Spectrum is owned by Comcast
Comcast - Comcast
|Founded|| June 28, 1963; 57 years ago Tupelo, Mississippi, USA (1963-06-28) |
|founder||Ralph J. Roberts|
|Worldwide; mainly USA and Europe|
|revenue||$ 103.56 billion (2020)|
|$ 17.4 billion (2020)|
|$ 10.53 billion (2020)|
|Total assets||$ 273.69 billion (2020)|
|Total capital||$ 71.613 billion (2018)|
|owner|| Brian L. Roberts (1% stake, 33% voting right) |
|190,000 (December 2019)|
|website||Company .comcast .com|
| Footnotes / References |
The Comcast Corporation (earlier than Comcast Holdings registered) is an American telecommunications conglomerate headquartered in Philadelphia, Pennsylvania. It is the world's second largest broadcast and cable television company by revenue (after AT&T), the largest pay TV company, the largest cable television company, and the largest provider of home internet services in the United States, and the country's third largest home phone operator. Comcast provides services to US residential and commercial customers in 40 states and the District of Columbia. Comcast has been the parent company of the international media company NBCUniversal since 2011 and produces feature films and television programs for theater shows as well as for wireless and cable television broadcasts.
Comcast owns and operates Xfinity's residential cable communications subsidiary, Comcast Business, a commercial service provider, Xfinity Mobile, a Verizon MVNO, wireless national broadcast channels (NBC, Telemundo, TeleXitos and Cozi TV), multiple cable-only channels (including MSNBC, CNBC , USA Network, Syfy, NBCSN, Oxygen, Bravo and E! Among others), the film studio Universal Pictures, the VOD streaming service Peacock, animation studios (DreamWorks Animation, Illumination, Universal Animation) Studios) and Universal Parks & Resorts. The company is also instrumental in digital sales, such as the platform 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 the Europe-wide mass media company Sky Group. This makes it the largest media company with more than 53 million subscribers in the US and Europe.
Comcast has been criticized for a number of reasons; Customer satisfaction is often among the lowest in the cable industry. In addition, Comcast has historically violated net neutrality practices, and despite Comcast's commitment to a narrow definition of net neutrality, critics advocate a definition that excludes any distinction between Comcast's private network services and the rest of the Internet. Critics also point to a lack of competition in the vast majority of Comcast's service areas; Competition between cable providers is limited. Given Comcast's bargaining power as a major ISP, some suspect that Comcast could use paid peering agreements to unfairly affect end-user connection speeds. Ownership of content production (on NBCUniversal) and content distribution (as an ISP) has raised antitrust concerns. These and other issues caused Comcast to remove the The consumerist known as "The Worst Company in America".
Comcast is described as a family business. Brian L. Roberts, Comcast Chairman, President and CEO, is the son of founder Ralph J. Roberts. Roberts owns or controls approximately 1% of all Comcast stock, but all of its regulatory B-class stock, giving him "undiluted 33% voting rights over the company". Legal expert Susan P. Crawford said this gave him "effective control over [Comcasts] every step". In 2010 he was one of the highest paid executives in the US with total compensation of approximately $ 31 million.
As of May 17, 2020:
- Brian L. Roberts (Chairman), Comcast Chairman and CEO
- Kenneth J. Bacon, former executive director of Fannie Mae
- Madeline S. Bell, President and CEO of Philadelphia Children's Hospital
- Naomi M. Bergman, General Manager, Advance Publications
- Edward D. Breen (Senior 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 Deloitte Vice Chairman and CEO
- Asuka Nakahara, former CFO of Trammell Crow
- David C. Novak, former chairman and CEO of YUM! Brands
Comcast is headquartered in Philadelphia, Pennsylvania, and has offices in Atlanta, Detroit, Denver, Manchester, New Hampshire, and New York City. On January 3, 2005, Comcast announced that it would become the anchor tenant in the new Comcast Center in downtown Philadelphia. The 297 m high skyscraper is the second tallest building in Pennsylvania. Comcast has since completed construction of a second 342 m high skyscraper, the tallest building in Pennsylvania, which is adjacent to the original Comcast headquarters and known as the Comcast Technology Center in the fall of 2018. As of 2019, the company will have a total of 184,000 employees.
