In 1963, Comcast was founded by Ralph Roberts along with Daniel Aaron and Julian Brodsky. In the US, the company is the largest provider of cable services with $34 billion of revenues in 2008. In 39 states and Washington, D.C, Comcast has 24 million subscribers who used their pay-TV service.
Today company has announced by which Comcast has taken control of NBC Universal from General Electric. Brian Roberts, son of Ralph Roberts, became president of the company in 1990. Both father and son sit on the board of directors. Comcast named after the first three alphabets of “communications” and last four of “broadcast”.
The company has gained ownership of regional sports channels, the E! Entertainment network, the Philadelphia 76ers and the Philadelphia Flyers. With all that company has a stake in the Metro-Goldwyn-Mayer movie studio. In a joint venture with General Electric, NBC Universal’s current owners, 51% stake will go to Comcast. This joint venture combines NBC Universal’s assets with Comcasts’s cable networks, regional sports networks and certain other businesses. In this joint venture Comcast contributes through its cable networks along with payment of $6.5 billion in cash.
Chairman and Chief Executive Ralph Roberts said,
“For Comcast, this transaction is strategically compelling and will generate attractive financial returns and build shareholder value.”
“It is also expected to be immediately accretive and will also allow us to maintain our strong commitment to returning capital to shareholders—all while increasing the scale, capabilities and value of our cable distribution, content and digital assets. Significantly, it is entirely consistent with our intense focus on value creation and our disciplined strategy of pursuing profitable growth in areas complementary to our distribution business.”