The company is burdened by $100 billion of debt related, largely related to the high bidding for Sky Broadcasting. The good parts of the business mix include more stay-at-home consumer use of Sky services as well as Internet-related services such as Xfinity. But the lockdown situation also accelerates cord-cutting trends in the formerly solid and predictable cable tv division, closures of movie theaters and, with the introduction of Peacock, lots of extra costs related to entry in streaming wars.

Comcast and other media, entertainment, and travel-related companies have borne the brunt of the coronavirus shutdowns. But as with Disney, Comcast has at least in part transitioned into a travel-dependent company and into a lower long-run P/E multiple range via its Universal theme park investments in the US and Asia. The parks will fully reopen, probably within a few weeks or months, and there will likely be a benefit from large pent-up demand. The only problems are that, until virus vaccines and other treatment options become available, crowd-densities, air travel, and consumer spending abilities will be limited and be far below what they had been prior to 2020.

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