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Comcast

    
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Comcast Corporation (simply known as Comcast, and formerly known as American Cable Systems and Comcast Holdings), incorporated and headquartered in Philadelphia, is an American multinational telecommunications and media conglomerate.[1] The corporation is the second-largest broadcasting and cable television company in the world by revenue (behind AT&T). It is the third-largest pay-TV company, the second-largest cable TV company by subscribers, and the largest home Internet service provider in the United States. In 2023, the company was ranked 51st in the Forbes Global 2000.[2] Comcast is additionally 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.[3] As the owner of the international media company NBCUniversal since 2011, Comcast is also a high-volume producer of feature films for theatrical exhibition and television programming, and a theme park operator. It is the world's third-largest telecommunications company by revenue.

Comcast owns and operates the Xfinity residential cable communications business segment and division; Comcast Business, a commercial services provider; and Xfinity Mobile, an MVNO of Verizon. Through NBCUniversal, it also owns and operates over-the-air national broadcast network channels such as NBC, Telemundo, TeleXitos, and Cozi TV; multiple cable-only channels such as MSNBC, CNBC, USA Network, Syfy, Oxygen, Bravo, and E!; the film studio Universal Pictures; the VOD streaming service Peacock; animation studios DreamWorks Animation, Illumination, and Universal Animation Studios; and Universal Destinations & Experiences. 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.[4]

Comcast has been criticized and put under intense public scrutiny for a variety of reasons. Its customer satisfaction ratings were among the lowest in the cable industry during the years 2008–2010.[5][6] It has violated net neutrality practices in the past, and, despite its commitment to a narrow definition of net neutrality,[7] critics advocate a definition that precludes any distinction between Comcast's private network services and the rest of the Internet.[8] 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.[9] 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.[10][11]

History

American Cable Systems

In 1963, Ralph J. Roberts in conjunction with his two business partners, Daniel Aaron[12] and Julian A. Brodsky, purchased American Cable Systems[13] 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.[14] In 1965, American Cable Systems purchased Storecast Corporation of America, a product placement supermarket specialist marketing firm.[15] 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.[16]

Comcast

The company was re-incorporated in Pennsylvania on March 5, 1969, under the new name Comcast Corporation.[13] Comcast's initial public offering occurred on June 29, 1972, with a market capitalization of U.S. $3,010,000.[13][17] 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.[13][18] In 1986, Comcast bought 26% of Group W Cable, a broadcast company, doubling its number of subscribers to 1 million.[19][20] Also that year, Comcast made a founding investment of $380 million in QVC.[13] In 1988, Comcast was able to buy a 50% share of SCI Holdings in a joint deal with Tele-Communications Inc.[21] Comcast also acquired American Cellular Network Corporation in 1988 for $230 million, marking the first time it became a mobile phone operator.[22]

Increasing market share (1990–2001)

In February 1990, Ralph Roberts' son, Brian L. Roberts, succeeded his father as president of Comcast.[23] Two years later, the company's mobile division, Comcast Cellular, purchased a controlling interest in Metromedia's Philadelphia-area cellular telephone interests, Metrophone.[13][24] By 1994, Comcast owned 50% stock in the cable communications company Garden State Cable, who by that year were serving approximately 195,000 subscribers.[25] 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.[19][26] 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.[27]

Comcast offered internet connection for the first time in 1996, with its part in the launch of the @Home Network.[28] Also in 1996, Comcast formed Comcast Spectacor, which became owner of the Philadelphia Flyers.[29] In 1997, Microsoft invested $1 billion in Comcast, and the company launched its digital TV service.[16] That same year, in partnership with Disney, Comcast got a 50.1% controlling interest in E! Entertainment.[13] By December 31, 1997, it was available in the Philadelphia, Detroit, Baltimore, Orange County, California, Sarasota, Florida, 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.[13] In February 1998, Comcast sold its U.K. division to NTL for US$600 million, along with the division's $397 million in debt.[30] In 1999, Comcast sold Comcast Cellular to SBC Communications for $400 million, releasing them from $1.27 billion in debt.[31] Also in 1999, Comcast acquired Greater Philadelphia Cablevision,[32] and launched Comcast University as well as Comcast Interactive Capital Group.[13]

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.[33][34] This consolidated Comcast's control over all of the Philadelphia region, and earned them approximately 1.3 million additional cable subscribers.[34] 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.[35] 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.[36]

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

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.[37] The proposed name for the merged company was "AT&T Comcast", but the companies ultimately decided to keep only the Comcast name, with the company and new assets reincorporated in Pennsylvania on December 7, 2001. On November 18, 2002, Comcast officially acquired all assets of AT&T Broadband, thus making Comcast the largest cable television company in the United States with over 22 million subscribers.[37][38] 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.[39] After Excite@Home went bankrupt in October 2001, Comcast took over providing internet directly to consumers in January 2002.[40]

