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Wikipedia

Comcast

February 05, 2023

This article is about the media conglomerate. For the internet service provider previously branded as Comcast, see Xfinity.

Comcast Corporation (formerly known as American Cable Systems and Comcast Holdings),[note 1] headquartered in Philadelphia, is the largest American multinational telecommunications conglomerate.[8] It is the second-largest broadcasting and cable television company in the world by revenue (behind AT&T), the largest pay-TV company, the largest cable TV company and largest home Internet service provider in the United States, and the nation's third-largest home telephone service provider. It provides services to U.S. residential and commercial customers in 40 states and the District of Columbia.[9] As the parent company of the international media company NBCUniversal since 2011,[10][11][12][13] Comcast is a producer of feature films for theatrical exhibition, and over-the-air and cable television programming.

Comcast Corporation
Comcast Center, the company's headquarters in Center City, Philadelphia
Comcast
Formerly
  • American Cable Systems
    (1963–1968)
  • Comcast Holdings
    (1968–2000)
TypePublic
Industry
FoundedJune 28, 1963; 59 years ago (1963-06-28)
Tupelo, Mississippi, U.S.
FounderRalph J. Roberts
HeadquartersComcast Center
Philadelphia, Pennsylvania, U.S.
Area served
Worldwide; mostly United States and Europe
Key people
Products
Revenue US$121.4 billion (2022)
US$14.04 billion (2022)
US$5.37 billion (2022)
Total assets US$275.3 billion (2022)
Total equity US$80.94 billion (2022)
OwnerBrian L. Roberts (1% equity interest, 33% voting power)
Number of employees
186,000 (December 2022)
Divisions
Subsidiaries
Websitecorporate.comcast.com
Footnotes / references
[1][2][3][4][5][6][7]

Comcast owns and operates the Xfinity residential cable communications subsidiary, Comcast Business, a commercial services provider; Xfinity Mobile, an MVNO of Verizon; over-the-air national broadcast network channels (NBC, Telemundo, TeleXitos, and Cozi TV); multiple cable-only channels (including MSNBC, CNBC, USA Network, Syfy, Oxygen, Bravo, and E!); the film studio Universal Pictures; the VOD streaming service Peacock; animation studios (DreamWorks Animation, Illumination, Universal Animation Studios) and Universal Parks & Resorts. It also has significant holdings in digital distribution, such as thePlatform, which it acquired in 2006; and ad-tech company FreeWheel, which it acquired in 2014. Since October 2018, it has also been the parent company of Sky Group.[14]

Comcast has been criticized for a variety of reasons. Its customer satisfaction ratings were among the lowest in the cable industry during the years 2008–2010.[15][16] It has violated net neutrality practices in the past, and, despite its commitment to a narrow definition of net neutrality,[17] critics advocate a definition that precludes any distinction between Comcast's private network services and the rest of the Internet.[18] Critics also point out a lack of competition in the vast majority of Comcast's service areas; in particular, the limited competition among cable providers.[19] Given its negotiating power as a large ISP, some suspect that it could leverage paid peering agreements to unfairly influence end-user connection speeds. Its ownership of both content production (in NBCUniversal) and distribution (as an ISP) has raised antitrust concerns. These issues and others led to Comcast being dubbed "The Worst Company in America" by The Consumerist in 2010 and 2014.[20][21]

Overview

Leadership

Comcast is described as a family business.[22] Brian L. Roberts, its chairman, president and CEO, is the son of founder Ralph J. Roberts (1920–2015). Roberts owns or controls about 1% of all Comcast shares but all of the Class B supervoting shares, giving him an "undilutable 33% voting power over the company".[23] Legal expert Susan P. Crawford has said this gives him "effective control over [Comcast's] every step".[24] In 2010, he was one of the highest paid executives in the United States, with total compensation of about $31 million.[24]

Board of directors

As of May 17, 2020:[25]

Corporate offices

Comcast is headquartered in Philadelphia, Pennsylvania, and has offices in Atlanta, Detroit, Denver, Manchester, New Hampshire and New York City.[26] On January 3, 2005, it announced it would become the anchor tenant in the new Comcast Center in downtown Philadelphia—at 975 ft (297 m), the second-tallest skyscraper in Pennsylvania. In the fall of 2018, it finished construction of the 1,121 ft (342 m) Comcast Technology Center, Pennsylvania's tallest skyscraper, adjacent to its original headquarters.[27] As of 2019, the company had 184,000 employees.[28]

Employee relations

Comcast is often criticized by the media and its own staff for its less-than-upstanding policies of employee relations.

A 2014 investigative series published by The Verge involved interviews with 150 Comcast employees, and examined why the company was so widely criticized by its customers, the media, and its own workers. It concluded that Comcast's staff endured unreasonable corporate policies: "Customer service has been replaced by an obsession with sales; technicians are understaffed … tech support is poorly trained, and the company is hobbled by internal fragmentation."[29] A widely read article by an anonymous Comcast call center employee appeared in November 2014 on Cracked. Titled "Five Nightmares You Live While Working For America's Worst Company", it claimed that Comcast was obsessed with sales, didn't train its employees properly, and concluded that "the system makes good customer service impossible."[30]

Comcast has also earned a reputation as anti-union. A company training manual says, "Comcast does not feel union representation is in the best interest of its employees, customers, or shareholders".[31] A dispute in 2004 with CWA, a labor union representing many employees at Comcast's Beaverton, Oregon offices, led to allegations of management intimidating workers, requiring them to attend anti-union meetings and unwarranted disciplinary action for union members.[32] In 2011, Comcast received criticism from Writers Guild of America for its policies regarding unions.[33]

Despite these criticisms, Comcast has appeared on multiple "top places to work" lists. In 2009, it was included on CableFAX magazine's "Top 10 Places to Work in Cable", which cited its "scale, savvy and vision".[34] Similarly, the Philadelphia Business Journal awarded Comcast the silver medal among extra-large companies in Philadelphia, with the gold medal going to partner organization, Comcast-Spectacor.[35][36] The Boston Globe found Comcast to be that city's top place to work in 2009.[37] Employee diversity is also an attribute upon which Comcast receives strong marks. In 2008, Black Enterprise magazine rated Comcast among the top 15 companies for workforce diversity.[38] Comcast was also named a "Top 2014 Workplace" by The Washington Post in their annual feature.[39] The Human Rights Campaign has given Comcast a 100 on the Corporate Equality Index[40] and one of the best places for LGBT people to work.[41]

Financial performance

The book value of the company nearly doubled from $8.19 a share in 1999 to $15 a share in 2009. Revenues grew sixfold from 1999's $6 billion to almost $36 billion in 2009. Net profit margin rose from 4.2% in 1999 to 8.4% in 2009, with operating margins improving 31% and return on equity doubling to 6.7% in the same time span. Between 1999 and 2009, return on capital nearly tripled to 7%.[42] Comcast reported first quarter 2012 profit increases of 30% due to increase in high-speed internet customers.[43] In February 2014, Comcast generated $1.1 billion in revenue during the first quarter due to the 2014 Winter Olympics in Sochi.[44] As of 2020, Comcast is ranked 28th on the Fortune 500 rankings of the largest United States corporations by total revenue.[45]

For the fiscal year 2017, Comcast reported earnings of US$22.7 billion, with an annual revenue of US$84.5 billion, an increase of 5.5% over the previous fiscal cycle. Comcast's shares traded at over $47 per share, and its market capitalization was valued at over US$213.4 billion in February 2022.

Year Revenue
in mil. USD$ 		Net income
in mil. USD$ 		Total assets
in mil. USD$ 		Employees
2006[46] 24,966 2,533 110,405 90,000
2007[47] 31,060 2,587 113,417 100,000
2008[48] 34,423 2,547 113,017 100,000
2009[49] 35,756 3,638 112,733 107,000
2010[50] 37,937 3,635 118,534 102,000
2011[51] 55,842 4,160 157,818 126,000
2012[52] 62,570 6,203 164,971 129,000
2013[53] 64,657 6,816 158,813 136,000
2014[54] 68,775 8,380 159,186 139,000
2015[55] 74,510 8,163 166,574 153,000
2016[56] 80,403 8,695 180,500 159,000
2017[57] 85,029 22,714 186,949 164,000
2018[58] 94,507 11,731 251,684 184,000
2019[59] 108,942 13,057 263,414 190,000
2020[60] 103,564 10,534 273,869 168,000
2021[61] 116,385 14,159 275,905 189,000

Lobbying and electoral fundraising

With $18.8 million spent in 2013, Comcast has the seventh largest lobbying budget of any individual company or organization in the United States.[62] Comcast employs multiple former U.S. Congressmen as lobbyists.[63] The National Cable & Telecommunications Association, which has multiple Comcast executives on its board, also represents Comcast and other cable companies as the fifth largest lobbying organization in the United States, spending $19.8 million in 2013.[62] Comcast was among the top backers of Barack Obama's presidential runs, with Comcast vice president David Cohen raising over $2.2 million from 2007 to 2012.[64][65] Cohen has been described by many sources as influential in the U.S. government,[66] though he is no longer a registered lobbyist, as the time he spends lobbying falls short of the 20% which requires official registration.[67] Comcast's PAC, the Comcast Corporation and NBCUniversal Political Action Committee, is among the largest PACs in the U.S., raising about $3.7 million from 2011 to 2012 for the campaigns of various candidates for office in the United States Federal Government.[68] Comcast is also a major backer of the National Cable and Telecommunications Association Political Action Committee, which raised $2.6 million from 2011 to 2012.[69][70] Comcast spent the most money of any organization in support of the Stop Online Piracy and PROTECT IP bills, spending roughly $5 million to lobby for their passage.[71]

Comcast also backs lobbying and PACs on a regional level, backing organizations such as the Tennessee Cable Telecommunications Association[72] and the Broadband Communications Association of Washington PAC.[73] Comcast and other cable companies have lobbied state governments to pass legislation restricting or banning individual cities from offering public broadband service.[74] Municipal broadband restrictions of varying scope have been passed in a total of 20 U.S. States.[75]

According to watchdog group Documented, in 2020 Comcast contributed $200,000 to the Rule of Law Defense Fund, a fund-raising arm of the Republican Attorneys General Association that was shown to have provided funding to the Save America March that devolved into an attack on the U.S. Capitol on January 6, 2021.[76]

Philanthropy

Comcast offers low cost internet and cable service to schools, subsidized by general broadband consumers through the U.S. government's E-Rate program.[77] Critics have noted that many of the strongest supporters of Comcast's business deals have received substantial funding from the Comcast Foundation.[63][78] However, it is important to note that for years, Comcast has been relying on subsidiaries to finance philanthropic pursuits.

