• The beloved holiday movie "Elf" was released in 2003.
• Will Ferrell has been in other projects like "Step Brothers" and "Will & Harper."
• Zooey Deschanel starred in the series "New Girl" shortly after "Elf" debuted. 

It's been over 20 years since the modern holiday classic "Elf" hit theaters. 

The film follows Buddy (Will Ferrell), a human raised by elves working in Santa's workshop, as he journeys to New York City to find his biological father.

Here's what the stars of the movie have been up to since their roles in "Elf."

Ferrell starred in "Elf" the same year "Old School" premiered.

In 2002, Ferrell ended his run on "Saturday Night Live" to prepare to make a name for himself in film.

In 2003, Ferrell starred in "Elf" and the R-rated comedy "Old School."

Ferrell told Entertainment Weekly in 2007 that before taking on the role of Buddy the Elf, he requested that the movie remain lighthearted and took cues from the Tom Hanks film "Big" in creating his character's childlike persona.

Ferrell's career has seen lots of success post-"Elf."

Since bringing Buddy to life, Ferrell has gone on to act in over 20 full-length feature films, including "Anchorman," "Kicking and Screaming," "Step Brothers," and "Get Hard."

He's also gone behind-the-scenes as an executive producer, working on hit shows like Netflix's "Dead to Me" and HBO's "Succession," as well as top-rated films like "Booksmart."

He also starred in "Eurovision Song Contest: The Story of Fire Saga" (2020) and has continued down his producing path, with some of his most recent projects including "Will & Harper" (2024) and Netflix's "No Good Deed."

Deschanel wasn't the first choice to play Jovie.

"Elf" was the ninth feature-length film that Deschanel had appeared in since launching her acting career in 1998.

At the time "Elf" debuted, Deschanel was a relatively new actress in Hollywood with a few films under her belt, including  "All the Real Girls" and "Almost Famous." 

In a 2018 interview with Variety, Deschanel said that she was the second choice for the role and ultimately starred in the movie as Jovie when the film's first choice dropped out.

And in 2003, she told liveabout.com that she believed she mostly got the part because she could sing. 

Deschanel became the star of a popular TV show a few years later.

Post-"Elf," the actress starred in several major movies, including "The Hitchhiker's Guide to the Galaxy," "500 Days of Summer," and "Trolls."

In 2006, she formed a two-person indie band with M. Ward called She and Him. The pair has released multiple studio albums together.

Deschanel landed her most notable role as Jessica Day on the Fox show "New Girl" in 2011. The series ended in 2018 after seven seasons. 

She appeared in the short "Katy Perry: Not the End of the World" as a lookalike of the pop star in 2020. Some of her most recent projects include lending her voice to the character Bridget in "Trolls World Tour" (2020) and "Trolls Band Together" (2023).

James Caan was a seasoned actor before joining the cast of "Elf."

Caan wasn't a Hollywood newbie when he joined the "Elf" cast as Buddy's father, Walter.

The seasoned actor had previously starred in films like "Misery," "The Godfather," and "Funny Lady."

 

Caan died in 2022 at age 82 after a long and successful career.

In 2013, Caan told the AV Club that he remembered "Elf" as one of his favorite comedy productions.

After starring in the holiday flick, he worked on TV series like NBC's "Las Vegas," and continued to star in popular movies like "Undercover Grandpa."

He also went on to voice a character in "Cloudy With a Chance of Meatballs" and several "Godfather" video-game characters.

On July 6, 2022, Caan died of a heart attack and coronary artery disease at the age of 82. His final films were "Queen Bees" (2021) and the upcoming thriller, "Dark Harvest."

Bob Newhart was also a well-known actor when "Elf" was released.

Having voiced Bernard in Disney's "The Rescuers" and "The Rescuers: Down Under" and appearing in popular films like "In and Out" and "Legally Blonde 2," Newhart was a well-known actor before joining the cast of "Elf."

He even had his own CBS TV series in the 1970s titled "The Bob Newhart Show," which ran for six years. 

Starring as Papa Elf in the 2003 film, Newhart had to appear much shorter than his adoptive son, Buddy, which entailed standing several feet away from Ferrell while acting, according to Variety.

Newhart died in 2024 after years of acting in movies and TV shows.

Although he has continued his work on TV, Newhart has only appeared in one feature-length film since the release of "Elf" — the 2011 movie "Horrible Bosses" starring Jason Sudeikis and Jason Bateman.

Newhart has also made frequent appearances on shows like TNT's "The Librarians" and CBS' "The Big Bang Theory."

In 2017, he reprised his role as Papa Elf for a local TV commercial.

On July 18, 2024, Newhart died at age 94. His final role was Professor Proton on the CBS "Big Bang" spin-off "Young Sheldon."

Mary Steenburgen was an Academy Award winner prior to "Elf."

Steenburgen had made her mark on Hollywood long before the release of "Elf," with roles in films like "Back to the Future III" and "What's Eating Gilbert Grape."

She won an Academy Award for best actress in a supporting role in 1981 for her performance as Lynda Dummar in "Melvin and Howard."

The Oscar-winning actress took her talents to the big screen once again when she appeared as Buddy's stepmom Emily in the film "Elf."

Steenburgen would star alongside Ferrell again in 2008.

"Elf" wouldn't be the last time Steenburgen would appear in a film with Ferrell. In 2008, the duo reunited in the comedy "Step Brothers," with Steenburgen playing Ferrell's mom once again.

Steenburgen has appeared on TV series like CBS' "Joan of Arcadia" and Netflix's "Orange Is the New Black." 

She was also in the films "Four Christmases," "The Proposal,"  "The Help,"  and "A Walk in the Woods," among many others.

In 2020, she appeared in the much-anticipated holiday movie "Happiest Season," and has since been on recent seasons of several series, like "Zoey's Extraordinary Playlist."

Most recently, she appeared in the film "Book Club: The Next Chapter" (2023).

"Elf" was Daniel Tay's second movie.

Starring as Michael, Buddy's half-brother, in the film, Tay's first major role was in "Elf."

The only acting credit he had prior was in the 2003 film "American Splendor" as young Harvey.

Tay hasn't appeared in any films since 2007.

Post-"Elf" success, the child actor voiced Doogal in the 2006 film of the same name. He also appeared in the movies "Beer League" in 2006 and "Brooklyn Rules" in 2007.

His last project was providing the voice of Bill Blue in "Grand Theft Auto IV," which was released in 2009.

In the years since "Elf" premiered, Tay graduated from Yale University, according to The Mirror.

Dinklage wasn't too well-known before "Elf."

