Tomorrow: Don't miss our live subscriber-only conversation on VidCon Learn more

Illustration by Jeremie Claeys
Startups Entertainment

How NBCU Missed Out on Billions in Gains on Snap and Peloton

By  |  Feb. 26, 2021 6:01 AM PST
Photo: Illustration by Jeremie Claeys

This week Snap crossed an important symbolic milestone: The company, buoyed by an investor presentation that painted a rosy picture of its future, surpassed $100 billion in market value. Its shares are up 320% since late 2019. But one former shareholder likely isn’t so pleased: NBCUniversal.

The Comcast-owned entertainment company sold out of Snap at the end of 2019, barely breaking even on its initial $500 million investment, which it made when Snap went public. Had NBCU held onto the stock, it would be worth about $2 billion at Snap’s highest point earlier this week. And that wasn’t NBCU’s only mistimed sale last year: It dumped a stake it held in Peloton last spring before shares in the exercise equipment maker took off during the pandemic. NBCU ended up missing as much as $2.7 billion in potential combined gains on the two investments, the equivalent of about 45% of its 2020 profits.

Get access to exclusive coverage
Read deeply reported stories from the largest newsroom in tech.
Latest Articles
 
Reality Check Facebook Apple
The Importance of Apple’s M2 Chip; Meta’s New AI Audio Tricks for AR
Apple CEO Tim Cook posing next to a line of new M2 MacBook products. Photo: Bloomberg.
What’s in a name? In the case of Apple-designed silicon, not much: from the A-series of chips designed for iPhones through to the M1 and new M2 chips, Apple’s only revision to each new name is updating the number.So, when Mark Gurman of Bloomberg says he expects that Apple’s mixed reality headset will use the M2 chip—which lines up with what The Information’s Wayne Ma reported last month—and...
Latest Briefs
 
FTX Exploring Acquisition of Robinhood
Tencent’s Biggest Shareholder Plans to Sell Some of Its Stake
Shanghai Declares Victory Over Covid-19
Stay in the know
Receive a summary of the day's top tech news—distilled into one email.
Access on the go
View stories on our mobile app and tune into our weekly podcast.
Join live video Q&A’s
Deep-dive into topics like startups and autonomous vehicles with our top reporters and other executives.
Enjoy a clutter-free experience
Read without any banner ads.
Jerry Seinfeld (left) and Ted Sarandos. Photo by Getty. Art by Mike Sullivan
Exclusive Media/Telecom Amazon
A Netflix Slump Tests Sarandos’ Talent Savvy
In 2019, when comedian Mike Myers was pitching a new comedy series to Netflix, program executives at the company were skeptical.
Crypto Markets
Tech’s Worst-Timed Deals: Six Acquisitions That Have Not Improved With Age
As tech valuations collapse to a fraction of where they were last year, executives likely have a few regrets.
Amazon's logo on a tent at Cannes this week. Photo by Reuters.
Amazon
Amazon’s Ad Staffers Flee Amid Complaints of Bloat, Bureaucracy
In the years immediately before Covid-19 sidelined the global advertising festival in Cannes, Amazon kept a low-key presence at the annual gathering of ad and tech people.
Art by Clark Miller
Scene and Heard Crypto Culture
‘The Last Great Party’: With Crypto Winter Coming, NFT Lovers Try to Stave Off Reality
Ten days before NFT.NYC began last Monday in New York, I interviewed the conference’s founder, Jodee Rich, about how the crypto market’s collapse would impact this year’s gathering.
Signage at VidCon 2016. Photo by Shutterstock
VidCon Returns as Chill Falls on Creator Economy
VidCon, the annual gathering of social media creators, fans and industry representatives, will descend on Anaheim, Calif., Wednesday for the first time since 2019.
Opinion Media/Telecom
The Question Plaguing Connected TV: Who’s Watching?
PARQOR is part of The Information’s newsletter network. To receive it in your inbox every Monday, Wednesday and Friday, sign up here .