History

American Cable Systems

In 1963, Ralph J. Roberts in conjunction with his two business partners, Daniel Aaron[79] and Julian A. Brodsky, purchased American Cable Systems[80] as a corporate spin-off from its parent, Jerrold Electronics, for U.S. $500,000. At the time, American Cable was a small cable operator in Tupelo, Mississippi, with five channels and 12,000 customers.[81] In 1965, American Cable Systems purchased Storecast Corporation of America, a product placement supermarket specialist marketing firm.[82] In 1968, American Cable Systems purchased its first franchise of Muzak, a brand of background music played in retail stores. Storecast was a client of Muzak.[83]

Comcast

 
Comcast logo from 1969 to 2000 before it was replaced with the crescent logo

The company was re-incorporated in Pennsylvania in 1969, under the new name Comcast Corporation.[80] Comcast's initial public offering occurred on June 29, 1972, with a market capitalization of U.S. $3,010,000.[80][84] In 1977, HBO was first launched on a Comcast system with 20,000 customers in western Pennsylvania with a five-night free preview getting a 15% sign up rate.[80][85] In 1986, Comcast bought 26% of Group W Cable, a broadcast company, doubling its number of subscribers to 1 million.[86][87] Also that year, Comcast made a founding investment of $380 million in QVC.[80] In 1988, Comcast was able to buy a 50% share of SCI Holdings in a joint deal with Tele-Communications Inc.[88] Comcast also acquired American Cellular Network Corporation in 1988 for $230 million, marking the first time it became a mobile phone operator.[89]

Increasing market share (1990–2001)

In February 1990, Ralph Roberts' son, Brian L. Roberts, succeeded his father as president of Comcast.[90] Two years later, the company's mobile division, Comcast Cellular, purchased a controlling interest in Metromedia's Philadelphia-area cellular telephone interests, Metrophone.[80][91] By 1994, Comcast owned 50% stock in the cable communications company Garden State Cable, who by that year were serving approximately 195,000 subscribers.[92] That same year, Comcast became the third-largest cable operator in the United States, with around 3.5 million subscribers following its purchase of Maclean-Hunter's American division for $1.27 billion.[86][93] Comcast grew to 4.3 million subscribers the following year with the purchase of the cable operation of E. W. Scripps Company for $1.575 billion in stock.[94]

Comcast offered internet connection for the first time in 1996, with its part in the launch of the @Home Network.[95] Also in 1996, Comcast formed Comcast Spectacor, which became owner of the Philadelphia Flyers.[96] In 1997, Microsoft invested $1 billion in Comcast, and the company launched its digital TV service.[83] That same year, in partnership with Disney, Comcast got a 50.1% controlling interest in E! Entertainment.[80] By December 31, 1997, it was available in the Philadelphia, Detroit, Baltimore, Orange County, California, Sarasota and Union, New Jersey areas.[citation needed]

Comcast's cable acquisitions in 1997 were Jones Intercable, Inc. with 1 million customers, and a stake in Prime Communications with 430,000 subscribers.[80] In February 1998, Comcast sold its U.K. division to NTL for US$600 million, along with the division's $397 million in debt.[97] In 1999, Comcast sold Comcast Cellular to SBC Communications for $400 million, releasing them from $1.27 billion in debt.[98] Also in 1999, Comcast acquired Greater Philadelphia Cablevision,[99] and launched Comcast University as well as Comcast Interactive Capital Group.[80]

In November 1999, Comcast purchased Lenfest Communications, who were the ninth largest cable television operator at the time and were the largest operator in the Philadelphia area.[100][101] This consolidated Comcast's control over all of the Philadelphia region, and earned them approximately 1.3 million additional cable subscribers.[101] The purchase of Lenfest also bought Comcast the remaining 50% stock of the cable operator Garden State Communications — a company whom Comcast had already owned half of in partnership with Lenfest for years.[102] Comcast quickly replaced the ten-year general manager at Garden State with their own executive, and eventually Garden State ceased operating under its own name and was fully merged to become a part of the Comcast Corporation.[103]

Largest U.S. cable provider (2001–present)

 
Proposed merger name logo, 2001
 
Comcast logo introduced on December 12, 1999; used from 2000 until 2012

In 2001, Comcast announced it would acquire the assets of the largest cable television operator at the time, AT&T Broadband, for $44.5 billion.[104] The proposed name for the merged company was "AT&T Comcast", but the companies ultimately decided to keep only the Comcast name. In 2002, Comcast acquired all assets of AT&T Broadband, thus making Comcast the largest cable television company in the United States with over 22 million subscribers.[104][105] This spurred the start of Comcast Advertising Sales (using AT&T's groundwork) which would later be renamed Comcast Spotlight and now effectv, A Comcast Company. As part of this acquisition, Comcast also acquired the National Digital Television Center in Centennial, Colorado as a wholly owned subsidiary, now known as the Comcast Media Center. In 2003, Comcast became one of the original investors in The Golf Channel.[106] After Excite@Home went bankrupt in October 2001, Comcast took over providing internet directly to consumers in January 2002.[107]

On February 11, 2004, Comcast announced a $54 billion bid for The Walt Disney Company, including taking on $12 billion of Disney's debt.[108] The deal would have made Comcast the largest media conglomerate in the world.[109][110] However, after rejection by Disney and uncertain response from investors, the bid was abandoned in April.[111] In 2004, Comcast sold its QVC shares to Liberty Media for $7.9 billion.[112]

On April 8, 2005, a partnership led by Comcast and Sony Pictures Entertainment finalized a deal to acquire MGM and its affiliate studio, United Artists, and created an additional outlet to carry MGM/UA's material for cable and Internet distribution.[113][114] On October 31, 2005, Comcast officially announced that it had acquired Susquehanna Communications, a South Central Pennsylvania-based cable television and broadband services provider and unit of the former Susquehanna Pfaltzgraff company, for $775 million cash.[115][116] Comcast previously owned approximately 30% of Susquehanna Communications through its affiliate company, Lenfest.[115] In December 2005, Comcast announced the creation of Comcast Interactive Media, a new division focused on online media.

In July 2006, Comcast purchased the Seattle-based software company thePlatform.[117] This represented an entry into a new line of business—selling software to allow companies to manage their Internet (and IP-based) media publishing efforts.

On April 3, 2007, Comcast announced it would acquire the cable systems owned and operated by Patriot Media, a privately held company owned by cable veteran Steven J. Simmons, Spectrum Equity Investors and Spire Capital, that served approximately 81,000 video subscribers for $483 million.[118]

Comcast announced in May 2007[119] and launched in September 2008 a dashboard called SmartZone that allowed users to perform mobile functions online.[120] There was also Cloudmark spam and phishing protection and Trend Micro antivirus.[119] The address book is Comcast Plaxo software.[119]

In May 2008, Comcast purchased Plaxo for a reported $150 million to $170 million.[121]

Comcast won the Consumerist Worst Company In America ("Golden Poo") award in 2010.[122] A gold trophy in the shape of a pile of human feces was delivered to Comcast Corporate Headquarters to commemorate the unmatched level of enmity flowing from their customer base to their business. Comcast responded immediately by publicly acknowledging the dubious award and citing ongoing efforts to improve its customer service.[123] One effort to change this is a new app called Tech ETA that allows customers to see exactly when a technician is coming.[124]

Adelphia purchase

In April 2005, Comcast and Time Warner Cable announced plans to buy the assets of bankrupted Adelphia Cable.[125] The two companies paid a total of $17.6 billion in the deal that was finalized in the second quarter of 2006—after the U.S. Federal Communications Commission (FCC) completed a seven-month investigation without raising an objection.[126] Time Warner Cable became the second-largest cable provider in the U.S., ranking behind Comcast. As part of the deal, Time Warner Cable and Comcast traded existing subscribers in order to consolidate them into larger geographic clusters.[127][128]

In August 2006, Comcast and Time Warner Cable dissolved a 50/50 partnership that controlled the systems in the Houston, Southwest Texas, San Antonio, and Kansas City markets under the Time Warner Cable brand. After the dissolution, Comcast obtained the Houston system, and Time Warner retained the others.[129] On January 1, 2007, Comcast officially took control of the Houston system but continued to operate under the Time Warner Cable brand until June 19, 2007.

NBCUniversal

Further information: Acquisition of NBC Universal by Comcast
 
NBCUniversal logo from 2011 to present

Media outlets began reporting in late September 2009 that Comcast was in talks to buy NBC Universal. Comcast denied the rumors at first, while NBC would not comment on them.[130] However, CNBC itself reported on October 1 that General Electric was considering spinning NBC Universal off into a separate company that would merge the NBC television network and its cable properties such as USA Network, Syfy and MSNBC, as well as Universal Studios, with Comcast's content assets. GE would maintain 49% control of the new company, while Comcast owned 51%.[131][132] Vivendi, which owns 20%, would have to sell its stake to GE. It was reported that under the current deal with GE that it would happen in November or December.[133][134] It was also reported that Time Warner would be interested in placing a bid, until CEO Jeffrey L. Bewkes directly denied interest,[135] leaving Comcast the sole bidder. On November 1, 2009, The New York Times reported Comcast had moved closer to a deal to purchase NBC Universal and that a formal announcement could be made sometime the following week.[136]

Following a tentative agreement on December 1,[137] the parties announced that Comcast would buy a controlling 51% stake in NBC Universal, including Universal Pictures, for $6.5 billion in cash and $7.3 billion in programming on December 3.[138][139][140] GE would take over the remaining 49% stake in NBC Universal, using $5.8 billion to buy out Vivendi's 20% minority stake in NBC Universal.[139] On January 18, 2011, the FCC approved the deal by a vote of 4 to 1.[141][142] The transaction was completed on January 28, 2011.[143][144] In December 2012, Comcast adopted a new corporate logo, which incorporates NBC's peacock logo to signify its ownership of the broadcaster.[145][146] On February 12, 2013, Comcast announced that it would acquire the remaining 49% of General Electric's interest in NBCUniversal, in a deal valued at approximately $16.7 billion.[147][148] The acquisition was completed on March 19, 2013.[149][13]

Comcast reported that third-quarter net profits in 2020 fell 37 percent to $2.02 billion from $3.22 billion the previous year, in part due to the limited capacity measures for the COVID-19 pandemic at theme parks like Universal Studios and movie theaters, with revenues falling 4.8 percent. With their theme park in California being closed since March 2020 and limited capacity at locations in Florida and Japan, the company was prompted to lay off a number of their employees; revenue for their theme park locations fell 81 percent to $311 million from $1.63 billion in 2019.[150]

Failed purchase of Time Warner Cable

Main article: Attempted purchase of Time Warner Cable by Comcast

On February 12, 2014, the Los Angeles Times reported that Comcast sought to acquire Time Warner Cable in a deal valued at $45.2 billion.[151] On February 13, it was reported that Time Warner Cable agreed to the acquisition.[152] This was to add several metropolitan areas to the Comcast portfolio, such as New York City, Los Angeles, Dallas–Fort Worth, Cleveland, Columbus, Cincinnati, Charlotte, San Diego, and San Antonio.[153] Time Warner Cable and Comcast aimed to merge into one company by the end of 2014 and both have praised the deal, emphasizing the increased capabilities of a combined telecommunications network, and to "create operating efficiencies and economies of scale".[154]

In 2014, critics expressed concern that the deal would give Comcast greater negotiating power in a number of areas, including rebroadcast fees with television channels,[155] and peering agreements with ISPs.[156]

Critics noted in 2013 that Tom Wheeler, the head of the FCC, which has to approve the deal, is the former head of both the largest cable lobbying organization, the National Cable & Telecommunications Association, and as largest wireless lobby, CTIA – The Wireless Association.[157][158] According to Politico, Comcast "donated to almost every member of Congress who has a hand in regulating it".[159] The U.S. Senate Judiciary Committee held a hearing on the deal on April 9, 2014.[160] The House Judiciary Committee planned its own hearing.[161] On March 6, 2014, the United States Department of Justice Antitrust Division confirmed it was investigating the deal.[162] In March 2014, the division's chairman, William Baer, recused himself because he was involved in the prior Comcast NBCUniversal acquisition.[163] Several states' attorneys general have announced support for the federal investigation.[164] On April 24, 2015, Jonathan Sallet, general counsel of the F.C.C., explained that he was going to recommend a hearing before an administrative law judge, equivalent to a collapse of the deal.[165]

In August 2015, Comcast announced to speed up Internet for low-income customers from 5 megabits per second (mbps) to 10 Mbit/s, provide free wireless routers, and will pilot an initiative to increase Internet access for low-income senior citizens.[166] In September of that year Comcast also launched Watchable, a YouTube competitor.[167] The move was seen by Variety as an attempt to appeal to the cord-cutting market.[167]

DreamWorks Animation

Main article: DreamWorks Animation

In April 2016, Comcast confirmed that its NBCUniversal division would acquire DreamWorks Animation for $3.8 billion.[168][169] The deal closed on August 22, 2016; DreamWorks Animation was integrated into NBCUniversal Film and Entertainment as part of Universal Pictures.[170] Universal Pictures took over distribution of DreamWorks Animation films beginning in 2019 with How to Train Your Dragon: The Hidden World after DreamWorks Animation's deal with 20th Century Fox expired.

