Comcast Splits, OpenAI Weighs IPO Delay, and Buttigieg Targeted
Kara Swisher & Scott Galloway
30 Jun 20265 min read~35m
TL;DR
Comcast's spin-off of NBCUniversal unlocks massive shareholder value by separating a fast-growing media/parks business (40% revenue jump last quarter) from a structurally declining broadband unit — the same logic Scott applies to Snap's spectacles drag. Meanwhile, OpenAI's IPO delay signals that side-by-side S-1 comparisons with Anthropic would expose OpenAI's collapsing momentum and reckless cash burn, with losses up nearly 8x in 2025. And the fabricated CPS tip targeting Pete Buttigieg's family illustrates a broader accountability crisis: anonymous, consequence-free online platforms enable stochastic terrorism at scale.
Key Moments
Scott Galloway
“Last quarter the media division get this reported a 40% increase in revenue to nearly 12 billion for the quarter. Theme parks grew 24%. Media grew 61% and studios grew 21% and over the same business over the same period the connectivity division shrunk revenues 3%.”
Scott is explaining why splitting Comcast's media and connectivity businesses unlocks shareholder value — the market was penalizing the fast-growing media unit with the declining broadband multiple.
“If Snap spun their spectacles group, the stock would triple or quadruple.”
Scott is drawing a parallel between the Comcast breakup logic and Snap, noting that Meta gets $400 in market cap per user while Snap gets only $17, largely because the spectacles unit drags the entire company.
“Not only has OpenAI massively lost momentum against Anthropic, it is also operating much more promiscuously with cash. And that is despite Anthropic's massive investments and massive losses, it's projecting that it'll break even by 2030. And Sam Alman's whole thing is, oh no, I'm committing to a trillion dollars in capex because the future there's only one winner.”
Scott is explaining why the IPO delay is really a defensive move — a side-by-side S-1 comparison with Anthropic would expose OpenAI's deteriorating unit economics and momentum loss.
“How does a four-year-old not remember that strangers who you're supposed to speak to who have the authority to separate you from your parents start asking these types of questions? How do you not somewhere in your brain think are mommy and daddy not good people?”
Scott is describing the psychological damage to Buttigieg's four-year-old twins from the fabricated CPS tip, arguing the harm is permanent regardless of the investigation's outcome.
“The internet doesn't have a speech problem. It has an accountability problem. And our fetishization for free speech and anonymity has resulted in a total lack of accountability.”
Scott is making his core argument that the Buttigieg swatting incident is a symptom of anonymous, consequence-free online platforms — and that the fix is verified-yet-anonymous credentialing, not ending anonymity outright.
Pivot is a twice-weekly technology and business podcast hosted by Kara Swisher and Scott Galloway. Kara is a veteran tech journalist and Scott is a NYU Stern professor and entrepreneur. Together they offer sharp, opinionated takes on the biggest stories in tech, media, and politics.
Takeaways
1
OpenAI's IPO delay is a momentum and cash-burn confession With losses up nearly 8x in 2025 and spending hitting $34 billion, an S-1 filed alongside Anthropic's would show OpenAI losing enterprise market share ('blame the model' — companies are swapping OpenAI for Anthropic) while burning far more cash. Bankers at Goldman and JP Morgan reportedly told Sam Altman the numbers aren't presentable right now.
2
Conglomerates destroy value; pure plays create it When a high-growth business (NBCUniversal media/parks: +40% revenue) is bundled with a declining one (broadband: -3%), the market assigns the lower multiple to the whole company. Spinning them apart immediately rerated Comcast stock +21-25%. The same logic applies to any mixed-quality portfolio — investors don't need CEOs to diversify for them.
3
Snap's spectacles unit is destroying 93% of shareholder value Meta earns ~$400 in market cap per user; Snap earns ~$17 despite 500 million daily users and the most advertiser-coveted demographic (under-25s). Scott argues spinning out the subscale spectacles hardware unit into a pure-play social media stock would triple or quadruple the share price — but dual-class shares mean Evan Spiegel can block it.
4
Anonymous tips without accountability enable targeted harassment A fabricated CPS report against Buttigieg's family — timed to Pride Month and a Father's Day post — forced a 24-hour separation of a father from his four-year-old twins and interviews without parents present. Michigan State Police confirmed it was entirely made up. Scott's fix: verified-yet-anonymous credentialing so bad-faith callers face consequences while genuine abuse reporters stay protected.
5
Anthropic should IPO immediately while OpenAI stalls Scott argues this is a pure momentum story for Anthropic — their S-1 will look strong in isolation and even stronger without a live OpenAI comparison. Dario Amodei has a clean narrative: lower burn, a path to breakeven by 2030, and rising enterprise adoption. Waiting only risks losing the narrative window.
6
Cable assets in decline are still cash machines worth consolidating Scott draws on yellow pages as a model: declining industries can still generate massive cash flows if you consolidate aggressively, retain salespeople, and cut overhead. He predicts Versant (the Comcast cable spinoff) and similar assets like CNN and ABC's linear properties should merge backends — not vanish.