbia, Slovakia, Slovenia, Spain, and Sweden.

Expected to reach close to 90 million households, SkyShowtime’s offering will span 10,000 hours of content across all genres.

The genres on offer include scripted dramas, kids and family, documentaries, and premiere movies. Comcast and ViacomCBS will announce the pricing of the service at a future date.

SkyShowtime is headed by Monty Sarhan, who was named Chief Executive Officer earlier this year. He is a veteran of both Comcast and ViacomCBS, having spent more than ten years at the subscription television service EPIX.

Analysts’ Take

RBC Capital analyst Kutgun Maral recently reiterated a Buy rating on Comcast stock with a price target of $60. Maral’s price target suggests 20.02% upside potential. While the company has experienced a slowdown in broadband net ads, the analyst believes that concerns over the long-term impact have been overblown.

Consensus among analysts is a Moderate Buy based on 11 Buys, 3 Holds, and 1 Sell. The average Comcast price target of $58.13 implies 16.28% upside potential to current levels.

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