Cellular service

In September 2016, Comcast confirmed that it had reached a partnership with Verizon Wireless to launch a cellular network as an MVNO. The new service, described as being a "Wi-Fi and MVNO-integrated product", and was expected to launch in mid-2017.[171] The partnership and the addition of wireless would allow Comcast to offer a quadruple play of services.[172][173] Including Comcast's Home Security offering, customers now have the option of a Quintuple Play.[174] The service was officially announced on April 6, 2017, as Xfinity Mobile.[175]

Attempted acquisition of Fox and subsequence of Sky

See also: Acquisition of 21st Century Fox by Disney

On November 16, 2017, it was reported that Comcast attempted to purchase 21st Century Fox, following the news 10 days earlier that The Walt Disney Company negotiated with Fox to acquire the same assets. Like Disney, the deal included the 20th Century Fox film and television studios, cable entertainment and broadcast satellite networks including FX Networks, National Geographic Partners, Fox Sports Networks, and international channels such as Star India. It would not include the Fox Broadcasting Company, Fox Television Stations, Fox Sports, and Fox News units, all which will be spun-off into a new independent company,[176] which is later known as the Fox Corporation since the 2019 launch.

However, on December 11, 2017, Comcast officially dropped the bid, saying that "We never got the level of engagement needed to make a definitive offer."[177] On December 14, Disney officially confirmed its acquisition of 21st Century Fox for $52.4 billion in stock, pending review from the United States Department of Justice Antitrust Division.[178]

On February 5, 2018, a new report by CNBC claims that despite the Disney/Fox deal, Comcast was considering topping Disney's $52.4 billion offer once the AT&T–Time Warner merger goes through, after the Department of Justice Antitrust Division sued to block the merger on November 20, 2017.

On February 27, 2018, Comcast offered to purchase 61% stake in Sky plc at a value of £12.50 per-share, approximately £22.1 billion. 21st Century Fox, which owns 39% stake in Sky, had previously declined a US$60 billion acquisition offer by Comcast in favor of its deal with Disney, due to anti-competition concerns.[179][180][181] NBCUniversal CEO Steve Burke stated that purchasing Sky would roughly double its presence in English-speaking markets, and allow for synergies between the respective networks and studios of NBCUniversal and Sky. Fox stated that it "remains committed to its recommended cash offer for Sky", and that Comcast had not yet made a "firm offer".[182]

On April 12, the Panel on Takeovers and Mergers ruled that Disney had to acquire all of Sky within 28 days of fully acquiring Fox if the latter's acquisition of Sky was not completed by the time the merger was done, or if Comcast's counter-offer wasn't accepted.[183] On April 25, 2018, Comcast made its formal counter-bid for Sky plc, offering £12.50 per-share; Sky subsequently withdrew its recommendation of the Fox bid.[184]

On May 7, 2018, Comcast announced a potential bid against Disney's effort to acquire Fox after it spoke to investment banks about making a $60 billion cash offer, pending on approval of the AT&T–Time Warner merger.[185] Eight days later, several Fox investors expressed interests in signing a deal with Comcast due to their all-cash offer as opposed to Disney's $52.4 billion stock offer.[186] Then on June 5, 2018, Culture Secretary Matt Hancock cleared both 21st Century Fox and Comcast's respective offers to acquire Sky plc. Fox's offer is contingent on the divestiture of Sky News.[187][188] Eight days later, Comcast officially announced a $65 billion counter-offer to acquire the 21st Century Fox's assets that Disney offered to purchase.[189]

On June 15, 2018, the European Commission gave antitrust clearance to Comcast's offer to purchase Sky, citing that in terms of their current assets in Europe, there would be limited impact on competition. Comcast included a 10-year commitment to the operations and funding of Sky News similar to that of Disney's offer.[190][191][192] On June 19, 2018, Disney formally agreed to acquire Sky News as part of Fox's proposed bid, with a 15-year commitment to increase its annual funding from £90 million to £100 million.[193]

However, on June 20, 2018, Disney and Fox announced that they had amended their previous merger agreement, upping Disney's offer to $71.3 billion (a 10% premium over Comcast's $65 billion offer), while also offering shareholders the option of receiving cash instead of stock.[194] On June 27, the United States Department of Justice gave antitrust approval to Disney under the condition of selling Fox's 22 regional sports channels, to which the company has agreed.[195] On the next day, Disney and Fox shareholders scheduled July 27, 2018 as the day to vote on Fox's properties being sold to Disney, giving Comcast enough time to make a higher counter-offer for the Fox assets.[196][197]

On July 11, 2018, 21st Century Fox raised its bid to purchase Sky plc assets to $32.5 billion, and $18.57 a share. In response, Comcast increased its bid to $34 billion, and $19.5 a share. At the same time, Fox was given clearance by the British government to purchase Sky.[198][199] On July 18, 2018, Bloomberg reported that the Sky board scheduled July 27, 2018 as the day shareholders vote on selling Sky properties.[200]

However, on July 12, 2018, the Department of Justice filed a notice of appeal with the D.C. Circuit to reverse the District Court's approval for AT&T acquisition of Time Warner (now renamed WarnerMedia). Although analysts say that the chances of the DOJ win are small, they say it is the "final nail in the coffin for Comcast's Fox chase. This is a clear gift to Disney."[201] On the next day, CEO of AT&T Randall Stephenson gave an interview with CNBC, about Comcast's bid for Fox: "It probably can't help it. You're in a situation where two entities are bidding for an asset, and this kind of action can obviously influence the outcome of those actions."[202]

On July 16, 2018, CNBC reported that Comcast was unlikely to continue its bidding war to acquire Fox from Disney in favor of Sky.[203] Three days later, Comcast officially announced that it was dropping its bid on the Fox assets in order to focus on their bid for Sky. CEO of Comcast, Brian L. Roberts said: "I'd like to congratulate Bob Iger and the team at Disney and commend the Murdoch family and Fox for creating such a desirable and respected company."[204] Eight days later, 21st Century Fox shareholders agreed to sell the majority of its assets to Disney for $71.3 billion. The sale covered the majority of 21CF's entertainment assets, including 20th Century Fox, FX Networks, and National Geographic Partners among others.

On September 22, 2018, Comcast outbid 21st Century Fox, by raising its bid for Sky plc to $40 billion, or $22.57 a share.[205] On September 25, 2018, Comcast bought a 30% stake of Sky plc. The next day on September 26, 2018, Fox with the consent of its acquirer sold its 39% stake to Comcast in exchange for $15 billion in cash.[206] In October 2018 Comcast later acquired the rest of the shares of Sky with the company being delisted in November.[207] The merger was completed on November 7, 2018 when the company was delisted after becoming a wholly owned subsidiary and division of Comcast.[208]

On June 20, 2022, Comcast acquired Levl, an American-Israeli startup develops technology that authenticates wireless devices and can help prevent hacking, for an estimated $50 million. Following the acquisition, Comcast announced it will set up its first development center in Israel.[209]

Divisions and subsidiaries

Further information: List of assets owned by Comcast

Comcast Cable (Xfinity)

Main article: Xfinity

Comcast Cable, which goes by the brand name Xfinity, provides cable television, broadband internet, and home telephone services. Comcast Cable also provides similar services to small to medium-sized business through its Comcast Business brand, and Fortune 1000 companies through its Comcast Enterprise brand.[210]

NBCUniversal

Main article: NBCUniversal

Comcast delivers third-party television programming content to its own customers, and also produces its own first-party content both for subscribers and customers of other competing television services. Fully or partially owned Comcast programming includes Comcast Newsmakers, Comcast SportsNet, SportsNet New York, MLB Network, The Golf Channel, Syfy, and USA Network. On May 19, 2009, Disney and ESPN announced an agreement to allow Comcast Corporation to carry the channels ESPNU and ESPN3.[211]

Comcast's content networks and assets also include E!, Oxygen, Golf Channel, NBCSN, Universal Kids, Bravo, and the regional NBC Sports Networks. When Comcast took majority ownership in NBCUniversal, a significant number of cable networks were added to this list. Comcast's NHL deal obligated them to create a U.S. version of NHL Network, launched in October 2007.

Comcast has also operated local channels in some markets, such as Comcast Television in the Detroit region, Comcast Network in the Philadelphia and Mid-Atlantic regions (formerly CN8), and Comcast Entertainment Television in Denver and parts of Utah. They primarily carried local programs and sports (including, in some cases, serving as the designated overflow channel for local regional sports networks).

DreamWorks Animation

On August 22, 2016, NBCUniversal bought DreamWorks Animation along with its major IP, including Shrek, How to Train Your Dragon, Kung Fu Panda, Trolls, and Madagascar and Big Idea Entertainment owning its famous Christian computer animated direct-to-video franchise VeggieTales.[212][213][214][215]

Sky Group

Main article: Sky Group

Through Sky, Comcast offers any first-party and third-party television programming which using the satellite distribution system to its customers and subscribers across several countries in Europe, such as the United Kingdom, Ireland, Germany, Austria, Switzerland, Italy and Spain. It is Europe's largest media company and pay-TV broadcaster by revenue (as of 2018),[216] with 23 million subscribers and more than 31,000 employees as of 2019.[217][218]

Until November 2018, Sky was owned by 21st Century Fox through a 39.14% controlling stake;[219] on 9 December 2016, following a previous attempt under News Corporation that was affected by the News International phone hacking scandal, 21st Century Fox announced that it had agreed to buy the remainder of Sky, pending government approval. However, after a bidding war that included Disney (which was, in turn, acquiring most of 21st Century Fox assets), Comcast acquired the entirety of Sky in 2018 for £17.28 per-share.

Xumo

Main article: Xumo

Xumo is a free ad-supported streaming television (FAST) service, which Comcast acquired on February 25, 2020 for an undisclosed amount. The service operates as a business within the Comcast Cable division. Comcast planned to position the service as a compliment to its premium streaming service Peacock (as well as compete with ViacomCBS's Pluto TV and Fox Corporation's Tubi), and leverage its streaming technology, as well as its distribution partnerships with smart TV manufacturers.[220][221][222]

On October 19, 2021, Comcast announced "XClass TV", a line of smart TVs manufactured by Hisense that would be powered by the X1 software platform used by its cable services.[223]

In April 2022, Comcast and Charter Communications announced that they would form a joint venture to form a "next-generation streaming platform", with Comcast contributing its Xfinity Flex, XClass TV, and Xumo businesses.[224][225][226] In November 2022, Comcast and Charter announced that the joint venture would use the Xumo name, with Xfinity Flex, Xumo, and XClassTV rebranded as Xumo Stream Box, Xumo Play, and Xumo TV respectively.[227]

Professional sports

Main article: Comcast Spectacor

In 1996, Comcast bought a controlling stake in Spectacor from the company's founder, Ed Snider.[228] Comcast Spectacor holdings now include the Philadelphia Flyers NHL hockey team and their home arena in Philadelphia. Over a number of years, Comcast became majority owner of Comcast SportsNet, as well as Golf Channel and NBCSN (formerly the Outdoor Life Network, then Versus). In 2002, Comcast paid the University of Maryland $25 million for naming rights to the new basketball arena built on the College Park campus, the Xfinity Center. Before it was renamed for Comcast's cable subsidiary, Xfinity Center was called Comcast Center from its opening in 2002 through July 2014. Comcast became the sponsor of NASCAR's second-tier series renaming it the NASCAR Xfinity Series in 2015.