The company has been criticized by both the media and its own employees for its less stringent guidelines on employee relations. A Reddit post authored in 2012 by an anonymous Comcast call center employee eager to share his negative experience with the public was supported by publications such as The Huffington Post observed. A 2014 from The Verge published research included interviews with 150 Comcast employees. It examined why the company received so much criticism from its customers, the media, and even its own employees. The series claimed that part of the problem was internal and that Comcast employees had inappropriate company policies. The report said, "Customer service has been replaced by an obsession with sales. Technicians are understaffed, technical support is poorly trained, and internal fragmentation is hampering the business." A widespread article written by an anonymous call center employee who works for Comcast appeared on November 2014 Cracked . The article, titled "Five Nightmares You Live While Working For America's Worst Company," also alleged that Comcast is obsessed with sales, does not properly train its employees, and concludes that "the system does a good one Makes customer service impossible ".
Comcast has also built a reputation for being anti-union. One of the company's training manuals states, "Comcast does not believe that union representation is in the best interests of its employees, customers or shareholders." A 2004 dispute with CWA, a union that represented many employees in Comcast's offices in Beaverton, Oregon, led to allegations that management intimidated workers, asking them to participate in anti-union meetings and unjustified disciplinary action against union members. In 2011, Comcast received criticism from the Writers Guild of America for its policies regarding unions.
Despite this criticism, Comcast has appeared on several "Top Places to Work" lists. In 2009 it was named in the "Top 10 Places to Work on Cable" des CableFAX Magazine added. Similarly, that conferred Philadelphia Business Journal Comcast won the silver medal among extra-large companies in Philadelphia, with the gold medal going to the partner organization Comcast-Spectacor. The Boston Globe noted found Comcast 2009 to be the best place to work in town. Employee diversity is also an attribute that Comcast receives high marks for. In 2008 rated that Black Enterprise Magazine Comcast among Top 15 Companies for Workforce Diversity. Comcast was featured in their annual Contribution of the Washington Post also awarded as "Top 2014 Workplace". The human rights campaign gave Comcast a 100 on the Corporate Equality Index and is one of the best places LGBT people can work
The company's book value nearly doubled from $ 8.19 per share in 1999 to $ 15 per share in 2009. Revenue increased six-fold from $ 6 billion in 1999 to nearly $ 36 billion in 2009. The net profit margin increased from 4.2% in 1999 to 8.4% in 2009. The operating margin improved 31% and the return on equity doubled to 6.7% over the same period. Between 1999 and 2009, the return on investment almost tripled to 7%. Comcast reported a 30% increase in earnings in the first quarter of 2012 due to the increase in high-speed Internet customers. In February 2014, Comcast achieved sales of 1.1 billion euros in the first quarter due to the Olympic Games in Sochi. As of 2020, Comcast ranks 28th in the Fortune 500 ranking of the largest US companies by total revenue.
For fiscal 2017, Comcast posted profits of $ 22.7 billion on annual sales of $ 84.5 billion, an increase of 5.5% over the previous business cycle. Comcast shares traded at over $ 37 per share and market capitalization was estimated at over $ 163.7 billion as of October 2018.
