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Comcast Corporation

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Comcast Corporation, based in Philadelphia, is the largest cable company in the United States. They develop broadband cable networks and are involved in electronic retailing and television programming content.

Comcast was founded in 1963 by Ralph J. Roberts, Daniel Aaron, and Julian A. Brodsky. The company was incorporated in Pennsylvania in 1969, under the name Comcast Corporation from American Cable Systems. The company has traded on the NASDAQ since 1972 and are currently offered under the ticker symbols CMCSA and CMCSK.

Comcast bought 25% of Group W Cable in 1986, doubling their size. Two years later, they bought a 50% share in Storer Communications, Inc. They bought the American Cellular Network Corporation the same year before combining with Metrophone in 1990. Comcast became the third largest cable operator in 1994 following their purchase of Maclean Hunter's. Comcast has owned the majority of the electronic retailer QVC since 1995. Following other acquisitions, Microsoft invested $1 billion in Comcast in 1997.

Contents

Fake news fines

In September 2007, the U.S. Federal Communications Commission (FCC) issued two notices of apparent liability, announcing its intention to fine Comcast $4000 for each of its regional cable channel CN8's five undisclosed video news release (VNR) broadcasts documented in the Center for Media and Democracy's "Still Not the News" report [1], for a total of $20,000. [2]

In the first notice, for CN8's broadcast of the Nelson's Rescue Sleep VNR [3], the FCC said that the "extensive images and mentions of the product" triggered the need for VNR disclosure. [4] The second notice was for CN8's broadcast of the General Mills (Wheaties) [5], Trend Micro [6], Allstate [7], and General Mills (Bisquick) [8] VNRs. In it, the FCC broadened its explanation for the need for VNR disclosure, saying that "the VNR itself was the 'valuable consideration' provided to CN8." The second notice also faults CN8's broadcast of the four VNRs, saying their promotional content goes far beyond the acceptable "fleeting or transient references to products or brand names." [9]

In response to "questions about why the cable operator appeared at the front of the line of what could be numerous VNR decisions, particularly since a raft of complaints against others had been filed months before the ones against Comcast," FCC Chair Kevin Martin explained that Comcast was the only company that had not agreed to give the FCC more time to investigate the VNR complaints. Broadcasting & Cable quoted Martin as saying, "I believe Comcast had initially told our Enforcement Bureau that they would also agree to a tolling agreement [an extension for FCC investigations]. ... But then they decided they would not. So we were faced with a choice of issuing the NAL [notice of apparent liability] or allowing the time to lapse so we would never be able to take any enforcement action against them. And so, faced with that decision, we decided we would issue an NAL." [1]

Political contributions

Stephen B. Burke, then Executive Vice President and now Chief Operating Officer of Comcast, is a Bush Ranger having raised at least $200,000 for Bush in the 2004 presidential election. [2]

The Comcast political action committee (PAC) gave $1,060,484 to federal candidates in the 05/06 election cycle - 45% to Democrats, 54% to Republicans, and 1% to third parties. [3]

Lobbying

The company spent $9,460,000 for lobbying in 2006. Of this total, $3,960,000 went to 20 outside lobbying firms including Wexler and Walker Public Policy Associates, Blank Rome LLP, and DLA Piper. [4]

Personnel

Key executives and 2006 pay: [5]          Options
exercised
Brian L. Roberts, Chairman and Chief Executive Officer    $13,900,000    $19,920,000
Ralph J. Roberts, Co-Founder and Director    $4,450,000    $2,750,000
John R. Alchin, Co-Chief Financial Officer    $2,620,000    $2,830,000
David L. Cohen, Executive Vice President    N/A    N/A
Stephen B. Burke, Chief Operating Officer    $8,720,000    $19,040,000

Board of Directors: [6]

Former Directors:

Contact information

1500 Market St.
Philadelphia, PA 19102-2148
Phone: (215) 665-1700
Fax: (215) 981-7790
Web: http://www.comcast.com

SourceWatch articles

References

  1. ↑ John Eggerton, "Martin Defends Comcast Place at Head of VNR Fine Line: Comcast Wouldn't Agree to 'Tolling Agreement' to Give FCC More Time," Broadcasting & Cable, October 2, 2007.
  2. ↑ Bush Ranger Stephen B. Burke, Texans for Public Justice, accessed October 2007.
  3. ↑ 2006 PAC Summary Data, Open Secrets, accessed October 2007.
  4. ↑ Comcast lobbying expenses, Open Secrets, accessed October 2007.
  5. ↑ Comcast Key Executives, Yahoo Finance, accessed October 2007.
  6. ↑ Board of Directors, Comcast, accessed October 2007.

External links

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