Criticism and controversies

Main article: Criticism of Comcast
 
Comcast service van, Ypsilanti Township, Michigan

In 2004 and 2007, the American Customer Satisfaction Index (ACSI) survey found that Comcast had the worst customer satisfaction rating of any company or government agency in the country, including the Internal Revenue Service. The ACSI indicates that almost half of all cable customers (regardless of company) have registered complaints, and that cable is the only industry to score below 60 in the ACSI.[229] Comcast's Customer Service Rating by the ACSI surveys indicate that the company's customer service has not improved since the surveys began in 2001. Analysis of the surveys states that "Comcast is one of the lowest scoring companies in ACSI. As its customer satisfaction eroded by 7% over the past year, revenue increased by 12%." The ACSI analysis also addresses this contradiction, stating that "Such pricing power usually comes with some level of monopoly protection and most cable companies have little competition at the local level. This also means that a cable company can do well financially even though its customers are not particularly satisfied."[230][231]

In April 2014, Comcast was awarded the 2014 "Worst Company in America" award; an annual contest by the consumer affairs blog The Consumerist that runs a series of reader polls to determine the least popular company in America. This was the second time Comcast had been awarded this title, the first being in 2010.[232]

Comcast spends millions of dollars annually on lobbying.[233][234] Comcast employs the spouses, sons and daughters of mayors, councilmen, commissioners, and other officials to assure its continued preferred market allocations.[235][236][237]

Comcast was given an "F" for its corporate governance practices in 2010, by Corporate Library, an independent shareholder-research organization. According to Corporate Library, Comcast's board of directors ability to oversee and control management was severely compromised (at least in 2010) by the fact that several of the directors either worked for the company or had business ties to it (making them susceptible to management pressure), and a third of the directors were over 70 years of age. According to The Wall Street Journal nearly two thirds of the flights of Comcast's $40 million corporate jet purchased for business travel related to the NBCU acquisition, were to CEO Brian Roberts' private homes or to resorts.[238]

On August 1, 2016, Washington State Attorney General Bob Ferguson filed a lawsuit against Comcast Corporation in King County Superior Court, alleging the company's own documents reveal a pattern of illegally deceiving their customers to pad their bottom line by tens of millions of dollars.[239] The FCC issued a $2.3 million fine to Comcast after finding that the company was charging customers for unordered services and equipment. More than a thousand customers issued complaints about these unprecedented charges to their bill. In addition, numerous customers reported inappropriate name-calling and interrogation by customer service representatives. Comcast's executive vice president, David Cohen, admitted the company needed to improve their customer service.[240]

On August 8, 2016 an official Comcast employee confirmed that Comcast was changing native 1080i channels to the 720p60 format. "Official Employees are from multiple teams within Comcast: Product, Support, Leadership."[241]

In February 2017, Comcast was ordered by the self-regulatory National Advertising Review Board to cease using a claim based on Speedtest.net data that it has "America's fastest internet", stating that "Ookla's data showed only that Xfinity consumers who took advantage of the free tests offered on the Speedtest.net website subscribed to tiers of service with higher download speeds than Verizon FiOS consumers who took advantage of the tests." They were also ordered to stop using a claim that the company offers the "fastest in-home Wi-Fi," which was poorly substantiated.[242]

On December 21, 2018, Minnesota State Attorney General Lori Swanson filed a lawsuit against Comcast in Hennepin County over allegations that the company had overcharged customers for cable packages, added home security, service protection plans, modem and other equipment packages to customers bills without their consent, and did not give customers the prepaid 200$ Visa cards they promised to give if customers kept up-to-date on their monthly bills for 90 days on their advertisements.[243] On January 25, 2020, the lawsuit was settled, Comcast being ordered to refund 15,600 customers and give 16,000 other customers debt relief. Comcast was also ordered to disclose the full amounts customers will be charged for using their services on their advertisements.[244]

As of fall 2019, Comcast is the last major cable provider or streamer to neglect to carry the ACC Network, prompting some customers to consider cutting the cord or switching providers.[245][246] Forbes magazine criticized the decision not to carry the college sports network as violating a fundamental principle of marketing: "never give your customers a reason to switch."[247] North Carolina Governor Roy Cooper asked Comcast and AT&T to carry the network, after which AT&T did so on their U-Verse cable service.[246][248]

In June 2021, the Supreme Court rejected a petition for review by Comcast regarding an anti-trust lawsuit by Viamedia, Inc. after the Biden administration had recommended against review.[249]

Carbon footprint

Comcast reported total CO2e emissions (direct + indirect) for the twelve months ending 31 December 2020 at 2,291 Kt (-249 /-9.8% y-o-y).[250]

Comcast's annual total CO2e emissions (direct + indirect) (in kilotonnes)
Dec. 2019 Dec. 2020
2,540[251] 2,291[250]

Notes

  1. ^ Before the AT&T merger in 2001, the parent company was Comcast Holdings Corporation. Comcast Holdings Corporation now refers to a subsidiary of Comcast Corporation, not the parent company (see: Bloomberg profile on Comcast Holdings Corporation). Technically, the current parent company was founded December 7, 2001 as CAB Holdings Corporation, which changed its name to AT&T Comcast Corporation before finally taking on the Comcast Corporation name (see: Nov 2002 8K/A Form March 25, 2014, at the Wayback Machine and Nov 2002 S-4 March 25, 2014, at the Wayback Machine)

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External links

  •   Media related to Comcast at Wikimedia Commons
  • Official website
  • Business data for Comcast Corporation:
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Coordinates: 39°57′16″N 75°10′07″W / 39.9545°N 75.1685°W / 39.9545; -75.1685

