How the Peacock promotion flows from subscriber acquisition through the streaming P&L into a possible valuation re-rating Acquisition gate membership · NBC Shop no price cut · test tiers 48M subs Mix Quality-subs mix branch full-price retail subs low churn · ARPU up Promo-subs mix branch low-ARPU promo subs high churn · subsidized Streaming P&L path revenue ~$1.9B + adj EBITDA loss zone feeds consolidated adj EBITDA Re-rating outcome durable streaming profit re-rate toward analyst PT Negative branch keeps discount promo costs · churn broadband -167K