Comcast (CMCSA) continues being Comcast: its linear model is under constant assault by the allegorical scissors-to-cord crowd, but its legacy businesses, driven by the much-needed, especially by Netflix (NFLX) et al., broadband services in which it is heavily invested, help to deliver cash flows that allow for reinvestment in content and new streaming platforms. During the pandemic, binge-watching has become a psychic panacea for a population that has no choice but to patiently wait for a vaccine solution. The company is clearly benefiting from that trend.

But, as theaters continue to find it difficult to attract crowds and gain approval to open in major markets, the other part of the equation comes into light: premium-video-on-demand offers mitigation for the company's suffering multiplex-distribution operations.

Put streaming and PVOD together, two interconnected digital strategies, and you've got a thesis for now, and, if the CEO wills it, the future. I will look at these two components in brief (in the context of the recent Q2 earnings call), and, putting them together, propose a bullish outlook for a cable giant that should find growth over the long term. The shares may not be trading at much of a discount, but the premium paid for them reflects a lot of potential value in the company's overall content/distribution strategy.

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