February 05, 2023
comcast, this, article, about, media, conglomerate, internet, service, provider, previously, branded, xfinity, corporation, formerly, known, american, cable, systems, holdings, note, headquartered, philadelphia, largest, american, multinational, telecommunicat. This article is about the media conglomerate For the internet service provider previously branded as Comcast see Xfinity Comcast Corporation formerly known as American Cable Systems and Comcast Holdings note 1 headquartered in Philadelphia is the largest American multinational telecommunications conglomerate 8 It is the second largest broadcasting and cable television company in the world by revenue behind AT amp T the largest pay TV company the largest cable TV company and largest home Internet service provider in the United States and the nation s third largest home telephone service provider It provides services to U S residential and commercial customers in 40 states and the District of Columbia 9 As the parent company of the international media company NBCUniversal since 2011 10 11 12 13 Comcast is a producer of feature films for theatrical exhibition and over the air and cable television programming Comcast CorporationComcast Center the company s headquarters in Center City PhiladelphiaTrade nameComcastFormerlyAmerican Cable Systems 1963 1968 Comcast Holdings 1968 2000 TypePublicTraded asNasdaq CMCSA Class A Nasdaq 100 componentS amp P 100 componentS amp P 500 componentIndustryTelecommunicationsMediaEntertainmentFoundedJune 28 1963 59 years ago 1963 06 28 Tupelo Mississippi U S FounderRalph J RobertsHeadquartersComcast CenterPhiladelphia Pennsylvania U S Area servedWorldwide mostly United States and EuropeKey peopleBrian L Roberts Chairman amp CEO David L Rogers SEVP amp CFO David L Cohen EVP ProductsBooks Broadband Broadcasting Cable television Digital telephone Direct broadcast satellite Film production HDTV Home security system Home video Internet Mobile Pay television Sport management Theme parks TV production Venture capital VoIP phoneRevenueUS 121 4 billion 2022 Operating incomeUS 14 04 billion 2022 Net incomeUS 5 37 billion 2022 Total assetsUS 275 3 billion 2022 Total equityUS 80 94 billion 2022 OwnerBrian L Roberts 1 equity interest 33 voting power Number of employees186 000 December 2022 DivisionsXfinity NBCUniversal Sky GroupSubsidiariesComcast Spectacor Leisure Arts Midco 49 Websitecorporate wbr comcast wbr comFootnotes references 1 2 3 4 5 6 7 Comcast owns and operates the Xfinity residential cable communications subsidiary Comcast Business a commercial services provider Xfinity Mobile an MVNO of Verizon over the air national broadcast network channels NBC Telemundo TeleXitos and Cozi TV multiple cable only channels including MSNBC CNBC USA Network Syfy Oxygen Bravo and E the film studio Universal Pictures the VOD streaming service Peacock animation studios DreamWorks Animation Illumination Universal Animation Studios and Universal Parks amp Resorts It also has significant holdings in digital distribution such as thePlatform which it acquired in 2006 and ad tech company FreeWheel which it acquired in 2014 Since October 2018 it has also been the parent company of Sky Group 14 Comcast has been criticized for a variety of reasons Its customer satisfaction ratings were among the lowest in the cable industry during the years 2008 2010 15 16 It has violated net neutrality practices in the past and despite its commitment to a narrow definition of net neutrality 17 critics advocate a definition that precludes any distinction between Comcast s private network services and the rest of the Internet 18 Critics also point out a lack of competition in the vast majority of Comcast s service areas in particular the limited competition among cable providers 19 Given its negotiating power as a large ISP some suspect that it could leverage paid peering agreements to unfairly influence end user connection speeds Its ownership of both content production in NBCUniversal and distribution as an ISP has raised antitrust concerns These issues and others led to Comcast being dubbed The Worst Company in America by The Consumerist in 2010 and 2014 20 21 Contents 1 Overview 1 1 Leadership 1 1 1 Board of directors 1 2 Corporate offices 1 3 Employee relations 1 4 Financial performance 1 5 Lobbying and electoral fundraising 1 6 Philanthropy 2 History 2 1 American Cable Systems 2 2 Comcast 2 3 Increasing market share 1990 2001 2 4 Largest U S cable provider 2001 present 2 4 1 Adelphia purchase 2 4 2 NBCUniversal 2 4 3 Failed purchase of Time Warner Cable 2 4 4 DreamWorks Animation 2 4 5 Cellular service 2 4 6 Attempted acquisition of Fox and subsequence of Sky 3 Divisions and subsidiaries 3 1 Comcast Cable Xfinity 3 2 NBCUniversal 3 2 1 DreamWorks Animation 3 3 Sky Group 3 4 Xumo 3 5 Professional sports 4 Criticism and controversies 5 Carbon footprint 6 Notes 7 References 8 External linksOverview EditLeadership Edit Comcast is described as a family business 22 Brian L Roberts its chairman president and CEO is the son of founder Ralph J Roberts 1920 2015 Roberts owns or controls about 1 of all Comcast shares but all of the Class B supervoting shares giving him an undilutable 33 voting power over the company 23 Legal expert Susan P Crawford has said this gives him effective control over Comcast s every step 24 In 2010 he was one of the highest paid executives in the United States with total compensation of about 31 million 24 Board of directors Edit As of May 17 2020 25 Brian L Roberts chairman and CEO of Comcast Kenneth J Bacon former Fannie Mae executive Madeline S Bell president and CEO of Children s Hospital of Philadelphia Edward D Breen lead independent director executive chairman and CEO of DuPont Gerald Hassell former chairman and CEO of The Bank of New York Mellon Jeffrey Honickman CEO of Pepsi Cola Bottling Maritza Montiel former deputy chairman and CEO of Deloitte Asuka Nakahara former CFO of Trammell Crow David C Novak former chairman and CEO of YUM BrandsCorporate offices Edit Comcast is headquartered in Philadelphia Pennsylvania and has offices in Atlanta Detroit Denver Manchester New Hampshire and New York City 26 On January 3 2005 it announced it would become the anchor tenant in the new Comcast Center in downtown Philadelphia at 975 ft 297 m the second tallest skyscraper in Pennsylvania In the fall of 2018 it finished construction of the 1 121 ft 342 m Comcast Technology Center Pennsylvania s tallest skyscraper adjacent to its original headquarters 27 As of 2019 the company had 184 000 employees 28 Employee relations Edit Comcast is often criticized by the media and its own staff for its less than upstanding policies of employee relations A 2014 investigative series published by The Verge involved interviews with 150 Comcast employees and examined why the company was so widely criticized by its customers the media and its own workers It concluded that Comcast s staff endured unreasonable corporate policies Customer service has been replaced by an obsession with sales technicians are understaffed tech support is poorly trained and the company is hobbled by internal fragmentation 29 A widely read article by an anonymous Comcast call center employee appeared in November 2014 on Cracked Titled Five Nightmares You Live While Working For America s Worst Company it claimed that Comcast was obsessed with sales didn t train its employees properly and concluded that the system makes good customer service impossible 30 Comcast has also earned a reputation as anti union A company training manual says Comcast does not feel union representation is in the best interest of its employees customers or shareholders 31 A dispute in 2004 with CWA a labor union representing many employees at Comcast s Beaverton Oregon offices led to allegations of management intimidating workers requiring them to attend anti union meetings and unwarranted disciplinary action for union members 32 In 2011 Comcast received criticism from Writers Guild of America for its policies regarding unions 33 Despite these criticisms Comcast has appeared on multiple top places to work lists In 2009 it was included on CableFAX magazine s Top 10 Places to Work in Cable which cited its scale savvy and vision 34 Similarly the Philadelphia Business Journal awarded Comcast the silver medal among extra large companies in Philadelphia with the gold medal going to partner organization Comcast Spectacor 35 36 The Boston Globe found Comcast to be that city s top place to work in 2009 37 Employee diversity is also an attribute upon which Comcast receives strong marks In 2008 Black Enterprise magazine rated Comcast among the top 15 companies for workforce diversity 38 Comcast was also named a Top 2014 Workplace by The Washington Post in their annual feature 39 The Human Rights Campaign has given Comcast a 100 on the Corporate Equality Index 40 and one of the best places for LGBT people to work 41 Financial performance Edit The book value of the company nearly doubled from 8 19 a share in 1999 to 15 a share in 2009 Revenues grew sixfold from 1999 s 6 billion to almost 36 billion in 2009 Net profit margin rose from 4 2 in 1999 to 8 4 in 2009 with operating margins improving 31 and return on equity doubling to 6 7 in the same time span Between 1999 and 2009 return on capital nearly tripled to 7 42 Comcast reported first quarter 2012 profit increases of 30 due to increase in high speed internet customers 43 In February 2014 Comcast generated 1 1 billion in revenue during the first quarter due to the 2014 Winter Olympics in Sochi 44 As of 2020 update Comcast is ranked 28th on the Fortune 500 rankings of the largest United States corporations by total revenue 45 For the fiscal year 2017 Comcast reported earnings of US 22 7 billion with an annual revenue of US 84 5 billion an increase of 5 5 over the previous fiscal cycle Comcast s shares traded at over 47 per share and its market capitalization was valued at over US 213 4 billion in February 2022 Year Revenuein mil USD Net incomein mil USD Total assetsin mil USD Employees2006 46 24 966 2 533 110 405 90 0002007 47 31 060 2 587 113 417 100 0002008 48 34 423 2 547 113 017 100 0002009 49 35 756 3 638 112 733 107 0002010 50 37 937 3 635 118 534 102 0002011 51 55 842 4 160 157 818 126 0002012 52 62 570 6 203 164 971 129 0002013 53 64 657 6 816 158 813 136 0002014 54 68 775 8 380 159 186 139 0002015 55 74 510 8 163 166 574 153 0002016 56 80 403 8 695 180 500 159 0002017 57 85 029 22 714 186 949 164 0002018 58 94 507 11 731 251 684 184 0002019 59 108 942 13 057 263 414 190 0002020 60 103 564 10 534 273 869 168 0002021 61 116 385 14 159 275 905 189 000Lobbying and electoral fundraising Edit With 18 8 million spent in 2013 Comcast has the seventh largest lobbying budget of any individual company or organization in the United States 62 Comcast employs multiple former U S Congressmen as lobbyists 63 The National Cable amp Telecommunications Association which has multiple Comcast executives on its board also represents Comcast and other cable companies as the fifth largest lobbying organization in the United States spending 19 8 million in 2013 62 Comcast was among the top backers of Barack Obama s presidential runs with Comcast vice president David Cohen raising over 2 2 million from 2007 to 2012 64 65 Cohen has been described by many sources as influential in the U S government 66 though he is no longer a registered lobbyist as the time he spends lobbying falls short of the 20 which requires official registration 67 Comcast s PAC the Comcast Corporation and NBCUniversal Political Action Committee is among the largest PACs in the U S raising about 3 7 million from 2011 to 2012 for the campaigns of various candidates for office in the United States Federal Government 68 Comcast is also a major backer of the National Cable and Telecommunications Association Political Action Committee which raised 2 6 million from 2011 to 2012 69 70 Comcast spent the most money of any organization in support of the Stop Online Piracy and PROTECT IP bills spending roughly 5 million to lobby for their passage 71 Comcast also backs lobbying and PACs on a regional level backing organizations such as the Tennessee Cable Telecommunications Association 72 and the Broadband Communications Association of Washington PAC 73 Comcast and other cable companies have lobbied state governments to pass legislation restricting or banning individual cities from offering public broadband service 74 Municipal broadband restrictions of varying scope have been passed in a total of 20 U S States 75 According to watchdog group Documented in 2020 Comcast contributed 200 000 to the Rule of Law Defense Fund a fund raising arm of the Republican Attorneys General Association that was shown to have provided funding to the Save America March that devolved into an attack on the U S Capitol on January 6 2021 76 Philanthropy Edit Comcast offers low cost internet and cable service to schools subsidized by general broadband consumers through the U S government s E Rate program 77 Critics have noted that many of the strongest supporters of Comcast s business deals have received substantial funding from the Comcast Foundation 63 78 However it is important to note that for years Comcast has been relying on subsidiaries to finance philanthropic pursuits History EditAmerican Cable Systems Edit In 1963 Ralph J Roberts in conjunction with his two business partners Daniel Aaron 79 and Julian A Brodsky purchased American Cable Systems 80 as a corporate spin off from its parent Jerrold Electronics for U S 500 000 At the time American Cable was a small cable operator in Tupelo Mississippi with five channels and 12 000 customers 81 In 1965 American Cable Systems purchased Storecast Corporation of America a product placement supermarket specialist marketing firm 82 In 1968 American Cable Systems purchased its first franchise of Muzak a brand of background music played in retail stores Storecast was a client of Muzak 83 Comcast Edit Comcast logo from 1969 to 2000 before it was replaced with the crescent logo The company was re incorporated in Pennsylvania in 1969 under the new name Comcast Corporation 80 Comcast s initial public offering occurred on June 29 1972 with a market capitalization of U S 3 010 000 80 84 In 1977 HBO was first launched on a Comcast system with 20 000 customers in western Pennsylvania with a five night free preview getting a 15 sign up rate 80 85 In 1986 Comcast bought 26 of Group W Cable a broadcast company doubling its number of subscribers to 1 million 86 87 Also that year Comcast made a founding investment of 380 million in QVC 80 In 1988 Comcast was able to buy a 50 share of SCI Holdings in a joint deal with Tele Communications Inc 88 Comcast also acquired American Cellular Network Corporation in 1988 for 230 million marking the first time it became a mobile phone operator 89 Increasing market share 1990 2001 Edit In February 1990 Ralph Roberts son Brian L Roberts succeeded his father