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Lobbying and fundraising for elections
At $ 18.8 million in 2013, Comcast has the seventh largest lobbying budget for any single company or organization in the United States. Comcast employs several former US Congressmen as lobbyists. The National Cable & Telecommunications Association, which has several Comcast executives on its board, also represents Comcast and other cable companies as the fifth largest lobbying organization in the United States, which was among the top supporters of Comcast spending $ 19.8 million in 2013 Barack Obama "Cohen, Vice President of Comcast, raised over $ 2.2 million from 2007 to 2012. Cohen has been described by many sources as being influential to the US government, although he is no longer a registered lobbyist since the time that." he spends lobbying, not enough of the 20% that require official registration. Comcast's PAC, Comcast Corporation, and NBCUniversal Political Action Committee, are among the largest PACs in the US, collecting around 3 from 2011 to 2012, US $ 7 million for the campaigns of various candidates for office in the US federal government. Comcast is also an ei n Key supporter of the National Cable and Telecommunications Association's Political Action Committee, which raised $ 2.6 million from 2011 to 2012. Comcast spent the most money of any organization in support of the bills for Stop Online Piracy and PROTECT IP, and spent approximately $ 5 million lobbying for their passage.
Comcast also supports lobbying and PACs at the regional level, and supports organizations such as the Tennessee Cable Telecommunications Association and the Broadband Communications Association of Washington PAC. Comcast and other cable companies have urged state governments to pass laws that prevent or prohibit individual cities from offering public broadband services. Municipal broadband restrictions with different scope have been issued in a total of 20 US states.
According to watchdog group Documented, in 2020 Comcast donated $ 200,000 to the Rule of Law Defense Fund, a fundraising arm of the Republican Attorneys General Association that has been shown to fund the Save America March that was involved in the seditious attack on the United States settled in the US Capitol on January 6, 2021.
Comcast provides low-cost Internet and cable services to schools that are subsidized by general broadband users through the US government's E-Rate program. Critics have noted that many of the strongest proponents of Comcast's deals received significant funding from the Comcast Foundation.
American cable systems
In 1963 Ralph J. Robert bought it in conjunction with his two business partners, Daniel Aaron and Julian A. Brodsky American cable system as a corporate spin-off from his parents, Jerrold Electronics, for US $ 500,000. At the time, American Cable was a small cable operator in Tupelo, Mississippi, with five channels and 12,000 customers. In 1965, American Cable Systems acquired Storecast Corporation of America, a product placement supermarket marketing company. In 1968, American Cable Systems acquired its first franchise from Muzak, a background music brand played in retail stores. Storecast was a customer of Muzak.
The company was founded in 1969 in Pennsylvania under its new name Comcast Corporation re-established . Comcast went public on June 29, 1972 with a market capitalization of $ 3,010,000. In 1977, HBO first launched on a Comcast system with 20,000 customers in western Pennsylvania with a five-night free preview and a 15% sign-up rate. In 1986 Comcast bought 26% of Group W Cable, a broadcaster, and doubled its subscriber base to 1 million. Also that year Comcast made a $ 380 million founding investment in QVC. In 1988 Comcast was able to acquire a 50% stake in SCI Holdings as part of a joint deal with Tele-Communications Inc. In 1988, Comcast also acquired the American Cellular Network Corporation for $ 230 million, making it the first mobile operator.
Increasing market share (1990-2000)
In February 1990, Ralph Roberts' son, Brian L. Roberts, succeeded his father as President of Comcast. Two years later, the company's wireless division, Comcast Cellular, acquired a controlling interest in Metrophone, Metromedia's Philadelphia-based wireless subsidiary. By 1994 Comcast owned 50% of the shares in the cable communications company Garden State Cable, which served approximately 195,000 subscribers that year. In the same year, Comcast became the third largest cable operator in the United States, with around 3.5 million subscribers, after the American division was bought by Maclean-Hunter for $ 1.27 billion. Comcast grew to 4.3 million subscribers the following year with the purchase of the EW Scripps Company cable operation for $ 1.575 billion.
Comcast first offered an Internet connection in 1996 and was involved in launching the @ Home network. Also in 1996, Comcast founded Comcast Spectacor, which became the owner of the Philadelphia Flyers. In 1997, Microsoft invested $ 1 billion in Comcast and the company launched its digital television service. In the same year, Comcast, in partnership with Disney, obtained a 50.1% controlling interest in E! Entertainment. Through December 31, 1997, it was available in the Philadelphia, Detroit, Baltimore, Orange County, California, Sarasota, and Union, New Jersey areas.
