Netflix-NBCUniversal Deal Could Give Streamer a Year-Round Sports Strategy

Netflix’s biggest potential sports move may not be another batch of game rights. Wolfe Research analyst Peter Supino thinks the streamer could buy NBCUniversal after its planned separation from Comcast, adding a broad sports portfolio and a steady reason for fans to return throughout the year.

That idea comes as Netflix faces questions about slowing growth and how much time viewers spend on its service. Its stock is trading down about 7% after a lackluster Tuesday evening earnings call. The company remains well ahead of competitors in subscriptions, churn and revenue, but those strengths haven’t erased concerns about engagement. Free services such as YouTube are taking a larger share of television viewing time while Netflix has stagnated.

For Netflix, live sports could help address that gap. A game gives viewers a reason to open the service at a particular time, while the rest of the catalogue offers something to watch before or after. The challenge is building a schedule that keeps sports fans coming back once a given competition’s season ends. Supino’s argument is that owning NBCUniversal could provide that continuity.

A possible route into live sports

Netflix has so far made selective moves into live sports, including a handful of NFL games, boxing cards and other occasional programming. Those events have put live competition on the service, but they don’t yet amount to the regular lineup that could make Netflix a routine destination for sports viewers.

A separate option under discussion would let Netflix carry programming from an existing sports outlet. Earlier this week, Puck’s Matthew Belloni reported that Netflix was in talks to bring Fox One and its live sports programming onto the platform. Three sources were cited in the report. The proposed arrangement would resemble Netflix’s deal with French television channel TF1, giving the streamer access to live sports, including NFL games, without having to buy those rights itself.

That kind of distribution deal could add live events more quickly than acquiring a company. But Supino’s forecast goes further. On a recent episode of The Varsity podcast with John Ourand, he said Netflix could purchase NBCUniversal, which is set to be spun off from Comcast in the coming months.

“To matter to a sports fan, you need a year-round offering, not just a season. If you have just a season, people can cancel,” Supino said. He described a Netflix purchase of NBCUniversal as an “underappreciated possibility,” pointing to the company’s position as the holder of the second-biggest sports portfolio in the world.

Complementary libraries, different strengths

The proposed fit rests on what each company brings to the table. NBCUniversal would add live sports and news, areas Supino says Netflix lacks. Netflix, meanwhile, is already a major player in scripted entertainment, a category where he sees Peacock as comparatively limited.

Supino said Peacock has little presence in scripted entertainment despite NBC’s long television history. In his assessment, the service is built around sports, news and a pay-one film deal with Universal Studios. He argued that this mix may not be enough by itself, and described Peacock as a possible anchor for Netflix’s next phase of streaming expansion.

The logic is straightforward: a deep sports schedule could draw fans back regularly, while Netflix’s scripted shows would give them more to explore between games. That combination might support engagement across the calendar instead of relying on one sport or a short run of events. Still, the idea remains Supino’s prediction; the source provides no confirmation that Netflix plans to buy NBCUniversal.

The analyst said he believes a deal could happen “soon.” That timing would depend on NBCUniversal’s planned separation from Comcast, but the source does not provide details about a proposed agreement or its terms.

A different answer to Netflix’s past bid

The prospect also recalls Netflix’s near-purchase of Warner Bros. Discovery, though the asset mix would have been different. Last year, Netflix agreed to acquire the company’s streaming and studio assets, while its live sports and news businesses were to be spun out with the remaining cable networks. Investors punished Netflix for that decision. Paramount’s competing offer ultimately prevailed, and the deal closed this month.

A purchase of NBCUniversal would point in the opposite direction: the sports and news operations that Netflix previously left outside its Warner Bros. proposal would be central to the rationale. Supino’s case is that those assets could fill gaps in Netflix’s offering, while the streamer brings a stronger scripted entertainment business to the combination.

Whether Netflix pursues that path is unknown. The immediate question is whether the company can turn occasional live events or a potential Fox One arrangement into a dependable viewing habit. Supino’s proposal offers a larger answer: year-round sports could give Netflix a stronger claim on fans’ time, with Peacock serving as a possible foundation.