With the exception of "The Station Agent" in 2003, Dinklage was a relatively unknown actor prior to his role in "Elf."

In the film, Dinklage appears as Miles Finch, the seemingly grumpy best-selling author who doesn't take kindly to Buddy.

Dinklage went on to star on the hit HBO show "Game of Thrones."

After "Elf," Dinklage would go on to appear in several popular movies, including "Death at a Funeral," "The Chronicles of Narnia: Prince Caspian," and "X-Men: Days of Future Past."

Most notably, Dinklage played the complex and well-loved character Tyrion Lannister on "Game of Thrones."

He also appeared in "Avengers: Infinity War" and lent his voice to animated films like "The Angry Birds Movie 2" and "The Croods: A New Age." He starred in the film "Cyrano" in 2021 and lent his voice to Dr. Dillamond in "Wicked" in 2024.

Ed Asner had an impressive career before "Elf."

Starring as Santa in "Elf" might not have been a defining moment for Asner's career, but for a generation of kids, it's one of his most memorable roles.

Asner's acting career stretches back to 1957 when he appeared on the CBS TV series "Studio One in Hollywood."

He starred in upwards of 50 projects before joining the "Elf" cast in 2003.

Even years later, Asner didn't slow down.

Asner has kept his Hollywood career thriving. Since 2003, Asner has been credited with over 60 roles, including the TV short "Elf: Buddy's Musical Christmas."

He appeared on Netflix's "Dead to Me" and Super Channel's "Forgive Me." 

Recently, he was in the movies "Tiger Within" and "Rain Beau's End."

In August 2021, Asner died of natural causes at the age of 91.

This story was originally published in December 2018 and most recently updated on December 24, 2024.

This week Jason, as both a drones and aliens reporter, tells us what is most likely happening with the mysterious drones flying over New Jersey. After the break, Joseph explains how cops in Serbia are using Cellebrite phone unlocking tech as a doorway to installing malware on activists' and journalists' phones. In the subscribers-only section, Sam tells us all about an amazing art project using traffic cameras in New York City.

Listen to the weekly podcast on Apple Podcasts, Spotify, or YouTube. Become a paid subscriber for access to this episode's bonus content and to power our journalism. If you become a paid subscriber, check your inbox for an email from our podcast host Transistor for a link to the subscribers-only version! You can also add that subscribers feed to your podcast app of choice and never miss an episode that way. The email should also contain the subscribers-only unlisted YouTube link for the extended video version too. It will also be in the show notes in your podcast player.

• WTF Is Going on With the New Jersey Mystery Drones? Maybe Mass Panic Over Nothing
• The No-Win 'Mystery Drone' Clusterfuck
• Cellebrite Unlocked This Journalist’s Phone. Cops Then Infected it With Malware
• Traffic Camera 'Selfie' Creator Holds Cease and Desist Letter in Front of Traffic Cam

• Media and entertainment insiders expect an uptick in industry M&A in 2025.
• Comcast and Skydance Media's deals could unleash more activity.
• Insiders identified the deals they think are most likely to happen in 2025 and beyond.

With several buzzy media and entertainment deals already planned for 2025, industry insiders say next year could see a flurry of M&A activity.

Bankers and investors largely expect Trump's return to the White House will be favorable for dealmaking and are rubbing their hands together in anticipation of a big year ahead.

"Every banker that has pay-TV is crunching the numbers," said Jonathan Miller, CEO of Integrated Media, which invests in digital media. Miller sees media at an inflection point that could accelerate M&A. Now that streaming TV businesses are maturing, owners of linear TV channels can start to think about hiving off that no-growth business.

A big player here is Comcast, which announced in November that it would spin off most of its NBCUniversal cable channels, including CNBC, MSNBC, and E!, into a new SpinCo. That new entity plans to grow in part by acquiring other cable channels, so the move is widely expected to trigger other deals.

A second potential trigger of M&A is Skydance Media's long-awaited merger with Paramount Global. This will combine David Ellison's production company, known for hits like "Top Gun: Maverick," with Paramount's assets, including a storied movie studio, CBS News, and cable networks like MTV and Nickelodeon. Paramount is expected to get rid of assets alongside the merger.

Both the Comcast and Paramount deals are expected to close in the second half of 2025.

Another big theme that could pave the way for deals is the continued fallout of Peak TV's end, which industry insiders expect to continue to winnow the number of independent TV suppliers. Look for more production companies to shut down or combine, as in the recent merger of LeBron James' sports-focused SpringHill with Fullwell 73, the production company behind "The Kardashians."

While Big Tech has become a major player in entertainment and, increasingly, sports rights, don't look to them to be the savior of struggling media and entertainment companies.

"The tech companies have realized they could get the milk without buying the cow," said Alex Iosilevich, partner at Alignment Growth, which invests in media and entertainment. "You see it with the sports rights. You don't need to buy Warner to get the next NBA rights."

Business Insider spoke with half a dozen media and entertainment investors, bankers, and advisors who speculated about the deals they think could happen in 2025 and beyond. Some of the people were granted anonymity to protect business relationships; their identities are known to BI.

Paramount is widely expected to unload assets

It's taken as a given in the industry that Paramount will pare down, as it's tried to do for years, now that its Skydance merger is imminent and the company is poised to install former NBCUniversal CEO Jeff Shell at the helm.

Co-CEO George Cheeks has said the company is evaluating sales of assets to shave $500 million in costs, which could include BET Media and the Paramount Pictures lot. (It's already been in talks to sell BET to a group led by CEO Scott Mills.) Leaders have insisted they're keeping CBS. But Paramount's networks face the same tough market as the rest of the linear landscape.

Some see Showtime as a prime target for Starz, the cable network that's shifting to streaming with its imminent spinoff from studio Lionsgate. Starz could be on the hunt for assets to help it bulk up.

Comcast SpinCo could be a buyer or a seller

NBCU executive Mark Lazarus, who will be SpinCo's CEO, has talked it up as a buyer. It certainly has options. It could look no further than Paramount, which has already hung a for-sale sign on assets, or Warner's grab bag of channels like TBS or TLC. Another potential target is AMC Networks, the prestigious but sub-scale network and streamer (though it specializes in the type of TV dramas that have largely migrated to streaming).

SpinCo could also be a seller. Some also think SpinCo could be bought entirely by a private-equity firm further down the road. SpinCo may have to wait a couple of years to sell itself to avoid a tax liability anyway.

