Dive Brief:

• The Philadelphia- based telecommunications conglomerate promoted Jason Armstrong to the top financial seat, the company announced Friday. 
• Armstrong — a Comcast veteran — has held various financial leadership positions for the company since he joined in 2014, most recently as deputy CFO and treasurer. He succeeds Mike Cavanagh who became president back in October 2022. 
• Armstrong takes the financial helm as the company faces cord cutting woes — with more and more customers ditching cable television for streaming networks like Netflix, Hulu, HBO Max and Peacock, to name a few.

Dive Insight:

With streaming services gaining popularity, cable companies like Comcast are facing headwinds when it comes to retaining, and acquiring, customers. 

Comcast reported a loss of 21,000 customer relationships in the third quarter ending Sept. 30 of last year. Revenue also decreased 1.5% to $29.8 billion, compared to the same period the year prior. 

For the first time ever, streaming service exceeded cable viewing in July, according to an August 2022 report from media firm Neilsen. Although streaming viewership has exceeded broadcast viewership before, this is the first time it has surpassed cable as well, the report said. 

Armstrong — having extensive knowledge and experience with Comcast — is “ideally suited” to take the financial reins, said Cavanagh in the release. 

Before joining the telecommunications giant whose primary businesses are Comcast Cable, NBCUniversal and Sky, he previously led the cable and telecommunications research group at Goldman Sachs, according to his LinkedIn profile. 

In addition to cable network viewership shrinking, Armstrong may also face challenges in an advertising slowdown, which is now hitting televisions networks and publishers in addition to tech giants, the Wall Street Journal reported. 

Comcast is set to release fourth quarter earnings on Jan. 26.