Comcast's 1997 cable acquisitions were Jones Intercable, Inc. with 1 million customers and a stake in Prime Communications with 430,000 subscribers. In February 1998, Comcast sold its UK division to NTL for $ 600 million, along with the division's debts of $ 397 million. In 1999, Comcast sold Comcast Cellular to SBC Communications for $ 400 million, clearing it of $ 1.27 billion in debt. Also in 1999, Comcast acquired Greater Philadelphia Cablevision and founded Comcast University and the Comcast Interactive Capital Group.
In November 1999, Comcast acquired Lenfest Communications, Inc., then the ninth largest cable television operator and the largest operator in the Philadelphia area. This consolidated Comcast's control of the entire Philadelphia area and earned them approximately 1.3 million additional cable customers. With the purchase of Lenfest, Comcast also acquired the remaining 50 percent of cable operator Garden State Communications - a company that Comcast had owned half of in partnership with Lenfest for years. Comcast quickly replaced Garden State's ten-year general manager with a senior executive, and eventually Garden State ceased operations under its own name and was fully merged to become part of Comcast Corporation.
Largest US cable provider (2001 - today)
In 2001, Comcast announced that it would acquire the assets of AT&T Broadband, the largest cable television operator at the time, for $ 44.5 billion. 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 of AT&T Broadband's assets, making Comcast the largest cable television company in the US with over 22 million subscribers. This spurred the start of selling Comcast advertising (using the basics of AT&T), which was later renamed Comcast Spotlight and now A Comcast Company. As part of that acquisition, Comcast also acquired the National Digital Television Center in Centennial, Colorado as a wholly owned subsidiary, now known as Comcast Media Center is known . In 2003, Comcast became one of the original investors in The Golf Channel. After Excite @ Home went bankrupt in October 2001, Comcast took over direct delivery of the Internet to consumers in January 2002.
On February 11, 2004, Comcast announced a $ 54 billion offer for The Walt Disney Company, including the assumption of Disney's $ 12 billion debt. The deal would have made Comcast the largest media conglomerate in the world. However, after a rejection by Disney and an uncertain reaction from investors, the offer was abandoned in April. In 2004, Comcast sold its QVC shares to Liberty Media for $ 7.9 billion.
On April 8, 2005, a partnership led by Comcast and Sony Pictures Entertainment signed an agreement to acquire MGM and its partner studio United Artists and created an additional point of sale for MGM / UA material for cable and internet distribution. On October 31, 2005, Comcast officially announced that it had acquired Susquehanna Communications, a South Central Pennsylvania-based cable television and broadband service provider and a unit of former Susquehanna Pfaltzgraff, for $ 775 million in cash. Comcast previously owned approximately 30% of Susquehanna Communications through its Lenfest subsidiary. In December 2005, Comcast announced the creation of Comcast Interactive Media, a new online media division.
In July 2006, Comcast acquired Seattle-based software company thePlatform. This marked an entry into a new industry - selling software that companies can use to manage their Internet (and IP-based) media publishing efforts.
On April 3, 2007, Comcast announced that it would acquire cable systems from Patriot Media, a privately held company of cable veteran Steven J. Simmons, of Spectrum Equity Investors and Spire Capital, which served approximately 81,000 video subscribers for $ 483 million.
Comcast announced in May 2007 and launched a dashboard called SmartZone in September 2008 that allows users to perform mobile functions online. There was also Cloudmark Spam and Phishing Protection and Trend Micro Antivirus. The address book is the Comcast Plaxo software.
In May 2008, Comcast bought Plaxo for $ 150 million to $ 170 million.
