Decoder with Nilay Patel · Thursday, July 9, 2026
The podcast hosts discuss the persistent, yet often failed, strategy in the media industry of combining content with distribution 'pipes.' They cite examples like AT&T buying Time Warner and Verizon buying Yahoo, noting these deals historically ended in disaster. Comcast's prolonged attempt with NBCU is presented as a case where the value proposition of "content plus pipes" was never fully realized, leading to the current unbundling.
“Comcast was the biggest bet on the idea that combining media assets like NBC with access and distribution like Comcast Broadband Network would somehow pay off.”
“This idea, which you'll hear us loosely call content plus pipes, is irresistible to media people. They cannot stay away from it.”
“All of these deals ended in disaster.”
“And I think Netflix is the great example of why this convergence dream that Comcast, among many others, chased doesn't isn't material for 2026. And they're finally acknowledging that.”