Comcast
Comcast is a media, entertainment and communications provider in the United States. Its primary business involves the operation of cable systems via Comcast Cable which provides video, high-speed internet and telephone services for residential and business establishments. The company also owns a majority share of NBC Universal, owner and operator of entertainment and news cable networks such as the NBC and Telemundo broadcast networks, local TV stations, TV & motion picture production studios and theme parks. The company trades at NASDAQ under the ticker symbols CMCSA and CMCSK. The company's headquarters is located in Philadelphia, PA. Brian L. Roberts serves as Chairman and Chief Executive Officer of Comcast.[3]
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| Type: | Public |
| Industry: | Telecommunications |
| Founded: | 1963 |
| Founder(s): | Ralph J. Roberts Daniel Aaron Julian A. Brodsky |
| Headquarters: | One Comcast Center Philadelphia, Pennsylvania |
| Country: | USA |
| Employees: | 102,000 [1] |
| Revenue: | $37.937 as of 2010 [2] |
| Website: | www.comcast.com |
| Blog: | Comcast Voices |
| Facebook: | Comcast |
| LinkedIn: | Comcast |
| Twitter: |  @comcast
|
| Key People | |
| Brian L. Roberts, Chairman, President, & CEO | |
History
On November 13, 1963, Ralph Roberts purchased American Cable Systems, a small cable TV operator owned by Jerrold Electronics in Tupelo Mississippi for $500,000 after selling his interest in Pioneer Industries. At that time, American Cable Systems has only five channels available for its 1,500 subscribers. Roberts believed that the business has a great potential. After purchasing the company, Roberts encouraged Daniel Aaron, systems director and Julian Brodsky, CPA; both employees from Jerrod Electronics to join him manage the business. According to Roberts, his objective was to bring television to people who couldn’t receive television signals because they are located in areas that were too far from TV stations or they are located in a small market with only one TV station running.[4] [5]
In 1969, Roberts re-branded American Cable Systems to Comcast Corporation. The name of the company was coined from the blending of the words communications and broadcast to provide the company with a more technological distinction.[6]
In 1972, Comcast went public at $7 per share and sold 430,000 shares.[7] Comcast has a dual share structure with Class A and Class B shares. Only the Class A shares were offered to the public. Each share is equivalent to one vote Roberts holds Class B shares wherein per share is equivalent to 15 votes. This ensures that he will still control majority votes (80%) of the company even if it went public. Until today, the Roberts family owned Class B shares.[8]
The following years, Comcast acquired several cable franchises in different locations including Paducah, Kentucky; Flint, Hillsdale and Jonesville, Warren, Clinton, Sterling Heights and St. Clair Shores in Michigan; Northern New Jersey; Lower Merion, Pennsylvania; and Corinth, Mississippi. The company also acquired the Muzak franchises in Indianapolis, Buffalo, Scranton, Pennsylvania, and Peoria, Illinois in 1983. During the same year, Comcast expanded in United Kingdom through its partnership with Ladboke, a gambling and entertainment company. Comcast secured a license to provide cable television systems to residents in suburban London.[9]
Products & Services
The company offers the following products to consumers:[10]
- Xfinity TV
- Xfinity Internet
- Xfinity Voice
- Comcast Business Class
- Comcast Interactive Media
- Comcast Spotlight
References
- ↑ Form 10-K
- ↑ Form 10-K
- ↑ Company Overview
- ↑ Comcast Corporation Company History
- ↑ Ralph Roberts Interview, Part 1
- ↑ Pennsylvania Department of State Corporations System Search
- ↑ Comcast Goes Public, 1972
- ↑ The Value of a Vote: Comcast Dual-Voting Rights Stock
- ↑ Comcast Corporation Company History
- ↑ Corporate Overview