WBD is expected to make a move

Warner Bros. Discovery recently announced that it would split into two divisions in 2025, signaling M&A options are on the table. One will house the growing digital streaming and studio businesses, and the other will consist of its declining legacy television networks. WBD needs the cash from its linear channels to pay down its still-considerable debt, but separating the good from the bad could help it sell some assets.

Industry insiders have predicted WBD could do anything from adding Paramount's linear channels or Comcast's SpinCo — considering Warners' debt, it could happen in a stock-for-stock swap — to selling properties like CNN that aren't core to its streaming business. And depending on how the Murdoch succession plays out, a longer-term play could be to buy Fox assets. With scale still the coin of the realm, Warners has to eat or be eaten.

Lionsgate has a valuable catalog

Now that Lionsgate is separated from Starz, it's widely seen as a candidate for sale, something Anson Funds Management, an activist investor, is pushing for.

"I don't think they'll be independent in 2026," one banker said.

There'd be no shortage of buyers for Lionsgate, as it's one of the last independent Hollywood studios out there. Its massive library includes "John Wick," "The Hunger Games," and "Twilight."

Paramount or WBD could snap it up for its library, though they wouldn't necessarily want its distribution or management business. Legendary Entertainment (home to "Dune" and "Godzilla") and its major investor Apollo Global Management, as well as Sony, were previously said to all be interested in Paramount, so they could be potential buyers for Lionsgate. Some also see Fox in the market for a studio, as it sold its TV and movie studios to Disney in 2019.

And while Big Tech has generally preferred to build than buy, Amazon has shown an openness to acquiring, having put down $8.5 billion for MGM Studios three years ago.

Don't count out Disney

That leaves the other legacy media giant: Disney.

About a year ago, CEO Bob Iger floated the idea of selling Disney's TV and cable properties like ABC, but he's since retreated from it. The company line was that Disney wouldn't get the price it wanted and that it'd be too complex to separate them from the rest of the company. Iger and Trump have also sparred in the past, and Disney could look to avoid deals that need government approval.

That said, Iger could change his mind, and now that its streaming business sees a path to ongoing profitability, he seems to have more options. Disney could entertain selling its TV networks like ABC, which it doesn't need to fuel its streaming business. And Disney, without its linear TV business, could be more valuable to a potential buyer, should it decide it's better off selling itself.

One industry player mused that Disney could sell Hulu+ Live TV, its cable-like TV package, and exit the distribution business.

Is Roku headed for a sale?

Roku has been a beneficiary of the continued shift of viewers to streaming, with smart TVs in 85 million homes. Needham recently got Roku in the conversation again with a note predicting it could be sold in 2025, now that Walmart has closed its sale of TV maker Vizio. Needham analysts think anyone from Netflix to The Trade Desk could be interested in Roku as a way to build their streaming ad business, while a retailer like Target could see Roku as a way to use TV ads to drive shopping.

Lara O'Reilly contributed reporting.

• Kylie Kelce said that there are toys she wouldn't want in her house on the latest episode of "Not Gonna Lie."
• Her 'please don't buy this for my children' gift guide includes toys with too much glitter and pets.
• Kelce's podcast topped the charts on Spotify and Apple after its premiere last Thursday.

If you're wondering what gifts to buy — or not buy — for kids this festive season, Kylie Kelce has got you covered.

On Thursday, during the second episode of her podcast "Not Gonna Lie," the media personality and wife of Jason Kelce shared her "brutally honest" gift guide for kids.

"I don't know about you guys, but I often see toys when I'm out shopping or scrolling social media, and I just think to myself, 'Not in my house,'" she said.

Referring to the list as her 'please don't buy this for my children' guide to holiday shopping, she recommended that other parents share it with "aunts, uncles, grandparents, friends — anyone who has asked, 'What can I get the kids for Christmas?'"

"This is your opportunity to have me deliver that harsh reality," said the soon-to-be mom of four.

1. Toys that require more than 5 minutes to assemble

When a kid sees a box with a picture of the toy, they will immediately want to play with it, the former field hockey player said.

"And you know what they're going to do the whole time you're trying to assemble it on a Christmas morning, a Hanukkah evening?" she said. "They're going to stand behind you and say, 'Are you done yet? Are you done yet?'"

"Don't do that to people. Let's not," she said.

2. Anything with too much glitter

As a mom of three daughters, all aged 5 and under, Kelce said that "pretty much everything" they get has glitter on it. "It makes their hearts so happy. I can't veto glitter as a whole," she said.

What she doesn't like about it is how glitter falls everywhere. "I need you to get something that glitter is sealed; I need it attached to that surface; I need it not leaving it," she said.

3. Toys with no volume control

Kelce said that when her daughter Wyatt was 2, she received an electronic drum set. However, it didn't come with volume control.

"I tried taping over the speaker, I tried putting it on a blanket when Wyatt wanted to play with it," she said.

She eventually retired the toy a week later but said the same person, Ed Kelce, her father-in-law, got her kid a new drum set the following Christmas. Thankfully, the new drum set did have volume control, she said.

"But there's still a lot of deep amount of guilt associated with the fact that I hid a Christmas gift from my child because I couldn't stand to listen to that damn thing for one more minute at the volume that it was playing at," she said. "I'm so sorry, Ed."

4. Anything with a heartbeat

Her kids have yet to be gifted a pet, but Kelce said she fears that when the time eventually comes, she will have to respond by returning it.

Calling it a "sick, twisted joke to gift," Kelce added that it's the parents who will end up taking responsibility for the pet.

"I'm already proud of myself when I can keep three children alive each day. I don't need to be working on any more pets, specifically pets that I have not chosen to bring into my household," she said.

5. Toys with too many pieces

"Once the kids start playing with toys that have a million pieces, I then have to go around and pick up all the little pieces," Kelce said. Eventually, pieces go missing, rendering the toys useless, and she ends up stepping on them, she added.

6. Toy weapons

Kelce said her kids have received a few toy weapons. On one occasion, her daughter, Elliotte, got "picked off" in the backyard by an airplane gun that Wyatt played with.

"So, they've proved that they have not earned the trust required to receive weapons, because they will try to take each other out, and I don't want to mediate any of that again," she said.

"Not Gonna Lie" dethroned "The Joe Rogan Experience" to take the top of the charts on Spotify Podcasts and Apple Podcasts after the release of its first episode last Thursday.

"It absolutely blew my mind," Kelce said at the beginning of her second episode. "I really appreciate you guys having such positive feedback, considering I'm still a rookie, and we're working out the kinks."

The podcast is produced by Wave Sports + Entertainment, the company behind her husband's podcast, "New Heights with Jason & Travis Kelce." In August, the brothers signed a three-year deal with Amazon's Wondery worth over $100 million.

