Comcast’s bid for Warner Bros. Discovery, different from rivals, detailed by President Mike Cavanagh at UBS Conference after losing bidding war. Offer focused on film studio and HBO Max, not entire business. Netflix wins bid, Paramount launches hostile offer. Comcast’s proposal included equity in combined entertainment company, not full spinout.

NBCUniversal’s Peacock streaming service has been growing slowly with 41 million subscribers compared to HBO Max’s 128 million and Netflix’s 300 million. Comcast’s offer for Warner Bros. Discovery would have changed Peacock’s aspirations to global streaming. Peacock has been boosting subscribers with exclusive sports rights like NFL and NBA games and events like the Macy’s Thanksgiving Day Parade.

Peacock has raised subscription prices and reported losses of $217 million for the quarter ended Sept. 30. Despite losses, Peacock’s earnings before interest, taxes, depreciation, and amortization improved by $900 million in the trailing 12 months. Losses expected to improve next year with a path to profitability.

Read more at CNBC: Comcast president outlines unsuccessful WBD offer, future of Peacock