And then our focus around cost, just fixed cost, ongoing. And so that all those things, I think, shows that it’s not a singular moment. This has been steady progress over a long period of time around margin. So I think we still have a good runway.
Marci Ryvicker: Thanks, Craig. Operator, we’re ready for the next question.
Operator: Our next question comes from Jessica Ehrlich with BofA Securities. Please go ahead.
Jessica Reif Ehrlich: Thank you. Going back to NBCU of kind of two topics on theme parks, you’ve got three park planned for the U.S. Can you talk about global plans? And as peak spend in ’24, I think that’s what Mike just said. And then on Peacock, it sounds like this year will be peak losses. When do you expect breakeven? And can you talk about long-term profit potential like what margins would you look for? And then finally, kind of all around, can you just talk about your appetite for acquisitions? Mike said organic and non-organic. I’m just wondering WWE is obviously for sale. There’s IP. Is this the year we finally see some more media consolidation? Thank you.
Brian Roberts: Operator?
Operator: Please continue, your line is open.
Brian Roberts: Jessica sorry about that. We’re back.
Jessica Reif Ehrlich: Did you hear my question? I thought it was me. Thank you. So I just wanted to go back to NBCU. You’ve got three parks planned for the U.S. I’m just wondering if you have any global plans. And it sounds like from what Mike said that peak spend will be in ’24, I just wanted to clarify that. And on Peacock, it sounds like this year will be peak losses. Can you talk about like when you expect breakeven and what you think about the long-term profit potential or margins there? And then finally, Mike again said organic and inorganic growth. So I’m just wondering what your appetite is for acquisitions, whether it’s something like WWE or IP. Like is this the year we finally see media consolidation?
Jeff Shell: Thanks. Jeff again. Sorry about the delay here. So let me — this is Jeff. So let me start with parks. So parks we are always looking to invest in our parks, given how well we’ve done. And during the pandemic, we took share. We’ve had pretty solid growth. And we — it’s a business that we want to deploy capital to, as Brian said, we’re really excited about Epic. It’s coming out of the ground. It looks great and our timing couldn’t be better for that. But we always want to have things that we’re investing in, both domestically and internationally. The concept that we’re going to build in Dallas, which is a design for a younger audience, less investment, if it’s successful, which we’re pretty confident it will be, it’s a concept that will work in a lot of places around the world that may not support a full-scale theme park like we have in Orlando or Beijing, but it could support something else.
So that — we’re excited about that concept. And then the Halloween horror nights experience in Vegas, which I’m really excited about, could also be expanded to a number of different places around the world. So we’re definitely having our eye towards places expanding internationally not just domestically with a number of markets kind of on the docket. And they won’t all be places for a big giant primary theme park that we might look at different concepts for different markets. And as far as peak spending, I think Epic, I think we expect our peak spend probably to be this year, although ’23 and ’24 will be comparable as we ramp down at the beginning of ’25 prior to opening. So that’s the parks. Peacock, we are could not be more positive about our trajectory so far.