Kelce previously opened up about her rise to fame following her marriage to former NFL player, Jason Kelce.

"As public figures, Jason and I know there's talk about our marriage, but we don't give much thought to it," Kelce previously told Business Insider.

"We use social media in a way that is authentic to us and I make a conscious effort not to offer us up for the opinions of others."

A representative for Kelce did not immediately respond to a request for comment sent by Business Insider outside regular office hours.

• Are you still paying for cable TV?
• If so, consider that the people who own cable TV networks seem increasingly uninterested in hanging on to them.
• That's the real story behind WBD's corporate maneuvering Thursday — to make a cable TV spinoff or sale much more likely.

Comcast is ditching its cable TV networks. Now Warner Bros. Discovery may do the same.

That's the takeaway from Thursday's news that WBD is splitting up its cable TV business from its streaming and studio operations.

To be clear: WBD is not saying that it intends to ditch its cable networks, like TNT and Food Network.

Instead, it's using hand-wavy language like "a new corporate structure designed to enhance its strategic flexibility and create potential opportunities to unlock additional shareholder value" to describe what it's doing.

But to be super clear: The reason WBD is doing this now is so it can get rid of its cable operations in the future, perhaps by merging them with the cable TV spinoff that Comcast has planned for next year. And, just as important, because it wants to tell Wall Street that a breakup is on the table.

Not coincidentally, WBD shares are up 13% on the news.

Reminder: WBD has floated this idea before, though less formally. Earlier this summer, WBD execs said (quietly) they were looking at the same kind of corporate restructuring, and then decided to back off the idea.

What has changed since then?

On the one hand, not a lot. The structural challenges around a split still remain: Namely, the fact that while cable TV networks are declining assets, they're still profitable ones, and those profits help keep their owners' other assets afloat.

On the other hand: Now that Comcast has announced it is absolutely going to split off its declining cable TV assets, it helps make other splits more likely. That's because Comcast's spun-off cable TV operation will want to find other cable TV networks to add to its collection so it can increase negotiating power. Which (potentially) solves the "who wants to buy a declining asset?" problem WBD was looking at before.

Also of note: Donald Trump's second term in office may be much, much friendlier to consolidation, as WBD CEO David Zaslav noted the morning after Trump's election. (Reminder: The Trump 2.0 merger mania many people expect may not extend across the board. Trump's incoming team continues to make noise about reining in Big Tech, and that scrutiny may also apply to (at least some parts of) Big Media.)

All of which is worth remembering if you still pay for a package of cable TV networks, which means you are continually being asked to pay more for them. (Just Thursday, Google said it was hiking the price of its YouTube TV cable bundle by 14%.) You, the consumer, are being told cable TV is worth paying more for. But cable TV owners want to get these things off their books.

• Warner Bros. Discovery is splitting its linear TV business from streaming and studios.
• Comcast last month also spun off its cable networks — except Bravo — into a stand-alone company.
• The moves illustrate a cable business in decline, with both repositioning for M&A opportunities.

Warner Bros. Discovery is separating its linear television business from its streaming business and film studios.

It follows a similar move by Comcast, which announced in November it would spin off all of its NBCUniversal cable networks except Bravo into a stand-alone company.

The new corporate structure will be complete by the middle of next year, WBD said. Unlike Comcast, WBD won't spin its assets off into a separate company.

A new Global Linear Networks division will house TV properties like the Discovery Channel and CNN, while the Streaming & Studios side will be the home of Max and movie studio Warner Bros. Motion Picture Group.

"Our Global Linear Networks business is well positioned to continue to drive free cash flow, while our Streaming & Studios business focuses on driving growth," WBD president and CEO David Zaslav said in a statement.

A source with direct knowledge of the matter said the move was meant to clean up the company's structure, which was formed in 2022 from the combination of WarnerMedia and Discovery. (Discovery itself was the product of its acquisition of Scripps Networks in 2017.)

This person said the company is still determining how the specific business units will be divided, and no leadership changes were planned.

The moves by both Comcast and WBD illuminate a cable business increasingly in decline. Their repositioning of properties could help them participate in potential mergers and acquisitions expected to reshape the media and entertainment industry in 2025.

Warner Bros. Discovery was supposed to create scale and value and help compete with Big Tech by mashing WarnerMedia's prestige networks like HBO and CNN with Discovery's lifestyle properties like HGTV. But its stock has sunk to about a third of its value at the time of its creation in 2022. (It was up about 14% Thursday morning on the news of the new organization.)

Industry observers say a Comcast-like spin wouldn't be favorable for WBD because it needs the cash from its linear channels to pay down the heavy debt it took on to form the company.

Still, they see WBD bulking up or shedding channels, with Paramount Global or Comcast seen as the most likely merger partners.

The announcement was met with mixed reactions from analysts. BofA Securities, which has long argued that WBD should sell assets or merge with another company, said in a note that it saw WBD's linear assets as a logical partner for the Comcast SpinCo, while its streaming and studio assets could be an attractive takeover target for multiple suitors.

Longtime ad industry advisor Brian Wieser said that as with the Comcast SpinCo, a WBD separation weakens the company on a few fronts, though. Without being tethered to the cable channels, he said, it'll be harder for WBD's streamer Max to grow its ads business, which is becoming increasingly important. The linear networks will lose leverage in distribution negotiations without Max and have trouble attracting talent if they're seen as a declining business, among other issues, he said.

In July, WBD reportedly floated the idea to investors of essentially undoing the 2022 merger to create the two separate divisions. And in August, the company said its TV assets were worth $9 billion less than it had anticipated just two years ago.

• BuzzFeed used to be a high-flying digital publisher. Now it has shrunk considerably.
• BuzzFeed needed to find a way to pay off a big debt obligation due this month.
• It solved that problem by selling the company behind "Hot Ones" for $83 million to a fund controlled by investor George Soros.

Good news for BuzzFeed: It no longer has a huge debt problem looming over its head.

Slightly less good news for BuzzFeed: Solving the debt problem means the company needed to sell one of its buzziest assets — First We Feast, the production company that owns the "Hot Ones" interview show.

And now Hot Ones — the show where celebrities answer questions while eating increasingly spicy chicken wings — is going to be owned by … investor George Soros and his family.

There's a bit going on here. We can break it down in a minute. But the big picture is that BuzzFeed, once considered a world-beating digital publisher, has staved off a potential extinction event (and, for what it's worth, has likely extinguished a threat posed by investor and political player Vivek Ramaswamy). And in addition, George Soros has added another asset to an interesting collection of media investments he has assembled in the past few years.

