Comcast president and soon to be co-CEO Mike Cavanagh, in a postmortem of the company’s flirtation with buying Warner Bros., said the company’s offer was “light on cash” relative to bids by rivals Netflix and Paramount and “we didn’t expect that we had a high likelihood of prevailing with a deal that made sense to us.”

Speaking at the UBS media conference in NYC today, he said that once Warner Bros. Discovery launched an auction process that included bids for Warner Bros. solo, “we debated whether to bother or not. Do we want the disruption? Do we want the distraction? Et cetera, et cetera. But it’s our job, so we thought, better to take a look and do the work and see where it leads. You never know. And so that’s what we did.”

\On Friday, Netflix emerged the winner in a deal for the

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