as president of Comcast 90 Two years later the company s mobile division Comcast Cellular purchased a controlling interest in Metromedia s Philadelphia area cellular telephone interests Metrophone 80 91 By 1994 Comcast owned 50 stock in the cable communications company Garden State Cable who by that year were serving approximately 195 000 subscribers 92 That same year Comcast became the third largest cable operator in the United States with around 3 5 million subscribers following its purchase of Maclean Hunter s American division for 1 27 billion 86 93 Comcast grew to 4 3 million subscribers the following year with the purchase of the cable operation of E W Scripps Company for 1 575 billion in stock 94 Comcast offered internet connection for the first time in 1996 with its part in the launch of the Home Network 95 Also in 1996 Comcast formed Comcast Spectacor which became owner of the Philadelphia Flyers 96 In 1997 Microsoft invested 1 billion in Comcast and the company launched its digital TV service 83 That same year in partnership with Disney Comcast got a 50 1 controlling interest in E Entertainment 80 By December 31 1997 it was available in the Philadelphia Detroit Baltimore Orange County California Sarasota and Union New Jersey areas citation needed Comcast s cable acquisitions in 1997 were Jones Intercable Inc with 1 million customers and a stake in Prime Communications with 430 000 subscribers 80 In February 1998 Comcast sold its U K division to NTL for US 600 million along with the division s 397 million in debt 97 In 1999 Comcast sold Comcast Cellular to SBC Communications for 400 million releasing them from 1 27 billion in debt 98 Also in 1999 Comcast acquired Greater Philadelphia Cablevision 99 and launched Comcast University as well as Comcast Interactive Capital Group 80 In November 1999 Comcast purchased Lenfest Communications who were the ninth largest cable television operator at the time and were the largest operator in the Philadelphia area 100 101 This consolidated Comcast s control over all of the Philadelphia region and earned them approximately 1 3 million additional cable subscribers 101 The purchase of Lenfest also bought Comcast the remaining 50 stock of the cable operator Garden State Communications a company whom Comcast had already owned half of in partnership with Lenfest for years 102 Comcast quickly replaced the ten year general manager at Garden State with their own executive and eventually Garden State ceased operating under its own name and was fully merged to become a part of the Comcast Corporation 103 Largest U S cable provider 2001 present Edit Proposed merger name logo 2001 Comcast logo introduced on December 12 1999 used from 2000 until 2012 In 2001 Comcast announced it would acquire the assets of the largest cable television operator at the time AT amp T Broadband for 44 5 billion 104 The proposed name for the merged company was AT amp T Comcast but the companies ultimately decided to keep only the Comcast name In 2002 Comcast acquired all assets of AT amp T Broadband thus making Comcast the largest cable television company in the United States with over 22 million subscribers 104 105 This spurred the start of Comcast Advertising Sales using AT amp T s groundwork which would later be renamed Comcast Spotlight and now effectv A Comcast Company As part of this acquisition Comcast also acquired the National Digital Television Center in Centennial Colorado as a wholly owned subsidiary now known as the Comcast Media Center In 2003 Comcast became one of the original investors in The Golf Channel 106 After Excite Home went bankrupt in October 2001 Comcast took over providing internet directly to consumers in January 2002 107 On February 11 2004 Comcast announced a 54 billion bid for The Walt Disney Company including taking on 12 billion of Disney s debt 108 The deal would have made Comcast the largest media conglomerate in the world 109 110 However after rejection by Disney and uncertain response from investors the bid was abandoned in April 111 In 2004 Comcast sold its QVC shares to Liberty Media for 7 9 billion 112 On April 8 2005 a partnership led by Comcast and Sony Pictures Entertainment finalized a deal to acquire MGM and its affiliate studio United Artists and created an additional outlet to carry MGM UA s material for cable and Internet distribution 113 114 On October 31 2005 Comcast officially announced that it had acquired Susquehanna Communications a South Central Pennsylvania based cable television and broadband services provider and unit of the former Susquehanna Pfaltzgraff company for 775 million cash 115 116 Comcast previously owned approximately 30 of Susquehanna Communications through its affiliate company Lenfest 115 In December 2005 Comcast announced the creation of Comcast Interactive Media a new division focused on online media In July 2006 Comcast purchased the Seattle based software company thePlatform 117 This represented an entry into a new line of business selling software to allow companies to manage their Internet and IP based media publishing efforts On April 3 2007 Comcast announced it would acquire the cable systems owned and operated by Patriot Media a privately held company owned by cable veteran Steven J Simmons Spectrum Equity Investors and Spire Capital that served approximately 81 000 video subscribers for 483 million 118 Comcast announced in May 2007 119 and launched in September 2008 a dashboard called SmartZone that allowed users to perform mobile functions online 120 There was also Cloudmark spam and phishing protection and Trend Micro antivirus 119 The address book is Comcast Plaxo software 119 In May 2008 Comcast purchased Plaxo for a reported 150 million to 170 million 121 Comcast won the Consumerist Worst Company In America Golden Poo award in 2010 122 A gold trophy in the shape of a pile of human feces was delivered to Comcast Corporate Headquarters to commemorate the unmatched level of enmity flowing from their customer base to their business Comcast responded immediately by publicly acknowledging the dubious award and citing ongoing efforts to improve its customer service 123 One effort to change this is a new app called Tech ETA that allows customers to see exactly when a technician is coming 124 Adelphia purchase Edit In April 2005 Comcast and Time Warner Cable announced plans to buy the assets of bankrupted Adelphia Cable 125 The two companies paid a total of 17 6 billion in the deal that was finalized in the second quarter of 2006 after the U S Federal Communications Commission FCC completed a seven month investigation without raising an objection 126 Time Warner Cable became the second largest cable provider in the U S ranking behind Comcast As part of the deal Time Warner Cable and Comcast traded existing subscribers in order to consolidate them into larger geographic clusters 127 128 In August 2006 Comcast and Time Warner Cable dissolved a 50 50 partnership that controlled the systems in the Houston Southwest Texas San Antonio and Kansas City markets under the Time Warner Cable brand After the dissolution Comcast obtained the Houston system and Time Warner retained the others 129 On January 1 2007 Comcast officially took control of the Houston system but continued to operate under the Time Warner Cable brand until June 19 2007 NBCUniversal Edit Further information Acquisition of NBC Universal by Comcast NBCUniversal logo from 2011 to present Media outlets began reporting in late September 2009 that Comcast was in talks to buy NBC Universal Comcast denied the rumors at first while NBC would not comment on them 130 However CNBC itself reported on October 1 that General Electric was considering spinning NBC Universal off into a separate company that would merge the NBC television network and its cable properties such as USA Network Syfy and MSNBC as well as Universal Studios with Comcast s content assets GE would maintain 49 control of the new company while Comcast owned 51 131 132 Vivendi which owns 20 would have to sell its stake to GE It was reported that under the current deal with GE that it would happen in November or December 133 134 It was also reported that Time Warner would be interested in placing a bid until CEO Jeffrey L Bewkes directly denied interest 135 leaving Comcast the sole bidder On November 1 2009 The New York Times reported Comcast had moved closer to a deal to purchase NBC Universal and that a formal announcement could be made sometime the following week 136 Following a tentative agreement on December 1 137 the parties announced that Comcast would buy a controlling 51 stake in NBC Universal including Universal Pictures for 6 5 billion in cash and 7 3 billion in programming on December 3 138 139 140 GE would take over the remaining 49 stake in NBC Universal using 5 8 billion to buy out Vivendi s 20 minority stake in NBC Universal 139 On January 18 2011 the FCC approved the deal by a vote of 4 to 1 141 142 The transaction was completed on January 28 2011 143 144 In December 2012 Comcast adopted a new corporate logo which incorporates NBC s peacock logo to signify its ownership of the broadcaster 145 146 On February 12 2013 Comcast announced that it would acquire the remaining 49 of General Electric s interest in NBCUniversal in a deal valued at approximately 16 7 billion 147 148 The acquisition was completed on March 19 2013 149 13 Comcast reported that third quarter net profits in 2020 fell 37 percent to 2 02 billion from 3 22 billion the previous year in part due to the limited capacity measures for the COVID 19 pandemic at theme parks like Universal Studios and movie theaters with revenues falling 4 8 percent With their theme park in California being closed since March 2020 and limited capacity at locations in Florida and Japan the company was prompted to lay off a number of their employees revenue for their theme park locations fell 81 percent to 311 million from 1 63 billion in 2019 150 Failed purchase of Time Warner Cable Edit Main article Attempted purchase of Time Warner Cable by Comcast On February 12 2014 the Los Angeles Times reported that Comcast sought to acquire Time Warner Cable in a deal valued at 45 2 billion 151 On February 13 it was reported that Time Warner Cable agreed to the acquisition 152 This was to add several metropolitan areas to the Comcast portfolio such as New York City Los Angeles Dallas Fort Worth Cleveland Columbus Cincinnati Charlotte San Diego and San Antonio 153 Time Warner Cable and Comcast aimed to merge into one company by the end of 2014 and both have praised the deal emphasizing the increased capabilities of a combined telecommunications network and to create operating efficiencies and economies of scale 154 In 2014 critics expressed concern that the deal would give Comcast greater negotiating power in a number of areas including rebroadcast fees with television channels 155 and peering agreements with ISPs 156 Critics noted in 2013 that Tom Wheeler the head of the FCC which has to approve the deal is the former head of both the largest cable lobbying organization the National Cable amp Telecommunications Association and as largest wireless lobby CTIA The Wireless Association 157 158 According to Politico Comcast donated to almost every member of Congress who has a hand in regulating it 159 The U S Senate Judiciary Committee held a hearing on the deal on April 9 2014 160 The House Judiciary Committee planned its own hearing 161 On March 6 2014 the United States Department of Justice Antitrust Division confirmed it was investigating the deal 162 In March 2014 the division s chairman William Baer recused himself because he was involved in the prior Comcast NBCUniversal acquisition 163 Several states attorneys general have announced support for the federal investigation 164 On April 24 2015 Jonathan Sallet general counsel of the F C C explained that he was going to recommend a hearing before an administrative law judge equivalent to a collapse of the deal 165 In August 2015 Comcast announced to speed up Internet for low income customers from 5 megabits per second mbps to 10 Mbit s provide free wireless routers and will pilot an initiative to increase Internet access for low income senior citizens 166 In September of that year Comcast also launched Watchable a YouTube competitor 167 The move was seen by Variety as an attempt to appeal to the cord cutting market 167 DreamWorks Animation Edit Main article DreamWorks Animation In April 2016 Comcast confirmed that its NBCUniversal division would acquire DreamWorks Animation for 3 8 billion 168 169 The deal closed on August 22 2016 DreamWorks Animation was integrated into NBCUniversal Film and Entertainment as part of Universal Pictures 170 Universal Pictures took over distribution of DreamWorks Animation films beginning in 2019 with How to Train Your Dragon The Hidden World after DreamWorks Animation s deal with 20th Century Fox expired Cellular service Edit In September 2016 Comcast confirmed that it had reached a partnership with Verizon Wireless to launch a cellular network as an MVNO The new service described as being a Wi Fi and MVNO integrated product and was expected to launch in mid 2017 171 The partnership and the addition of wireless would allow Comcast to offer a quadruple play of services 172 173 Including Comcast s Home Security offering customers now have the option of a Quintuple Play 174 The service was officially announced on April 6 2017 as Xfinity Mobile 175 Attempted acquisition of Fox and subsequence of Sky Edit See also Acquisition of 21st Century Fox by Disney On November 16 2017 it was reported that Comcast attempted to purchase 21st Century Fox following the news 10 days earlier that The Walt Disney Company negotiated with Fox to acquire the same assets Like Disney the deal included the 20th Century Fox film and television studios cable entertainment and broadcast satellite networks including FX Networks National Geographic Partners Fox Sports Networks and international channels such as Star India It would not include the Fox Broadcasting Company Fox Television Stations Fox Sports and Fox News units all which will be spun off into a new independent company 176 which is later known as the Fox Corporation since the 2019 launch However on December 11 2017 Comcast officially dropped the bid saying that We never got the level of engagement needed to make a definitive offer 177 On December 14 Disney officially confirmed its acquisition of 21st Century Fox for 52 4 billion in stock pending review from the United States Department of Justice Antitrust Division 178 On February 5 2018 a new report by CNBC claims that despite the Disney Fox deal Comcast was considering topping Disney s 52 4 billion offer once the AT amp T Time Warner merger goes through after the Department of Justice Antitrust Division sued to block the merger on November 20 2017 On February 27 2018 Comcast offered to purchase 61 stake in Sky plc at a value of 12 50 per share approximately 22 1 billion 21st