But as you know, that the big four are rolling out even as we speak, their originals and return to their series programming over the month of November, and I think it will look a lot more normal going forward. And the first question was about Peacock. No. There’s — I mean, Peacock is what it is and currently doesn’t include the local affiliate stream, that’s not their model. It’s really kind of a video-on-demand model. Discussions continue as to whether involving the affiliates is a good thing or not, but it’s in such infancy at this point. It’s not been a focus of NBC or Comcast at this point. So life goes on without the affiliates being a part of it, that could change at some point, but I don’t know that it’s necessarily material.

Tom Carter — Chief Operating Officer and Chief Financial Officer

And with regard to the debt capital structure, we look at opportunistic refinancings all the time. Obviously, we did that. We upsized the bond deal slightly above and beyond what was required to take out the $900 million of notes. But look, the debt capital structure is driven by the strategy. And the strategy continues to be at this point to look at acquisitions. I would say ask me that same question this time next year, and I’ll have a better feel for where the strategy is taking us just with regard to acquisitions versus return of capital to shareholders. If we go toward more return of capital to shareholders, I could definitely see a higher percentage of fixed rate debt. I would just say it’s probably a little too premature to go there right now. But clearly, I can say that would be in the playbook going forward.

Bryan Kraft — Deutsche Bank — Analyst

Got it. Okay. Thank you.

Perry A. Sook — Chairman and Chief Executive Officer

We also need something to pay down with our free cash, and it’s hard — it’s more expensive to pay down fixed rate debt. So I think you’ll continue to see a mix here. So we have optionality as to what to do with our free cash.

Bryan Kraft — Deutsche Bank — Analyst