OK. Here are the details: As I've noted before, BuzzFeed was on the hook for $124 million in debt and interest payments and was facing the prospect of having to pay it back this month.

But now BuzzFeed has sold First We Feast/Hot Ones to what it's calling a consortium "led by an affiliate of Soros Fund Management LLC" for $82.5 million in cash. Then it took the proceeds from that sale, threw in some cash it already had on hand, and paid back some $90 million of its debt obligations. BuzzFeed says it has $30 million in debt remaining, and that money is due in a year.

"BuzzFeed says its remaining businesses — BuzzFeed, the pop culture site best known for listicles, quizzes, and celebrity news; Huffington Post, the left-leaning news site; and Tasty, its food vertical — will power the company in the future, along with what CEO Jonah Peretti calls "new AI-powered interactive experiences."

First We Feast, meanwhile, says it will now operate as a standalone company. It says the deal and its new ownership structure will let it "fuel existing and new content franchises" and fund "future partnerships and acquisitions with other creators." A press release from the company says "Hot Ones" host Sean Evans is one of the investors in the new company, which suggests he's going to be sticking around for a while.

And while it might seem weird for Soros, who is worth a reported $7.2 billion and whose funding of liberal causes has made him a bogeyman for some US conservatives, to own a celebrity interview show, it's not a total shocker, for a couple of reasons.

For starters, Soros' empire — now run by his son Alex — has been making movies into media over the last few years. In 2022, it acquired a minority stake in Crooked Media, the podcast company best known for its "Pod Save America" show. And earlier this year, Soros acquired a controlling stake in Audacy, a bankrupt radio company with more than 200 stations in the US — a deal that incensed some Republicans.

There's also some connective tissue between Soros and BuzzFeed at play here via media executive Michael Del Nin. Back in 2021, Del Nin put together the deal that allowed BuzzFeed to go public, and he was set to become one of BuzzFeed's top executives in 2022. Instead, Del Nin went to Soros, where he leads the investment company's media unit.

The deal also means that BuzzFeed has reduced its risk that Ramaswamy, an investor and soon-to-be DOGE cochair advising the next Trump administration, will have meaningful influence in its future.

Earlier this year, Ramaswamy bought up a 9% stake in BuzzFeed and told Peretti he should bring a group of conservative media types onto BuzzFeed's board and turn BuzzFeed into a Twitter-style platform. Then he suggested that when BuzzFeed's debt came due this month, the company would be unable to pay it back and that somehow Ramaswamy would end up controlling the company. That doesn't seem like an option anymore.

This week we start with Joseph's story about how the weapon found on the alleged UnitedHealthcare CEO murderer was a particular 3D printed design. Then Jason tells us what he found about the alleged killer Luigi Mangione through his online accounts, and why, ultimately, this kind of journalism might not matter. After the break, Sam talks about how various healthcare companies removed pages about their leadership after the murder, and what we're seeing when it comes to social content moderation around it. In the subscribers-only section, we talk about Congress getting big mad at Apple and Google after 404 Media's reporting on deepfake apps.

Listen to the weekly podcast on Apple Podcasts, Spotify, or YouTube. Become a paid subscriber for access to this episode's bonus content and to power our journalism. If you become a paid subscriber, check your inbox for an email from our podcast host Transistor for a link to the subscribers-only version! You can also add that subscribers feed to your podcast app of choice and never miss an episode that way. The email should also contain the subscribers-only unlisted YouTube link for the extended video version too. It will also be in the show notes in your podcast player.

• UnitedHealthcare Shooting Person of Interest Had 3D Printed Glock
• Luigi Mangione Played 'Among Us,' Breathes Air
• Major Health Insurance Companies Take Down Leadership Pages Following Murder of United Healthcare CEO
• Moderators Across Social Media Struggle to Contain Celebrations of UnitedHealthcare CEO’s Assassination
• Congress Pushes Apple to Remove Deepfake Apps After 404 Media Investigation

• Despite what some analysts predicted, the sky hasn't fallen at Warner Bros. Discovery without the NBA.
• The company's new deal with the cable giant Comcast is better than some anticipated.
• Those at WBD are thrilled to have saved money on NBA rights while avoiding a carriage-fee disaster.

It looks like Warner Bros. Discovery didn't "have to have the NBA" after all.

A year and a half after WBD's CEO, David Zaslav, gave that quote, the NBA's broadcast partner of four decades was outbid by Disney's ESPN, Comcast's NBC, and Amazon for the league's next TV deal, valued at $76 billion over 11 years.

Zaslav was widely chastised for allowing NBA rights to slip through his fingers after appearing indifferent about their value at a time when live sports seemed like it could be the cable bundle's only hope. Some media analysts said WBD underestimated NBC's bid and that the value of its TV networks would take a major hit without the NBA.

But the worst didn't happen. The media conglomerate has managed to secure higher rates for most of its TV networks from Charter and Comcast, the two largest cable providers in the US, people familiar with the terms of the deals told Business Insider.

The Comcast deal is particularly notable, as some in the industry expected the cable giant to drive a hard bargain. Comcast and WBD surprised the industry on Monday when they announced they'd reached a carriage-renewal deal. The financial terms weren't disclosed, but people familiar with them told BI that Comcast's affiliate fees for TNT would remain flat and that it would pay slightly more for WBD's other networks. In return, Comcast customers in the US, the UK, and Ireland can get Max for free.

This new deal, especially TNT's fees remaining flat without the NBA, looks like a win for Zaslav that certainly wasn't guaranteed just a few months ago.

No NBA, no problem?

Before the Charter and Comcast deals were announced, the general feeling in the media world was that pay-TV providers could play hardball and demand lower affiliate fees for WBD's networks, especially an NBA-less TNT. Shrinking affiliate fees and weaker ad revenue from lower ratings could be disastrous for debt-riddled WBD.

Instead, in mid-September, WBD struck a deal with the cable giant Charter in which it secured a flat rate for TNT and higher rates for other channels like CNN, HGTV, and Discovery. However, doing so took a key concession: giving away its Max streaming service.

The Charter deal was heralded as a success, with Zaslav a "clear winner" in the eyes of the veteran media analyst Rich Greenfield of LightShed. Greenfield had said that if WBD could fend off a major decline in affiliate fees in its next deals, then "investor fears are misplaced."

Still, another major test was ahead: WBD's negotiations with Comcast. Some observers thought WBD got a sweetheart deal from Charter since the cable legend John Malone was on the board of both companies, but they expected Comcast would take no prisoners. LightShed's Brandon Ross predicted that Comcast CEO Brian Roberts would be aggressive in negotiations.