On February 11, 2004, Comcast announced a $54 billion bid for The Walt Disney Company, including taking on $12 billion of Disney's debt.[41] The deal would have made Comcast the largest media conglomerate in the world.[42][43] However, after rejection by Disney and uncertain response from investors, the bid was abandoned in April.[44] In 2004, Comcast sold its QVC shares to Liberty Media for $7.9 billion.[45]

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.[46][47] 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.[48][49] Comcast previously owned approximately 30% of Susquehanna Communications through its affiliate company, Lenfest.[48] 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.[50] 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.[51]

Comcast announced in May 2007[52] and launched in September 2008 a dashboard called SmartZone that allowed users to perform mobile functions online.[53] There was also Cloudmark spam and phishing protection and Trend Micro antivirus.[52] The address book is Comcast Plaxo software.[52]

In May 2008, Comcast purchased Plaxo for a reported $150 million to $170 million.[54]

Comcast won the Consumerist Worst Company In America ("Golden Poo") award in 2010.[55] 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.[56] One effort to change this is a new app called Tech ETA that allows customers to see exactly when a technician is coming.[57]

Adelphia purchase

In April 2005, Comcast and Time Warner Cable announced plans to buy the assets of bankrupted Adelphia Cable.[58] 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.[59] 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.[60][61]

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.[62] 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

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.[63] 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 Pictures, with Comcast's content assets. GE would maintain 49% control of the new company, while Comcast owned 51%.[64][65] 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.[66][67] It was also reported that Time Warner would be interested in placing a bid, until CEO Jeffrey L. Bewkes directly denied interest, leaving Comcast the sole bidder.[68] 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.[69]

Following a tentative agreement on December 1, the parties announced that Comcast would by 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.[70][71][72][73] 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.[72] On January 18, 2011, the FCC approved the deal by a vote of 4 to 1.[74][75] The transaction was completed on January 28, 2011.[76][77] In December 2012, Comcast adopted a new corporate logo, which incorporates NBC's peacock logo to signify its ownership of the broadcaster.[78][79] 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.[80][81] The acquisition was completed on March 19, 2013.[82][83]

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.[84]

Failed purchase of Time Warner Cable

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.[85] On February 13, it was reported that Time Warner Cable agreed to the acquisition.[86] 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.[87] 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".[88]

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,[89] and peering agreements with ISPs.[90]

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.[91][92] According to Politico, Comcast "donated to almost every member of Congress who has a hand in regulating it".[93] The U.S. Senate Judiciary Committee held a hearing on the deal on April 9, 2014.[94] The House Judiciary Committee planned its own hearing.[95] On March 6, 2014, the United States Department of Justice Antitrust Division confirmed it was investigating the deal.[96] In March 2014, the division's chairman, William Baer, recused himself because he was involved in the prior Comcast NBCUniversal acquisition.[97] Several states' attorneys general have announced support for the federal investigation.[98] 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.[99]

In August 2015, Comcast announced that it would increase Internet speeds for low-income customers from 5 Mbit/s to 10 Mbit/s, provide free wireless routers, and pilot an initiative to increase Internet access for low-income senior citizens.[100] In September of that year Comcast also launched Watchable, a YouTube competitor.[101] The move was seen by Variety as an attempt to appeal to the cord-cutting market.[101]

DreamWorks Animation

In April 2016, Comcast confirmed that its NBCUniversal division would acquire DreamWorks Animation for $3.8 billion.[102][103] The deal closed on August 22, 2016; DreamWorks Animation was integrated into NBCUniversal Film and Entertainment as part of Universal Pictures.[104] 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.[105] The partnership and the addition of wireless would allow Comcast to offer a quadruple play of services.[106][107] Including Comcast's Home Security offering, customers now have the option of a Quintuple Play.[108] The service was officially announced on April 6, 2017, as Xfinity Mobile.[109]

Attempted acquisition of Fox and subsequence of Sky

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,[110] 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."[111] 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.[112]

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.[113][114][115] 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".[116]

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 was not accepted.[117] 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.[118]

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.[119] 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.[120] 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.[121][122] Eight days later, Comcast officially announced a $65 billion counter-offer to acquire the 21st Century Fox's assets that Disney offered to purchase.[123]

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.[124][125][126] 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.[127]

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.[128] 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.[129] 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.[130][131]

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.[132][133] On July 18, 2018, Bloomberg reported that the Sky board scheduled July 27, 2018 as the day shareholders vote on selling Sky properties.[134]

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."[135] 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."[136]

On July 16, 2018, CNBC reported that Comcast was unlikely to continue its bidding war to acquire Fox from Disney in favor of Sky.[137] 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."[138] 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.[139] 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.[140] In October 2018 Comcast later acquired the rest of the shares of Sky with the company being delisted in November.[141] The merger was completed on November 7, 2018, when the company was delisted after becoming a wholly owned subsidiary and division of Comcast.[142]

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.[143]

In 2023, Comcast and Disney agreed that Comcast would sell its 33% stake to Hulu (the service has an audience of 48 million subscribers). The streaming service is valued at $27.5 billion in this deal. Part of the proceeds from this deal will be used to buy back Comcast shares.[144]

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