Century Fox which owns 39 stake in Sky had previously declined a US 60 billion acquisition offer by Comcast in favor of its deal with Disney due to anti competition concerns 179 180 181 NBCUniversal CEO Steve Burke stated that purchasing Sky would roughly double its presence in English speaking markets and allow for synergies between the respective networks and studios of NBCUniversal and Sky Fox stated that it remains committed to its recommended cash offer for Sky and that Comcast had not yet made a firm offer 182 On April 12 the Panel on Takeovers and Mergers ruled that Disney had to acquire all of Sky within 28 days of fully acquiring Fox if the latter s acquisition of Sky was not completed by the time the merger was done or if Comcast s counter offer wasn t accepted 183 On April 25 2018 Comcast made its formal counter bid for Sky plc offering 12 50 per share Sky subsequently withdrew its recommendation of the Fox bid 184 On May 7 2018 Comcast announced a potential bid against Disney s effort to acquire Fox after it spoke to investment banks about making a 60 billion cash offer pending on approval of the AT amp T Time Warner merger 185 Eight days later several Fox investors expressed interests in signing a deal with Comcast due to their all cash offer as opposed to Disney s 52 4 billion stock offer 186 Then on June 5 2018 Culture Secretary Matt Hancock cleared both 21st Century Fox and Comcast s respective offers to acquire Sky plc Fox s offer is contingent on the divestiture of Sky News 187 188 Eight days later Comcast officially announced a 65 billion counter offer to acquire the 21st Century Fox s assets that Disney offered to purchase 189 On June 15 2018 the European Commission gave antitrust clearance to Comcast s offer to purchase Sky citing that in terms of their current assets in Europe there would be limited impact on competition Comcast included a 10 year commitment to the operations and funding of Sky News similar to that of Disney s offer 190 191 192 On June 19 2018 Disney formally agreed to acquire Sky News as part of Fox s proposed bid with a 15 year commitment to increase its annual funding from 90 million to 100 million 193 However on June 20 2018 Disney and Fox announced that they had amended their previous merger agreement upping Disney s offer to 71 3 billion a 10 premium over Comcast s 65 billion offer while also offering shareholders the option of receiving cash instead of stock 194 On June 27 the United States Department of Justice gave antitrust approval to Disney under the condition of selling Fox s 22 regional sports channels to which the company has agreed 195 On the next day Disney and Fox shareholders scheduled July 27 2018 as the day to vote on Fox s properties being sold to Disney giving Comcast enough time to make a higher counter offer for the Fox assets 196 197 On July 11 2018 21st Century Fox raised its bid to purchase Sky plc assets to 32 5 billion and 18 57 a share In response Comcast increased its bid to 34 billion and 19 5 a share At the same time Fox was given clearance by the British government to purchase Sky 198 199 On July 18 2018 Bloomberg reported that the Sky board scheduled July 27 2018 as the day shareholders vote on selling Sky properties 200 However on July 12 2018 the Department of Justice filed a notice of appeal with the D C Circuit to reverse the District Court s approval for AT amp T acquisition of Time Warner now renamed WarnerMedia Although analysts say that the chances of the DOJ win are small they say it is the final nail in the coffin for Comcast s Fox chase This is a clear gift to Disney 201 On the next day CEO of AT amp T Randall Stephenson gave an interview with CNBC about Comcast s bid for Fox It probably can t help it You re in a situation where two entities are bidding for an asset and this kind of action can obviously influence the outcome of those actions 202 On July 16 2018 CNBC reported that Comcast was unlikely to continue its bidding war to acquire Fox from Disney in favor of Sky 203 Three days later Comcast officially announced that it was dropping its bid on the Fox assets in order to focus on their bid for Sky CEO of Comcast Brian L Roberts said I d like to congratulate Bob Iger and the team at Disney and commend the Murdoch family and Fox for creating such a desirable and respected company 204 Eight days later 21st Century Fox shareholders agreed to sell the majority of its assets to Disney for 71 3 billion The sale covered the majority of 21CF s entertainment assets including 20th Century Fox FX Networks and National Geographic Partners among others On September 22 2018 Comcast outbid 21st Century Fox by raising its bid for Sky plc to 40 billion or 22 57 a share 205 On September 25 2018 Comcast bought a 30 stake of Sky plc The next day on September 26 2018 Fox with the consent of its acquirer sold its 39 stake to Comcast in exchange for 15 billion in cash 206 In October 2018 Comcast later acquired the rest of the shares of Sky with the company being delisted in November 207 The merger was completed on November 7 2018 when the company was delisted after becoming a wholly owned subsidiary and division of Comcast 208 On June 20 2022 Comcast acquired Levl an American Israeli startup develops technology that authenticates wireless devices and can help prevent hacking for an estimated 50 million Following the acquisition Comcast announced it will set up its first development center in Israel 209 Divisions and subsidiaries EditFurther information List of assets owned by Comcast Comcast Cable Xfinity Edit Main article Xfinity Comcast Cable which goes by the brand name Xfinity provides cable television broadband internet and home telephone services Comcast Cable also provides similar services to small to medium sized business through its Comcast Business brand and Fortune 1000 companies through its Comcast Enterprise brand 210 NBCUniversal Edit Main article NBCUniversal Comcast delivers third party television programming content to its own customers and also produces its own first party content both for subscribers and customers of other competing television services Fully or partially owned Comcast programming includes Comcast Newsmakers Comcast SportsNet SportsNet New York MLB Network The Golf Channel Syfy and USA Network On May 19 2009 Disney and ESPN announced an agreement to allow Comcast Corporation to carry the channels ESPNU and ESPN3 211 Comcast s content networks and assets also include E Oxygen Golf Channel NBCSN Universal Kids Bravo and the regional NBC Sports Networks When Comcast took majority ownership in NBCUniversal a significant number of cable networks were added to this list Comcast s NHL deal obligated them to create a U S version of NHL Network launched in October 2007 Comcast has also operated local channels in some markets such as Comcast Television in the Detroit region Comcast Network in the Philadelphia and Mid Atlantic regions formerly CN8 and Comcast Entertainment Television in Denver and parts of Utah They primarily carried local programs and sports including in some cases serving as the designated overflow channel for local regional sports networks DreamWorks Animation Edit On August 22 2016 NBCUniversal bought DreamWorks Animation along with its major IP including Shrek How to Train Your Dragon Kung Fu Panda Trolls and Madagascar and Big Idea Entertainment owning its famous Christian computer animated direct to video franchise VeggieTales 212 213 214 215 Sky Group Edit Main article Sky Group Through Sky Comcast offers any first party and third party television programming which using the satellite distribution system to its customers and subscribers across several countries in Europe such as the United Kingdom Ireland Germany Austria Switzerland Italy and Spain It is Europe s largest media company and pay TV broadcaster by revenue as of 2018 update 216 with 23 million subscribers and more than 31 000 employees as of 2019 217 218 Until November 2018 Sky was owned by 21st Century Fox through a 39 14 controlling stake 219 on 9 December 2016 following a previous attempt under News Corporation that was affected by the News International phone hacking scandal 21st Century Fox announced that it had agreed to buy the remainder of Sky pending government approval However after a bidding war that included Disney which was in turn acquiring most of 21st Century Fox assets Comcast acquired the entirety of Sky in 2018 for 17 28 per share Xumo Edit Main article Xumo Xumo is a free ad supported streaming television FAST service which Comcast acquired on February 25 2020 for an undisclosed amount The service operates as a business within the Comcast Cable division Comcast planned to position the service as a compliment to its premium streaming service Peacock as well as compete with ViacomCBS s Pluto TV and Fox Corporation s Tubi and leverage its streaming technology as well as its distribution partnerships with smart TV manufacturers 220 221 222 On October 19 2021 Comcast announced XClass TV a line of smart TVs manufactured by Hisense that would be powered by the X1 software platform used by its cable services 223 In April 2022 Comcast and Charter Communications announced that they would form a joint venture to form a next generation streaming platform with Comcast contributing its Xfinity Flex XClass TV and Xumo businesses 224 225 226 In November 2022 Comcast and Charter announced that the joint venture would use the Xumo name with Xfinity Flex Xumo and XClassTV rebranded as Xumo Stream Box Xumo Play and Xumo TV respectively 227 Professional sports Edit Main article Comcast Spectacor In 1996 Comcast bought a controlling stake in Spectacor from the company s founder Ed Snider 228 Comcast Spectacor holdings now include the Philadelphia Flyers NHL hockey team and their home arena in Philadelphia Over a number of years Comcast became majority owner of Comcast SportsNet as well as Golf Channel and NBCSN formerly the Outdoor Life Network then Versus In 2002 Comcast paid the University of Maryland 25 million for naming rights to the new basketball arena built on the College Park campus the Xfinity Center Before it was renamed for Comcast s cable subsidiary Xfinity Center was called Comcast Center from its opening in 2002 through July 2014 Comcast became the sponsor of NASCAR s second tier series renaming it the NASCAR Xfinity Series in 2015 Criticism and controversies EditMain article Criticism of Comcast Comcast service van Ypsilanti Township Michigan In 2004 and 2007 the American Customer Satisfaction Index ACSI survey found that Comcast had the worst customer satisfaction rating of any company or government agency in the country including the Internal Revenue Service The ACSI indicates that almost half of all cable customers regardless of company have registered complaints and that cable is the only industry to score below 60 in the ACSI 229 Comcast s Customer Service Rating by the ACSI surveys indicate that the company s customer service has not improved since the surveys began in 2001 Analysis of the surveys states that Comcast is one of the lowest scoring companies in ACSI As its customer satisfaction eroded by 7 over the past year revenue increased by 12 The ACSI analysis also addresses this contradiction stating that Such pricing power usually comes with some level of monopoly protection and most cable companies have little competition at the local level This also means that a cable company can do well financially even though its customers are not particularly satisfied 230 231 In April 2014 Comcast was awarded the 2014 Worst Company in America award an annual contest by the consumer affairs blog The Consumerist that runs a series of reader polls to determine the least popular company in America This was the second time Comcast had been awarded this title the first being in 2010 232 Comcast spends millions of dollars annually on lobbying 233 234 Comcast employs the spouses sons and daughters of mayors councilmen commissioners and other officials to assure its continued preferred market allocations 235 236 237 Comcast was given an F for its corporate governance practices in 2010 by Corporate Library an independent shareholder research organization According to Corporate Library Comcast s board of directors ability to oversee and control management was severely compromised at least in 2010 by the fact that several of the directors either worked for the company or had business ties to it making them susceptible to management pressure and a third of the directors were over 70 years of age According to The Wall Street Journal nearly two thirds of the flights of Comcast s 40 million corporate jet purchased for business travel related to the NBCU acquisition were to CEO Brian Roberts private homes or to resorts 238 On August 1 2016 Washington State Attorney General Bob Ferguson filed a lawsuit against Comcast Corporation in King County Superior Court alleging the company s own documents reveal a pattern of illegally deceiving their customers to pad their bottom line by tens of millions of dollars 239 The FCC issued a 2 3 million fine to Comcast after finding that the company was charging customers for unordered services and equipment More than a thousand customers issued complaints about these unprecedented charges to their bill In addition numerous customers reported inappropriate name calling and interrogation by customer service representatives Comcast s executive vice president David Cohen admitted the company needed to improve their customer service 240 On August 8 2016 an official Comcast employee confirmed that Comcast was changing native 1080i channels to the 720p60 format Official Employees are from multiple teams within Comcast Product Support Leadership 241 In February 2017 Comcast was ordered by the self regulatory National Advertising Review Board to cease using a claim based on Speedtest net data that it has America s fastest internet stating that Ookla s data showed only that Xfinity consumers who took advantage of the free tests offered on the Speedtest net website subscribed to tiers of service with higher download speeds than Verizon FiOS consumers who took advantage of the tests They were also ordered to stop using a claim that the company offers the fastest in home Wi Fi which was poorly substantiated 242 On December 21 2018 Minnesota State Attorney General Lori Swanson filed a lawsuit against Comcast in Hennepin County over allegations that the company had overcharged customers for cable packages added home security service protection plans modem and other equipment packages to customers bills without their consent and did not give customers the prepaid 200 Visa cards they promised to give if customers kept up to date on their monthly bills for 90 days on their advertisements 243 On January 25 2020 the lawsuit was settled Comcast being ordered to refund 15 600 customers and give 16 000 other customers debt relief Comcast was also ordered to disclose the full amounts customers will