The terms WBD and Comcast agreed to are remarkably similar to WBD's deal with Charter, and each came together more than a year before key deadlines. "Most favored nation" clauses mean cable providers can get similar terms as their competitors, but some analysts thought Comcast would get a better deal that Charter could match in retrospect.

Company insiders seemed pleased with the deals, though the WBD side seemed especially thrilled. Some people within the company believed they'd been vindicated after taking heat for losing the NBA.

Those with knowledge of WBD's thinking said the company could actually be better off without the NBA now that it avoided carriage-fee cuts. Instead of paying up for the NBA, whose ratings are down so far this season, the company can invest in other sports or pay down debt.

Unlike Amazon or Comcast, which have other businesses that can help subsidize their NBA rights, WBD would have needed its NBA investment to pay for itself — mainly through carriage fees, advertising revenue, and subscriptions to Max, which airs the NBA on TNT. And the company wasn't sure that would be possible if it paid significantly more money for fewer games.

So while the WBD hoped to keep the NBA at the right price, it was prepared to walk away — hence Zaslav's surprisingly blunt quote. By opting for plan B, WBD sent the message that its priority was keeping costs in check and paying down debt.

WBD shares are up by 58% since mid-September, suggesting that the market is rewarding the company for passing on the NBA — even though doing so was controversial.

Cable broadband companies continue to insist that data caps are good for people with low incomes, pushing back against comments filed by consumer advocacy groups. NCTA—The Internet & Television Association urged the Federal Communications Commission to avoid regulating the monthly data limits and overage charges that cable firms such as Comcast and Cox impose on many Internet plans.

Advocacy groups "suggest that usage-based pricing disproportionately harms low-income users, reasoning that these users are least able to afford overage fees if they exceed data thresholds," the NCTA said in comments filed last week with the FCC. "However, in reality, usage-based pricing benefits low-income or price-sensitive consumers by providing additional options for less expensive plans."

The NCTA contends that "there is no basis for the assertion that regulation is warranted because low-income consumers are uniquely harmed by usage-based pricing. To the contrary, in many cases usage-based pricing provides more options for consumers, including lower-priced ones, which helps consumers stay connected."

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Google’s DeepMind team unveiled an AI model for weather prediction this week called GenCast. In a paper published in Nature, DeepMind researchers said they found that GenCast outperforms the European Centre for Medium-Range Weather Forecasts’ ENS — apparently the world’s top operational forecasting system. And in a blog post, the DeepMind team offered a more […]

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We start this week with Sam's stories about multiple people building big datasets of Bluesky users' posts. People are not happy! After the break, Jason talks all about reverse-engineering Redbox machines, and a trip he took to see one being ripped up. In the subscribers-only section, Joseph explains two big moves the U.S. government is making against data brokers.

Listen to the weekly podcast on Apple Podcasts, Spotify, or YouTube. Become a paid subscriber for access to this episode's bonus content and to power our journalism. If you become a paid subscriber, check your inbox for an email from our podcast host Transistor for a link to the subscribers-only version! You can also add that subscribers feed to your podcast app of choice and never miss an episode that way. The email should also contain the subscribers-only unlisted YouTube link for the extended video version too. It will also be in the show notes in your podcast player.

• Your Bluesky Posts Are Probably In A Bunch of Datasets Now
• The Redbox Removal Team
• FTC Bans Location Data Company That Powers the Surveillance Ecosystem
• U.S. Government Tries to Stop Data Brokers That Help Dox People Through Credit Data

This week we start with Emanuel's couple of stories about Niantic, the company that makes Pokémon Go, and its plan to build an AI model based on data collected by its users. After the break, Jason and Emanuel talk about their big investigation into the rise of "AI pimping." In the subscribers-only section, Joseph explains why he doesn't use a mobile phone and how he uses an iPad Mini instead.

Listen to the weekly podcast on Apple Podcasts, Spotify, or YouTube. Become a paid subscriber for access to this episode's bonus content and to power our journalism. If you become a paid subscriber, check your inbox for an email from our podcast host Transistor for a link to the subscribers-only version! You can also add that subscribers feed to your podcast app of choice and never miss an episode that way. The email should also contain the subscribers-only unlisted YouTube link for the extended video version too. It will also be in the show notes in your podcast player.

• Pokémon Go Players Have Unwittingly Trained AI to Navigate the World
• Pokémon Go Data ‘Adding Amplitude to War Is Obviously an Issue,’ Niantic Exec Says
• Inside the Booming 'AI Pimping' Industry
• I Don't Own a Cellphone. Can This Privacy-Focused Network Change That?

• Spotify's year-end feature has something new: an AI-generated "podcast" about your Wrapped.
• It uses Google's NotebookLM technology.
• It's neat? But WEIRD!! Very weird!!! No thank you!

One of the indignities inflicted on parents of young children is Spotify Wrapped. Each December, thousands of adults open up their year-end treat to discover the sad fact that they listened to "Baby Shark" more times than anything else.

As a parent, this has been my fate for the last few years. (My Spotify account is connected to our Amazon Echo, which means that in some years, my kids' requests for songs about potty words have ended up on my Wrapped.)

I take very little pleasure in Spotify Wrapped, although I know it's a massively popular thing that many people —presumably those who don't listen to Raffi on repeat — really look forward to.

However, this year, there's a new feature. And I struggle to imagine how anyone won't feel mildly weirded out by it: Spotify uses Google's new NotebookLM AI-powered feature to create an individualized AI-generated podcast with two talking heads discussing your listening habits in a conversational, podcast-y tone. Yikes!

I received a 3-minute podcast with a man and woman chatting about how impressive it was that I had listened to "Cruel Summer" by Taylor Swift — my 4-year-old's current favorite tune, narrowly edging out "Let It Go" this year — so many times that I was in the Top 0.02% of listeners. (I should note here that the podcast said I was in the Top 0.02%, while the main Wrapped said it was 0.05%. Possibly the podcast version hallucinated?)

I can understand why people like sharing screenshots from their Wrapped. It's normal to want to share what music you like — and what those lists say about you and your personality.

But listening to an AI podcast about it? Voiced by robots? I'm not sure anyone wants that.

Google's NotebookLM is a fascinating product — I've played around with it a little, and it is very cool, if not uncanny. You can add in text or a PDF or other kinds of data, and it will create a conversational podcast episode with two hosts — "likes" and "ums" and all.

It's got that factor about GenAI that makes you go "whoa," like trying ChatGPT for the first time to have it write a poem.

