And so we want to be a company that is uniquely positioned to capitalize on these macro changing trends. And the same goes in streaming. And Peacock — with just my kudos to the team at the whole of NBCUniversal and Comcast and Sky working together have put us in double in one year to 20 million-plus paying customers in addition to what lies ahead. It’s the best bargain. For $5 a month, you get everything from the World Cup to Sunday Night Football to incredible movies to incredible next-day NBC to all our cable content original content, and consumers are finding that. So I think our company, I echo what Mike said, I think we’re extremely well positioned. And I we’ll continue to grow organically and having the ability to keep the balance sheet strong and return capital to shareholders.
And those finding that balance, we did it really well in 2022, and we hope to do it again.
Marci Ryvicker: Thanks, Doug. Operator, we’ll take the next question.
Operator: Our next question comes from Ben Swinburne with Morgan Stanley. Please go ahead.
Ben Swinburne: Good morning. Thank you. I want to ask Jeff about the NBC outlook, both sort of some of the key trends you’re seeing in ’23 but also longer term. I mean I think the business did over $8.5 billion of EBITDA back in 2019. I think $23 million will probably be down from 22 just given the Peacock losses and the pressure on the Media business. But can you just talk about your long-term opportunity at the NBCUniversal? Do you think you can climb back to those EBITDA levels over any sort of reasonable investment horizon? And what are you — how are you feeling about sort of things like advertising and parks sitting here today given all the macro concerns? And then I just had one question for Mike on cash flow. You mentioned the $3 billion net working capital drag in ’22. Any help on that for 2023, if you have any visibility there? Thank you, both.
Jeff Shell: Ben, this is Jeff. I’ll start and then hand it over to Mike. So we feel really good about NBC growth trajectory going forward. If you kind of break it down, our content businesses has had a great quarter and is doing — have never been better than they are right now or movie studio. We’re off to a great start this year. The slate going forward is really good. Our TV businesses, studios are great. So our content business is doing great, and that’s a business that should grow over time. The parks business, Brian and Mike both talked about the parks business, it’s never been better for us. We had a record year last year. Trajectory is going to slow a little bit in the U.S. just because we are doing so well. But we’re seeing — we found our footing in Japan in the fourth quarter.
That’s going to grow based on the Nintendo attraction there in Beijing, which really had kind of got to profitability in the third quarter suffered from COVID in the fourth quarter. First couple of weeks of this year, with the economy opening up there, is really doing well even with poor weather. So I think our parks business has a lot of growth ahead. And as Mike talked about and Brian talked about, we’re investing in it. So those two businesses are great. The Media segment, as Brian just went through very well, we made a decision to invest in Peacock. It’s very clear that we picked the right business model at this point, given where we are. And it’s very clear that the content strength that I talked about, which has led to our linear networks being number one for decades, is paying off on Peacock.
