On August 14, 2026, The Walt Disney Company (NYSE:DIS) CEO Josh D’Amaro, in his first CNBC interview since succeeding Bob Iger in March 2026, told “Squawk on the Street” that the company’s parks division was a “big surprise” last quarter.
Days earlier, on August 11, 2026, Disney and Comcast Corporation (NASDAQ:CMCSA) reached a deal ending a months-long blackout that had kept NFL Network and NFL RedZone off Comcast’s Xfinity cable service.
The Walt Disney Company (NYSE:DIS)’s ESPN unit took over NFL Media assets earlier this year, and once its contract with Comcast expired. The two companies couldn’t agree on new terms, leaving roughly 11 million Xfinity subscribers without NFL Network and RedZone since the end of April.
Did Disney’s new NFL Media leverage win it a clearly better deal, or did both sides just run out the clock on a standoff neither wanted heading into football season?
The Bull and Bear Case: Disney
The Walt Disney Company (NYSE:DIS) posted 28% earnings growth last quarter with strong results across parks and streaming. D’Amaro said there’s “clarity inside of the organization” about where the company needs to go next. He ruled out spinning off ESPN, calling its sports rights portfolio one other media companies would envy. Disney was believed to have pushed for higher fees and additional live game broadcasts in the Comcast Corporation (NASDAQ:CMCSA) negotiation, and getting a deal done shows its new NFL Media leverage, gained when ESPN absorbed those assets this year, translated into real negotiating power.
On August 14, D’Amaro himself admitted, “I’m not happy with where the stock stands right now.” The stock remains down more than 8% over the past 12 months despite the strong quarter. The Walt Disney Company (NYSE:DIS) has cut nearly 1,000 jobs since D’Amaro took over. Financial terms of the Comcast deal weren’t disclosed, so it’s unclear whether Disney actually got the higher fees it was believed to be seeking or simply settled to end the standoff before the season started.
The Bull and Bear Case: Comcast
Comcast Corporation (NASDAQ:CMCSA) secured the return of NFL Network and NFL RedZone for its roughly 11 million Xfinity subscribers just in time for the 2026 season, avoiding a second consecutive season disrupted for football fans right as the year’s highest-value programming stretch begins. Resolving the standoff removes a real subscriber-retention risk for Comcast’s main cable business heading into fall.
Xfinity subscribers went without NFL Network and RedZone since the end of April. So Comcast Corporation (NASDAQ:CMCSA) spent roughly three and a half months without this marquee programming before securing a deal. With financial terms undisclosed and The Walt Disney Company (NYSE:DIS) believed to have pushed for higher fees, there’s a real chance Comcast gave up more than it wanted just to end the blackout before kickoff.
Insider Monkey’s Hedge Fund Data
The Walt Disney Company (NYSE:DIS) was held by 119 hedge funds as of Q1 2026, up from 113. Comcast Corporation (NASDAQ:CMCSA) was held by 78, down from 95.
Conclusion
The Walt Disney Company (NYSE:DIS)’s new NFL Media leverage got its first real test in this negotiation, and the fact that Comcast held out for more than three months suggests Disney’s higher asking price was real.
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Disclosure: None. This article is originally published at Insider Monkey.