Comcast was awarded the 2010 Golden Poo ( Consumerist Worst Company in America). A gold trophy in the shape of a pile of human feces was delivered to Comcast corporate headquarters to commemorate the unmatched hostility that flows from their customer base to their company. Comcast responded immediately by publicly recognizing the dubious award and citing ongoing efforts to improve its customer service. One way to change this is with a new app called Tech ETA, which allows customers to see exactly when a technician is coming.
In April 2005, Comcast and Time Warner Cable announced plans to purchase the assets of the bankrupt Adelphia Cable. The two companies paid a total of $ 17.6 billion for the deal, which was closed in the second quarter of 2006 - after the US Federal Communications Commission (FCC) closed a seven-month investigation without raising objections. Time Warner Cable became the second largest cable operator in the US, ranking behind Comcast. As part of the deal, Time Warner Cable and Comcast have traded existing subscribers to consolidate them into larger geographic clusters.
In August 2006, Comcast and Time Warner Cable dissolved a 50/50 partnership that controlled systems in the Houston, Southwest Texas, San Antonio and Kansas City markets under the Time Warner Cable brand. After the breakup, Comcast got the Houston system and Time Warner kept the others. Comcast officially took control of the Houston system on January 1, 2007, but continued to operate under the Time Warner Cable brand until June 19, 2007.
The media reported in late September 2009 that Comcast was in talks to buy NBC Universal. Comcast initially denied the rumors, while NBC made no comment on them. However, CNBC itself reported on Oct. 1 that General Electric is considering outsourcing NBC Universal to a separate company that will bring together 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 retain 49% control of the new company while Comcast owned 51%. Vivendi, which owns 20%, would have to sell its stake in GE. It was reported that under the current contract with GE it would happen in November or December. It was also reported that Time Warner would be interested in submitting a bid until CEO Jeffrey L. Bewkes directly declined the interest, leaving Comcast the sole bidder. Reported on November 1, 2009 the New York Times that Comcast was getting closer to a sales deal for NBC Universal and that a formal announcement could be made sometime in the following week.
Following a tentative agreement on December 1, the parties announced that Comcast would purchase a 51% controlling interest in NBCUniversal on December 3 for $ 6.5 billion in cash and $ 7.3 billion in programming. GE would acquire the remaining 49% of NBC Universal for $ 5.8 billion to purchase Vivendi's 20% minority stake in NBC Universal. On January 18, 2011, the FCC approved the deal with a 4-1 vote. The sale was completed on January 28, 2011. In late December 2012, Comcast decided to remove the crescent moon logo and add the NBC peacock symbol to their new logo. On February 12, 2013, Comcast announced its intention to acquire General Electric's remaining 49% stake in NBCUniversal, which Comcast closed on March 19, 2013.
In September 2020, the Comcast NBCUniversal Foundation awarded HomeWorks Trenton $ 25,000 for its after-school activities.
Comcast reported that third quarter 2020 net income fell 37 percent to $ 2.02 billion from $ 3.22 billion a year ago, in part due to limited capacity measures for the COVID-19 pandemic in theme parks as is attributable to Universal Studios and Cinemas and revenue declined 4.8 percent. With the California theme park closed since March 2020 and capacity limited at locations in Florida and Japan, the company has been asked to lay off a number of its employees. Revenue for their theme park locations declined 81 percent from $ 1.63 billion in 2019 to $ 311 million.
Failed to purchase Time Warner Cable
On February 12, 2014, the Los Angeles Times that Comcast wanted to acquire $ 45.2 billion worth of Time Warner Cable. On February 13, it was reported that Time Warner Cable had approved the acquisition. This was intended to add several metropolitan areas to the Comcast portfolio, including New York City, Los Angeles, Dallas-Fort Worth, Cleveland, Columbus, Cincinnati, Charlotte, San Diego, and San Antonio. Time Warner Cable and Comcast wanted to merge into one company by the end of 2014. Both praised the deal, emphasized the increased capabilities of a combined telecommunications network and "creates operational efficiency and economies of scale".
In 2014, critics expressed concern that the deal would give Comcast more bargaining power in a number of areas, including television re-broadcast fees and peering agreements with ISPs.