It's got the dog-walking-on-its-hind-legs element: It's impressive because the dog can do it at all, not because it's doing it particularly well. The idea that AI could generate a chatty podcast that sounds almost real is, admittedly, mindblowing. But would you want to actually listen to it? I'm not really so sure.

I've wondered what this would be used for — I assume some people find listening to something makes it easier to engage with than simply reading it. You could take the Wikipedia page for "The War of 1812," plug it into AI, and generate an engaging history podcast instead of slogging through dry text.

And in a business setting, perhaps a busy exec could upload an accounting report and listen to it while on the putting green instead of reading a stale PDF. (I tried uploading my tax return and created what may be the most boring podcast in human history.)

But NotebookLM is a pretty niche product so far — and Spotify Wrapped is a massively popular feature on a massively popular app. It's likely that this will be many people's first exposure to NotebookLM's abilities.

I imagine it will be mindblowing for many people! But I urge restraint and moderation. Although seeing a screenshot of your friends' top artists might be fun, no one wants to hear a podcast about it.

• Alex Cooper, the host of "Call Her Daddy," signed a $125 million deal with SiriusXM in August.
• Cooper said that how you approach a negotiation is more important than what is said.
• A negotiation expert said negotiators should seek a "relational" approach in discussions.

Alex Cooper, host of the hit podcast "Call Her Daddy," recently shared her tips on negotiation — one of which she learned from her mom.

Cooper, who signed a $125 million deal with SiriusXM in August, said in an interview with Forbes on Friday that her top tip for negotiation is to practice the conversation.

"I'm always practicing before I go in because you don't want the thing you're leading with to be your nerves," she said.

Although it's "nerve-racking" to go to someone in a position of power and negotiate for more, "half of business is the way that you're presenting," said Cooper, who launched the advice and relationship podcast in 2018.

At this point in her career, Cooper, 30, said she knows she can walk into any room in business and close the deal.

"Half of it has nothing to do with my business IQ — it's really just my emotional EQ. Half the time, I'm leading with EQ, not IQ, because that's what moves the needle," said Cooper, who also owns a media company targeted at Gen Zs.

"So I think practicing what you want to say to someone, and how you are going to approach it, and how you are being confident and calm—that goes farther half the time than what's actually coming out of your mouth," she continued.

Cooper said she also writes out notes on what she wants to say — a habit she learned from her mom. The next step is to practice out loud.

"That helps, though, because then the first time that you're projecting it to someone, you're like, 'Oh, I've done this so many times,'" she said. "Now you get to practice your swag, how you're sitting, is my leg crossed, am I using my hands, and am I making eye contact? That's how I go about it."

Cooper's three-year deal with SiriusXM is more than double the value of her 2021 deal with Spotify, which was worth $60 million, per Variety.

The deal allows SiriusXM to oversee the advertising and distribution of her "Call Her Daddy" podcast from 2025. It also covers her podcast network, Unwell Network, which includes shows from influencers such as Alix Earle and Harry Jowsey, per a statement from SiriusXM.

Last year, "Call Her Daddy" was ranked the number two podcast globally on Spotify, behind "The Joe Rogan Experience."

The podcast was originally known for conversations about sex, but has since grown to cover a range of topics from body positivity to relationships. It has featured A-list guests such as Miley Cyrus and Hailey Bieber. In October, Vice President Kamala Harris was also a guest on the show.

In the same statement, Scott Greenstein, president and chief content officer at SiriusXM, said that the audio entertainment company is the "perfect home for Alex to continue her amazing growth trajectory."

"Alex is the voice of a new generation, and I can't wait to see what we do together in the years to come," he added.

However, industry insiders told Business Insider in August that SiriusXM will only shell out $125 million if her "tremendous value" is fully realized over the next three years.

A representative for Cooper did not immediately respond to a request for comment from BI sent outside regular business hours.

The art of negotiation

Negotiating is a critical skill to master, whether to seal a business deal or secure a job offer.

Leigh Thompson, a professor at Kellogg School of Management at Northwestern University and the author of the new book "Negotiating the Sweet Spot: The Art of Leaving Nothing on the Table," previously wrote for BI that successful negotiators are "relational" instead of "transactional." This means they treat the discussion as a conversation between people with a shared interest instead of a hard-nosed transaction-focused approach.

She added that negotiators should seek mutual gains for both parties. "Successful negotiators think about how to expand-the-pie and grow-the-sandbox, not just how many toys they're entitled to," she wrote.

When it comes to landing a job offer, Chris Williams, a former vice president of human resources at Microsoft, previously told BI that signing bonuses, higher commissions, more paid time off, and healthcare benefits are among the things to negotiate.

"I try to remember something I once heard: If your counteroffer doesn't make you feel a little guilty — like you've gone a little too far — you haven't pushed enough," he said.

"So negotiate that job offer, and get what you deserve."

• Elon Musk teased the idea of buying the TV network MSNBC.
• "How much does it cost?" Musk wrote on X.
• Comcast plans to spin off some of its cable channels, including MSNBC.

Elon Musk has teased the idea of buying the liberal TV network MSNBC.

Musk floated the idea on social media, responding to a post on X shared by Donald Trump Jr. that said Comcast was putting the network up for sale.

"Hey @elonmusk I have the funniest idea ever!!!" Trump Jr. wrote alongside the post.

"How much does it cost?" Musk replied.

Musk, the world's richest person, later added: "The most entertaining outcome, especially if ironic, is most likely," accompanied by a laughing emoji.

While he may have been joking, it's worth remembering that Musk made a similar comment years before acquiring X (then Twitter) in 2022.

In 2017, Musk took to the platform to declare his "love" for Twitter, to which someone replied: "You should buy it then."

"How much is it?" Musk asked.

While there's no formal indication that Musk intends to go ahead with an offer for MSNBC, the idea has already sparked some concerns.

Thomas Whalen, an associate professor of social sciences at Boston University, told The Telegraph that Musk's idea was "a bombshell on the broadcasting landscape."

"Musk's move seems like a hostile takeover and it bodes badly for the media moving forward," Whalen said. "I think how Vladimir Putin and oligarchs have been buying the free media in Russia."

It follows Comcast's announcement earlier this week that it would be spinning off some of its cable television networks, including MSNBC, into a separate company.

The new company, called "SpinCo," will provide news, sports, and entertainment content, Comcast said in a press release.

President-elect Donald Trump has dished out some strong criticism of MSNBC in the past, and the impending Trump era is adding to internal fears over the network's future.

In a Truth Social post in 2023, Trump called the network "the world's biggest political contribution to the Radical Left Democrats" and "nothing but a 24 hour hit job on Donald J. Trump."