be charged for using their services on their advertisements 244 As of fall 2019 Comcast is the last major cable provider or streamer to neglect to carry the ACC Network prompting some customers to consider cutting the cord or switching providers 245 246 Forbes magazine criticized the decision not to carry the college sports network as violating a fundamental principle of marketing never give your customers a reason to switch 247 North Carolina Governor Roy Cooper asked Comcast and AT amp T to carry the network after which AT amp T did so on their U Verse cable service 246 248 In June 2021 the Supreme Court rejected a petition for review by Comcast regarding an anti trust lawsuit by Viamedia Inc after the Biden administration had recommended against review 249 Carbon footprint EditComcast reported total CO2e emissions direct indirect for the twelve months ending 31 December 2020 at 2 291 Kt 249 9 8 y o y 250 Comcast s annual total CO2e emissions direct indirect in kilotonnes Dec 2019 Dec 20202 540 251 2 291 250 Notes Edit Before the AT amp T merger in 2001 the parent company was Comcast Holdings Corporation Comcast Holdings Corporation now refers to a subsidiary of Comcast Corporation not the parent company see Bloomberg profile on Comcast Holdings Corporation Technically the current parent company was founded December 7 2001 as CAB Holdings Corporation which changed its name to AT amp T Comcast Corporation before finally taking on the Comcast Corporation name see Nov 2002 8K A Form Archived March 25 2014 at the Wayback Machine and Nov 2002 S 4 Archived March 25 2014 at the Wayback Machine References Edit Comcast bids for Disney Retrieved November 5 2016 CMCSK US Bloomberg News Retrieved November 5 2016 Archived copy Archived from the original on July 18 2018 Retrieved November 28 2018 a href Template Cite web html title Template Cite web cite web a CS1 maint archived copy as title link Archived copy PDF update 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Dec 4 2009 PDF secdatabase com a b Wilkerson David B Goldstein Steven December 3 2009 Comcast scores controlling stake in NBC Universal MarketWatch The Wall Street Journal Digital Network Goldman David December 3 2009 GE Comcast announce joint NBC deal CNN Government Approves Comcast NBC Deal The New York Times January 18 2011 Todd Shields Jeff Bliss January 18 2011 Comcast Wins U S Approval to Buy NBC Universal From GE for 13 8 Billion Bloomberg Retrieved March 15 2014 Littleton Cynthia January 29 2011 Comcast NBC U merger a done deal Variety Retrieved October 4 2022 Comcast Takes Over NBC Universal After Long Review ABC News January 29 2011 Ramachandran John Jannarone And Shalini December 10 2012 NBC Peacock Spreads Wings Over Comcast The Wall Street Journal ISSN 0099 9660 Retrieved October 4 2022 Szalai Georg December 11 2012 Comcast Adds NBC Peacock to Corporate Logo The Hollywood Reporter Retrieved February 3 2013 Meg James Los Angeles Times February 12 2013 Comcast to buy out GE s interest in NBCUniversal latimes com Retrieved on February 13 2013 Lieberman David February 12 2013 Comcast To Pay 16 7B For General Electric s 49 Of NBCUniversal Deadline Retrieved October 4 2022 Stelter Amy Chozick and Brian February 12 2013 Comcast Buys Rest of NBC in Early Sale Media Decoder Blog Retrieved October 4 2022 Rizzo Lillian October 29 2020 Comcast Burdened by Covid 19 Impact on Theme Parks Movie Studio The Wall Street Journal ISSN 0099 9660 Retrieved October 30 2020 James Meg Flint Joe February 12 2014 Comcast strikes deal to buy Time Warner Cable for 45 billion Los Angeles Times Alex Sherman Jeffrey McCracken Edmund Lee February 13 2014 Comcast Agrees to Buy Time Warner Cable for 45 2 Billion Bloomberg Comcast confirms 45 billion merger with Time Warner Cable The Verge February 13 2014 Comcas Press Release February 13 2014 Time Warner Cable to Merge with Comcast Corporation to Create a World Class Technology and Media Company The Wall Street Journal Retrieved March 27 2014 Jeff Bercovici February 13 2014 What The Comcast Time Warner Cable Merger Means For TV Viewers Forbes Retrieved March 27 2014 Chris Welch March 19 2014 Sen Al Franken Comcast buying Time Warner Cable could threaten open nature of internet The Verge Retrieved March 27 2014 Jon Brodkin October 29 2013 Ex cable and wireless lobbyist confirmed as FCC chairman Ars Technica Retrieved February 17 2014 John Cassidy February 13 2014 We Need Real Competition Not a Cable Internet Monopoly The New Yorker Retrieved February 17 2014 Romm Tony March 9 2014 Comcast spreads cash wide on Capitol Hill Politico Retrieved March 11 2014 Bob Fernandez April 11 2014 A sometimes tense hearing on Capitol Hill on proposed Comcast Time Warner merger The Philadelphia Inquirer Retrieved April 14 2014 Jessica Collins or Lauren Hammond February 13 2014 Goodlatte and Bachus Statement on Proposed Comcast Time Warner Cable Merger judiciary house gov Archived from the original on March 24 2014 Retrieved March 23 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Completes 3 8 Billion Purchase of DreamWorks Animation Chris Welch The Verge Comcast confirms plans to launch mobile phone service in 2017 Sep 20 2016 Retrieved May 5 2017 Comcast confirms plans to launch mobile phone service in 2017 The Verge Retrieved October 8 2016 Comcast Is Launching a Wireless Service Next Year The Motley Fool Retrieved October 8 2016 Athavaley Anjali RPT Comcast builds out smart home strategy as cable shrinks Business Insider Retrieved September 28 2017 Comcast plunges again into cell phone service Can it overcome past failures Philly com Retrieved April 6 2017 C Chmielewski Dawn Hayes Dade November 16 2017 Comcast Fox Deal Talks Latest Entry Into Media Merger Mania Deadline Retrieved November 28 2017 Reuter Staff Reuter Staff December 11 2017 Comcast drops bid for Fox assets leaving Disney in pole position Reuters Retrieved December 11 2017 Riley Charles and Hadas Gold Disney is buying most of 21st Century Fox for 52 4 billion CNNMoney Retrieved December 14 2017 Murdoch bid for Sky challenged by US giant BBC News February 27 2018 Retrieved February 27 2018 Haring Bruce February 12 2018 Comcast Mulls Renewing Its 21st Century Fox Assets Pursuit Report Deadline Hollywood Retrieved February 24 2018 Comcast May Make Another Bid for 21st Century Fox Report Variety February 12 2018 Retrieved February 24 2018 White Peter February 27 2018 NBCU s Steve Burke Claims Comcast s 31B Sky Deal Will Boost Scripted TV amp Film Fortunes Fox Notes No Firm Offer Was Made 21st Century Fox Reacts Update Deadline Hollywood Retrieved February 27 2018 White Peter April 12 2018 Disney Will Be Forced To Acquire All Of Sky If Fox s Takeover Of UK Pay Net Is Not Complete Before Mega Deal Deadline Hollywood Retrieved April 25 2018 Wilson Bill April 25 2018 Comcast starts 22bn bidding war for Sky BBC News Retrieved April 25 2018 Gibson Kate May 7 2018 4 reasons Comcast covets Fox CBS Comcast s all cash bid could pit Murdoch against Fox shareholders CNBC May 15 2018 Archived from the original on May 15 2018 Retrieved May 15 2018 Sky bid battle looms after government nod BBC News June 5 2018 Retrieved June 5 2018 Szalai Georg U K Approves Fox s Sky Bid Subject to Sale of Sky News and Clears Comcast Offer The Hollywood Reporter Retrieved June 5 2018 Comcast makes 65 billion offer to steal 21st Century Fox away from Disney The Verge Retrieved June 13 2018 Woo Stu June 15 2018 Comcast Clears EU Hurdle in 29 Billion Bid for Sky The Wall Street Journal ISSN 0099 9660 Retrieved June 18 2018 subscription required Comcast Clears EU Antitrust Hurdle for Sky Ahead of Disney Fight Bloomberg com June 15 2018 Retrieved June 18 2018 subscription required EU Clears Comcast s Bid for Sky The Hollywood Reporter Retrieved June 18 2018 Walt Disney Agrees to Acquire Sky News Annual Funding to Be Boosted to 130M The Hollywood Reporter Retrieved June 19 2018 Turner Nick June 20 2018 Disney Sweetens Offer for Fox to 71 Billion Outbidding Comcast Bloomberg Retrieved June 20 2018 Disney wins US antitrust approval to buy Fox assets CNBC June 27 2018 Retrieved June 28 2018 Littleton Cynthia June 28 2018 Disney Fox Set Shareholder Voting Date for 71 Billion Deal Variety Retrieved June 28 2018 James Meg June 28 2018 Disney and Fox schedule July 27 shareholder votes on merger upping pressure on Comcast Los Angeles Times Retrieved June 28 2018 Murdoch s Fox increases Sky bid to 24 5bn in takeover battle BBC com July 11 2018 Retrieved July 12 2018 Littleton Cynthia July 11 2018 Comcast Raises Bid for Sky as Regulatory Decision Accelerates Sale Process Variety Retrieved July 12 2018 Mayes Joe July 18 2018 Sky Hearing on Same Day as Fox Vote Complicates Comcast Bid Bloomberg Retrieved July 19 2018 Sherman Alex July 15 2018 Here s what the DOJ needs to happen to win its appeal against AT amp T CNBC Shapiro Ariel July 13 2018 DOJ challenge to AT amp T Time Warner deal could affect Disney and Comcast s bidding war for Fox says AT amp T s Stephenson CNBC Moyer Liz July 16 2018 Comcast unlikely to raise Fox bid focused on Sky Sources CNBC Zeitchik Steven Romm Tony July 19 2018 Comcast drops bid for 21st Century Fox clearing way for Disney The Washington Post Retrieved July 27 2018 Gold Hadas September 22 2018 Comcast outbids 21st Century Fox for Sky CNN Retrieved September 22 2018 Garrahan Matthew September 26 2018 Disney Fox to sell Sky stake to Comcast Financial Times Archived from the original on December 10 2022 Recommended mandatory superior cash offer for Sky Compulsory acquisition of Sky shares Comcast looks to Sky deal as US cord cutting hits home Financial Times Archived from the original on December 10 2022 Retrieved November 24 2018 Orbach Meir June 20 2020 Comcast to acquire startup Levl for an estimated 50 million Ctech Retrieved June 20 2020 Editorial Reuters Instrument CompanyName Instrument Ric Company Profile Reuters com Reuters Retrieved June 15 2017 a href Template Cite web html title Template Cite web cite web a first has generic name help Comcast Adds ESPNU and ESPN360 com to Line Up With Content On Television On Demand and Online Comcast May 19 2022 Archived from the original on May 22 2009 Retrieved May 17 2022 Limbong Andrew April 29 2016 Comcast Buys DreamWorks Animation For 3 8 Billion In Race Against Disney NPR Retrieved May 2 2016 Stelter Brian April 28 2016 Comcast buys DreamWorks Animation in 3 8 billion deal CNN Money Retrieved May 2 2016 Ortutay Barbara April 29 2016 Comcast Buying DreamWorks Animation for About 3 55B KQED Arts KQED Associated Press Retrieved May 2 2016 Steele Anne Fritz Ben Mattioli Dana April 28 2016 Comcast to Buy DreamWorks Animation for 3 8 Billion The Wall Street Journal Retrieved May 2 2016 Leading European pay TV operators by revenue 2018 Statista Retrieved 1 November 2018 Sky at a glance Sky Archived from the original PDF on 4 November 2018 Retrieved 1 November 2018 News Corp slows BSkyB bid Ottawa Citizen October 14 2010 permanent dead link Phone Scandal Poses Defining Test for a Murdoch Son The New York Times July 8 2011 Archived from the original on July 9 2011 Retrieved July 10 2011 Jon Lafayette February 25 2020 Comcast Buys Ad Supported Streaming Service Xumo Broadcasting amp Cable Future US Alex Sherman February 25 2020 Why Comcast agreed to buy Xumo an ad supported free streaming service CNBC NBCUniversal News Group Todd Spangler February 25 2020 Comcast Acquires Xumo Free Streaming Video Service Variety Penske Media Corporation Spangler Todd October 19 2021 Comcast Launches XClass TV Its First TV Sets in the U S Taking Streaming Platform Direct to Consumer Variety Archived from the original on October 19 2021 Retrieved January 21 2022 Mullin Benjamin April 27 2022 Cable Giants Comcast and Charter Team Up on Streaming Devices The New York Times ISSN 0362 4331 Retrieved April 27 2022 Welch Chris April 27 2022 Comcast and Charter team up in hopes of toppling Roku Amazon streaming hardware The Verge Retrieved April 27 2022 Spangler Todd April 27 2022 Comcast Charter Form Joint Venture to Launch Nationwide Streaming Platform Variety Retrieved April 27 2022 Winslow George November 2 2022 Comcast Charter Streaming Joint Venture Branded as Xumo TVTechnology Retrieved November 3 2022 Bill Fleischman March 22 1996 Msg What Comcast Hopes To Become The Philadelphia Inquirer Retrieved February 16 2014 The American Customer Satisfaction Index First Quarter 2004 Archived March 12 2009 at the Wayback Machine American Customer Satisfaction Index First Quarter 2007 Archived August 27 2007 at the Wayback Machine American Customer Satisfaction Index Scores By Company Comcast Corporation Archived November 16 2007 at the Wayback Machine Congratulations To Comcast Your 2014 Worst Company In America The Consumerist April 8 2014 The Center for Public Integrity Comcast Corp Political Influence Archived June 18 2008 at the Wayback Machine Publicintegrity org Retrieved on July 8 2011 Lobbying Spending Database Comcast Corp 2017 OpenSecrets www opensecrets org Retrieved February 5 2018 The Washington Post Prominent Ties Among Comcast Hires Washington Post March 7 2006 Retrieved on July 8 2011 The Washington Post Md Lawmakers Call for Probe of Comcast Ties Washington Post March 8 2006 Retrieved on July 8 2011 Law com Federal Judge Certifies Antitrust Class Against Comcast Law com Retrieved on July 8 2011 Maremont Mark McGInty Tom June 16 2011 Corporate Jet Set Leisure vs Businessw Wall Street Journal Retrieved March 26 2014 Office of the Attorney General 1 Retrieved August 1 2016 Product Login Gale 1080i channels are being changed to 720p channels August 8 2016 Archived from the original on December 17 2017 Retrieved December 18 2017 Not so fast Comcast told to stop claiming it has fastest Internet Ars Technica February 8 2017 Retrieved February 9 2017 MN sues Comcast alleging overcharges broken promises MPR News Retrieved November 21 2021 Comcast Xfinity to issue refunds to settle Minnesota lawsuit Associated Press January 15 2020 ACC fans considering leaving Comcast in order to watch new ACC Network accessed October 1 2019 a b ACC Fans Celebrate ACC Network is Finally on U Verse accessed October 1 2019 Comcast Violates a Key Marketing Principle Never Give Your Customers a Reason to Switch Forbes accessed October 1 2019 NC Governor Asks TV Providers to Carry ACC Network accessed October 1 2019 Gardner Eriq June 28 2021 Supreme Court Won t Stop Antitrust Trial for Comcast Hollywood Reporter Retrieved June 28 2021 a b Comcast s ESG Datasheet for 2020Q4 PDF Archived from the original PDF on October 15 2021 Alt URL Comcast s ESG Datasheet for 2020Q4 PDF Archived from the original PDF on October 15 2021 Alt URLExternal links Edit Media related to Comcast at Wikimedia Commons Official website Business data for Comcast Corporation GoogleSEC filingsYahoo Coordinates 39 57 16 N 75 10 07 W 39 9545 N 75 1685 W 39 9545 75 1685 Retrieved from https en wikipedia org w index php title Comcast amp oldid 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