In 2013, critics noted that Tom Wheeler, the head of the FCC that must approve the deal, is the former head of the largest cable lobbying organization, the National Cable & Telecommunications Association, and as the largest wireless lobbying association, CTIA - The Wireless. According to Politico Comcast made "donations to almost every member of Congress involved in regulation". The U.S. Senate Judiciary Committee held a hearing on the deal on April 9, 2014. The House Judiciary Committee was planning its own hearing. On March 6, 2014, the US Department of Justice's Antitrust Division confirmed that it was investigating the deal. In March 2014, division chairman William Baer resigned for being involved in the previous Comcast NBCUniversal acquisition. Several attorneys general have announced support for the federal investigation. On April 24, 2015, Jonathan Sallet, General Counsel of the FCC, stated that he would recommend a hearing before an administrative judge, which would mean the deal collapsing.
In August 2015, Comcast announced it would accelerate the Internet from 5 megabits per second (Mbps) to 10 Mbps for low-income customers, provide free WiFi routers, and take an initiative to improve Internet access for low-income seniors start. In September of that year, Comcast also launched Watchable, a YouTube competitor. The step was from Variety viewed as an attempt to target the cable cutter market.
In April 2016, Comcast confirmed that NBCUniversal's division will acquire DreamWorks Animation for $ 3.8 billion. The contract was signed on August 22, 2016. Universal Pictures took over the distribution of DreamWorks animated films from 2019 How to Train Your Dragon: The Hidden World, after DreamWorks Animation's contract with 20th Century Fox expired.
In September 2016, Comcast confirmed that it had partnered with Verizon Wireless to launch a cellular network as an MVNO. The new service, referred to as a "product integrated with Wi-Fi and MVNO", was due to launch in mid-2017. The partnership and the addition of wireless networking would allow Comcast to offer a quadruple game of services. With Comcast's Home Security offering, customers now have the option to play a game of five. The service was officially announced as Xfinity Mobile on April 6, 2017.
Attempt to acquire 21st Century Fox
On November 16, 2017, it was reported that Comcast attempted to buy 21st Century Fox after it was revealed 10 days earlier that The Walt Disney Company had negotiated with Fox to acquire the same assets. Like Disney, the deal included the film and television studios of 20th Century Fox, cable entertainment and broadcast satellite networks such as FX Networks, National Geographic Partners, Fox Sports Networks, and international broadcasters such as Star India. It would not include Fox Broadcasting Company, Fox Television Stations, Fox Sports and Fox News, all of which will be spun off into a new independent company later known as Fox Corporation.
However, on December 11, 2017, Comcast officially declined the offer, saying, "We have never received the level of commitment required to make a final offer." On December 14, Disney officially confirmed the acquisition of 21st Century Fox for $ 52.4 billion pending review by the Justice Department's antitrust division.
On February 5, 2018, a new report from CNBC claimed that, despite the Disney / Fox deal, Comcast was considering surpassing Disney's $ 52.4 billion offer once the AT&T and Time Warner merger was completed after The Justice Department's Antitrust Division sued blocking the merger on November 20, 2017.
On May 7, 2018, Comcast announced a potential bid against Disney's efforts to acquire Fox after discussing a $ 60 billion cash offer with investment banks pending approval of the AT&T and Time Warner merger has been. On May 15, several Fox investors expressed an interest in entering into a deal with Comcast following a cash offer versus Disney's $ 52.4 billion stock offering. On June 13, Comcast officially announced a $ 65 billion counter offer to acquire the 21st Century Fox assets that Disney had put up for sale.
However, on June 20, 2018, Disney and Fox announced that they had changed their previous merger agreement by closing Disney's $ 71.3 billion offer (a 10% premium over Comcast's $ 65 billion offer) increased and offered shareholders the option of receiving stock instead of cash. On June 27, the US Department of Justice granted Disney antitrust clearance on condition that it would sell Fox's 22 regional sports channels that the company had approved. The next day, Disney and Fox shareholders scheduled July 27, 2018 as the day for the vote to sell the Fox properties to Disney so that Comcast had enough time to make a higher counter offer for the Fox assets.