"Our so-called 'government' should come down hard on them and make them pay for their illegal political activity," he wrote.

Business Insider has contacted MSNBC for comment.

• Incoming boss Mark Lazarus addressed the CNBC newsroom Thursday.
• The day before, CNBC anchors had made bleak jokes on-air about Comcast's spinoff plans.
• Three CNBC staffers told BI the mood inside the company seemed upbeat during Lazarus' visit.

In a meeting at CNBC headquarters in New Jersey on Thursday afternoon, incoming boss Mark Lazarus presented a bullish view of the future after the bombshell news that Comcast would spin off the network.

Three CNBC staffers told Business Insider they felt Lazarus' optimistic talk landed well in the newsroom. They asked for anonymity to discuss internal meetings. Their identities are known to BI.

The vibe was a bit of contrast to Wednesday, when Comcast announced plans to spin off most of its NBCUniversal cable TV networks — including CNBC — into a separate public company called SpinCo (for now). On Wednesday, CNBC anchors shared some worries and dark humor on-air, with "Squawk Box" coanchor Joe Kernan quipping, "We're going out into the cold, cruel world."

Lazarus, who will be SpinCo's CEO, addressed a packed newsroom Thursday at CNBC and didn't hold a Q&A, though he mingled with staff and took questions one-on-one afterward. While speaking with staff, Lazarus said the new company would keep the money generated by its properties and pursue other M&A targets, describing it as entrepreneurial and flexible, one CNBC staffer said.

Lazarus said SpinCO "would be a predator, not prey" and examine various targets "like digital businesses and IP," a second CNBC staffer recalled.

A third staffer said Lazarus talked about the SpinCo having the ability to invest in its cable networks, giving the example of the Golf Channel as one that's thrived digitally.

The first staffer said that after the meeting, talks in the hallway seemed upbeat. That said, CNBC has undergone several rounds of layoffs over the past year, they added.

"People felt better than they did when it first started," the third staffer said. "The plan isn't just to dress it up for PE."

In addition to CNBC, Comcast is spinning off MSNBC, E!, and Oxygen — but holding onto Bravo, whose "Real Housewives" shows and other reality fare are inexpensive to produce and integral to its Peacock streaming service.

Before his meeting with CNBC staff on Thursday, Lazarus and MSNBC president Rashida Jones spoke to execs, producers, anchors, and hosts at MSNBC on Wednesday, Vanity Fair reported.

There were also signs of optimism there, with host Rachel Maddow saying it was positive to have Lazarus there on "day one," Vanity Fair reported. Still, reporting from The Ankler described the meeting as "intense."

Comcast is going forward with the spinoff — which it says will take about a year to complete — amid sagging prospects in the cable TV business. And it's not alone. Disney chairman and CEO Bob Iger previously floated the idea of spinning off its cable channels, but the company has more recently retreated.

• Comcast is looking to separate from most of its cable networks.
• However, the media titan is keeping Bravo, which makes popular reality-TV shows.
• Here's why holding onto Bravo makes sense, even though the spinoff might not work.

Comcast wasn't bluffing about unloading its steadily declining cable TV networks.

The cable giant is officially planning to spin off most of its pay-TV channels, in a move that's the latest indictment of the sad state of the traditional TV business.

Notably, Comcast's NBCUniversal isn't biding all of its cable networks adieu, however. It's hanging onto Bravo, a purveyor of reality-TV shows like the "Real Housewives" series and "Vanderpump Rules."

The logic behind that decision is simple: Bravo's shows are inexpensive and popular, and they perform very well on Peacock, its budding streaming service.

In the deal, Comcast is holding onto Peacock, as well as its broadcast network, NBC. Those platforms are how Comcast distributes its all-important NFL rights, so they were never on the chopping block.

Though it may surprise some, Comcast has determined that Bravo is also too valuable to let go. Ten of the 50 most in-demand TV shows on Peacock this year are from Bravo, noted Brandon Katz, the senior entertainment industry strategist at data firm Parrot Analytics. Parrot's demand metric is based on third-party data, including search results, social-media content, and ratings sites.

"Bravo has a real brand identity that holds value to consumers as opposed to Syfy and USA Network, which have largely pulled back from scripted programming in recent years and are not as recognizable and resonant," Katz wrote, referencing two networks that Comcast is planning to spin off.

Bravo has also served as an anchor for Peacock's expansion into reality-TV originals, which has produced Bravo-style hits like "Love Island USA" and "The Traitors."

Ratings giant Nielsen found this summer that the sixth season of "Love Island USA" was the most-watched reality TV series among streaming originals, as it racked up over a billion minutes viewed and registered in the top-10 rankings for four straight weeks following its debut.

Without Bravo content, Peacock's reality-TV strategy would be left with a huge hole.

"Comcast likely views Bravo as an important piece of its Peacock strategy, with content that is too difficult to separate from the cable network without destroying any value the network might have," wrote Michael Hodel, a communication services analyst at Morningstar.

Why Comcast's spinoff might not pay off

The other reason why Bravo could have been a keeper is that it still generates cash that can help Comcast pay for the NBA broadcast rights it won over the summer.

"Given the cost-cutting that will likely be required to ameliorate the incoming expenses of NBCU's rich NBA deal, keeping that money-making asset in-house makes sense even if it's shrinking year-over-year," Katz wrote.

Still, Comcast's other cable channels likely turned a profit as well. That, plus the fact that those networks could be weaker on their own, has left some analysts stumped as to why this spinoff happened at all — other than to make investors happy.

Wall Street generally hates declining businesses, like the pay-TV networks that Comcast has been saddled with.

"Comcast will now have a cleaner and clearer growth story," analyst Craig Moffett of MoffettNathanson wrote to BI.

However, Moffett said that the spun-off networks likely make more sense with Comcast than on their own. Analyst Rich Greenfield of Lightshed Partners had made a similar point a few weeks ago.

"It will be challenging to separate NBC from the cable nets, especially for carriage negotiations," Moffett wrote.

Brian Wieser, a media and advertising analyst for Madison and Wall, struck a similar tone.

"Unless Comcast has a vision for what it would do with the capital to build up its remaining media business or how it will cause a merger of the business with another company's cable networks, the transaction would be dis-synergistic," Wieser wrote.

Whatever the fate of the spinoff, Comcast clearly sees the value of Bravo's scripted content, compared to the more challenged TV news business. Investors will ultimately judge whether the spinoff was worth it. As of midday Wednesday, they seemed unconvinced, as the company's shares were only up modestly hours after the news broke.