SBJ/June 18 - 24, 2001/Special Report

Comcast Corp.

Comcast Corp.
1500 Market St.
Philadelphia, PA 19102-2148
Phone: (215) 665-1700
Fax: (215) 981-7700
Nasdaq: CMCSK


Introduction:

Comcast is one of those media titans whose tentacles spread far into sports. It owns the Philadelphia 76ers, Flyers, the First Union Center and First Union Spectrum. It owns three minor league baseball teams and a concessionaire, as well as three regional sports networks, Speedvision and interests in Outdoor Life and The Golf Channel.

Problem is, even though Comcast is public, it's tough to glean much information about these properties from the cable company's securities filing. The bulk of Comcast's revenue still comes from cable, not sports.

But sometimes there are great nuggets. Deep in its annual report, Comcast disclosed it paid $137.8 million to increase its percentage in The Golf Channel, previously disclosed only as an increase from 40.1 percent to 60.5 percent. That would value the whole station at $682 million. It also would mean that Comcast would have paid, based on this valuation, around $211 million to acquire Fox's 30.9 percent interest in the channel, a transaction announced May 22.


CEO*: Ralph J. Roberts

2000 salary:

$1,102,500
2000 bonus:
$551,250
2000 other compensation:
$2,669,177
Options:
250,000
Class A shares owned:
809,120
(3.7%)
Class A special shares** owned:
5,762,802
1999 salary:

$1,050,000
1999 bonus:
$525,000
1999 other compensation:
$2,279,829
Options:
250,000
* Roberts is chairman, but for purposes of proxy reporting
requirements he is considered the CEO.
** Class A special shares have no voting rights.


 Class A price as of June 11: $40.27

  52-week price range for Class A shares: $30.63 to $46.31

  IPO date: June 29, 1972

  IPO price: $7

  Underwriter: Butcher & Sherrerd

  IPO performance: Up 481%

  Class A shares outstanding: 21,832,250

  Class B* shares outstanding: 9,444,375

  Class A special shares outstanding: 913,785,165

  Inside ownership Class A shares: 1,333,132 (6.1%)

  Inside ownership Class A special shares: 24,550,883 (2.7%)

  No. of employees: 35,000

* Class B shares have 1/15 the voting rights of Class A shares.


Board of directors:

Ralph J. Roberts — Owns 809,120 Class A shares, or 3.7%, and 5,762,802 class A special shares

Julian A. Brodsky — Owns 234,146 Class A shares, or 1.1%, and 3,137,366 Class A special shares

Brian L. Roberts — Owns 138,269 Class A shares; 12,390,861 Class A special shares, or 1.4%; and 9,444,375 Class B shares, or 100%

Decker Anstrom — Owns no shares

Sheldon M. Bonovitz — Owns 12,080 Class A shares and 212,334 Class A special shares

Joseph L. Castle II — Owns 375 Class A shares and 32,369 Class A special shares

Felix G. Rohatyn — Owns 809,120 Class A shares, or 3.7%, and 5,762,802 Class A special shares

Bernard C. Watson — Owns 37,800 Class A special shares

Irving A. Wechsler — Owns 98,581 Class A shares and 592,427 Class A special shares

Anne Wexler — Owns 39,300 Class A special shares


Corporate officers:

Julian A. Brodsky, vice chairman (2000 salary: $759,692; bonus: $379,846; other compensation: $27,358; options: 60,000)

Brian L. Roberts, president (2000 salary: $1,050,000; bonus: $1,737,000; other compensation: $310,474; options: 4,000,000)

Lawrence S. Smith, executive vice president (2000 salary: $759,692; bonus: $449,962; other compensation: $2,403; options: 800,000)

John R. Alchin, treasurer (2000 salary: $639,141; bonus: $348,071; other compensation: $40,319; options: 600,000)

Performance Record
In millions except per-share data;
fiscal years ended Dec. 31
2000
1999
1998
1997
1996
Revenue
$8,218.60
$6,529.20
$5,419.00
$4,700.40
$3,813.80
Net income
$2,021.50
$1,065.70
$972.10
($238.70)
($53.50)
Operating income
($161.00)
$664.00
$557.10
$466.60
$465.90
Earnings per share
$2.24
$1.38
$1.29
($0.37)
($0.11)
Long-term debt
$10,517.40
$8,707.20
$5,464.20
$5,334.10
$5,998.30
Sources: Comcast's annual reports, proxies and IPO filings
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