However, on July 12, 2018, the Department of Justice filed a complaint with the DC Circuit to revoke the District Court's approval for AT&T (now renamed WarnerMedia) to acquire Time Warner. Although analysts say the chances of DOJ victory are slim, they say this is "the final nail in the coffin for Comcast's Fox chase. This is a clear gift to Disney." The next day, AT&T CEO Randall Stephenson interviewed CNBC about Comcast's offer for Fox: "It probably can't help it. You are in a situation where two companies are bidding for an asset and these kinds of acts can obviously influence the outcome of these actions. "
On July 16, 2018, CNBC reported that Comcast was unlikely to continue its bidding war to acquire Fox from Disney for the benefit of Sky. On July 19, 2018, Comcast officially announced that the offering on the Fox assets had been discontinued in order to focus on the offering for Sky. Brian L. Roberts, Comcast CEO, said, "I would like to congratulate Bob Iger and the Disney team, and commend the Murdoch and Fox families for creating such a desirable and respected company."
Acquisition of Sky plc
On February 27, 2018, Comcast offered to acquire a 61% stake in Sky plc at a value of £ 12.50 per share, which is approximately £ 22.1 billion. 21st Century Fox, which owns 39% of the shares in Sky, had previously turned down a $ 60 billion takeover offer from Comcast in favor of its contract with Disney due to anti-competitive concerns. Steve Burke, CEO of NBCUniversal, said the acquisition of Sky would roughly double its presence in the English speaking markets and enable synergies between the respective networks and studios of NBCUniversal and Sky. Fox stated that it "remains committed to its recommended cash offer to Sky" and that Comcast has not yet made a "firm offer".
On 12.On April 1st, the Board of Acquisitions and Mergers decided that Disney must take over Sky in full within 28 days of the complete takeover of Fox if its takeover of Sky was not yet complete at the time of the merger or if Comcast's counter-offer is not accepted. On April 25, 2018, Comcast made its formal counter bid for Sky plc, offering £ 12.50 per share. Sky then withdrew its recommendation of the Fox offer. On June 5, 2018, Culture Secretary Matt Hancock approved 21st Century Fox and Comcast's respective offers to acquire Sky plc. Fox's offer is subject to the sale of Sky News.
On June 15, 2018, the European Commission granted Comcast's offer to purchase Sky antitrust approval. In terms of working capital in Europe, this would have a limited impact on competition. Comcast included a 10 year commitment to operate and fund Sky News, similar to Disney's offering. On June 19, 2018, Disney officially agreed to acquire Sky News as part of Fox's proposed offer, with a 15-year commitment to increase annual funding from £ 90 million to £ 100 million.
On July 11, 2018, 21st Century Fox increased its offering to purchase Sky plc assets to $ 32.5 billion and $ 18.57 per share. In response, Comcast increased its offering to $ 34 billion and $ 19.5 per share. At the same time, Fox received approval from the UK government to purchase Sky. Reported on July 18, 2018 Bloomberg that the Sky Board has scheduled July 27, 2018 as the day of the shareholders' vote on the sale of Sky properties.
On September 22, 2018, Comcast outbid 21st Century Fox by increasing its offering for Sky plc to $ 40 billion, or $ 22.57 per share. On September 25, 2018, Comcast acquired a 30% stake in Sky plc. The next day, September 26, 2018, Fox, with the approval of its acquirer, sold its 39% stake in Comcast for $ 15 billion in cash. Comcast later acquired the remainder of Sky shares in October 2018, delisting the company in November. The merger closed on November 7th and the company was delisted after becoming a wholly owned subsidiary and division of Comcast.
On February 25, 2020, Comcast announced it would buy Xumo from the Panasonic / Viant joint venture for an undisclosed sum. The acquisition of the service, which continues to operate as a standalone company, albeit within Comcast's cable television division, is largely based on Xumo's partnerships with smart TV makers (including LG, Panasonic and Vizio) that would enable Comcast to do the Use Xumo Placement Market or showcase Xfinity and other Comcast services and use the technology to develop additional streaming platforms. The company plans to add content from the NBCUniversal programming library and the company's various television networks, selling the free / subscription hybrid service Peacock, much like ViacomCBS uses Pluto TV to stream content from its cable networks after the rival's former Viacom's purchase Streamer in spring 2019.
Departments and Subsidiaries
Comcast cable (Xfinity)
Comcast Cable is the cable television division of Comcast Corporation that provides cable television, broadband Internet and landline phones under the Xfinity brand. Comcast Cable also provides connections to small and medium-sized businesses through the Comcast Business brand and to Fortune 1000 companies through the Comcast Enterprise brand.
Comcast supplies third-party television programming content to its own customers and also produces its own first-party content for both subscribers and customers of other competing television services. Programs wholly or partially owned by Comcast include Comcast Newsmakers, the Comcast Network, Comcast SportsNet, SportsNet New York, MLB Network, Comcast Sports Southeast / Charter Sports Southeast, NBC Sports Network, Golf Channel, Syfy and the USA Network. On May 19, 2009, Disney and ESPN announced an agreement that Comcast Corporation would broadcast the ESPNU and ESPN3 channels.
Comcast's content networks and assets also include E !, Oxygen, Golf Channel, NBCSN, Universal Kids, Bravo and the regional NBC Sports Networks. When Comcast acquired a majority stake in NBCUniversal, a significant number of cable networks were added to that list. Comcast's NHL deal required them to create a US version of the NHL Network, which launched in October 2007.
Comcast has also operated local channels in some markets, including Comcast Television in the Detroit area, Comcast Network in the Philadelphia and Mid-Atlantic regions (formerly CN8), and Comcast Entertainment Television in Denver and parts of Utah. They mainly ran local programs and sports (in some cases it also served as a designated overflow channel for local regional sports networks).
On August 22, 2016, NBCUniversal bought DreamWorks Animation along with its major IPs such as Shrek , How to Train Your Dragon , Kung Fu Panda , Trolls , Madagascar and Big Idea Entertainment, who own the famous Christian computer-animated direct-to-video franchise Veggietales.
Through Sky, Comcast offers its customers and subscribers in several European countries such as the United Kingdom, Ireland, Germany, Austria, Switzerland, Italy and Spain, first and third party television programming using the satellite distribution system. With sales of 23 million subscribers and more than 31,000 employees as of 2019, it is Europe's top-selling media company and pay TV broadcaster (as of 2018).
As of November 2018, Sky was owned by 21st Century Fox with a 39.14% majority stake. On December 9, 2016, following an earlier attempt by News Corporation to be affected by the News International phone hacking scandal, 21st Century Fox announced that it had agreed to buy the rest of Sky pending approval from the Government present. After a bidding war that included Disney (which in turn acquired most of 21st Century Fox's assets), Comcast acquired Sky in 2018 for a total of £ 17.28 per share.
In 1996 Comcast bought a majority stake in Spectacor from company founder Ed Snider. Comcast Spectacor holdings now include the Philadelphia Flyers NHL hockey team and their home arena in Philadelphia. Over the course of several years, Comcast became majority owners of Comcast SportsNet as well as Golf Channel and NBCSN (formerly Outdoor Life Network, then Versus). In 2002, Comcast paid the University of Maryland $ 25 million for the naming rights to the new basketball arena that was being built on College Park's campus, Xfinity Center. Before it was renamed for Comcast Cable's subsidiary, Xfinity Center was named Comcast Center from its opening in 2002 until July 2014. Comcast became the sponsor of NASCAR's second-tier series it was renamed the NASCAR Xfinity Series in 2015.
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