First Trade Date for Comcast Corporation, Class A Common Stock
Company Name | First Trade Date (yyyy-mm-dd) |
Comcast Corporation, Class A Common Stock | 1972-07-11 |
Company Name | Symbol |
Comcast Corporation, Class A Common Stock | CMCSA |
History and Business of Company (this information may include date of incorporation) | |
We are a Pennsylvania corporation and were incorporated in December 2001 under the name AT&T Comcast Corporation to effect the Broadband acquisition, which was consummated on November 18, 2002. We are involved in three principal lines of business: o Cable-through the development, management and operation of broadband communications networks, including video, high-speed Internet and phone service, o Commerce-through QVC, our electronic retailing subsidiary, and o Content-through our consolidated programming investments, including Comcast Spectacor, Comcast SportsNet, Comcast SportsNet Mid-Atlantic, Cable Sports Southeast, E! Entertainment Television, Style, The Golf Channel, Outdoor Life Network, G4, and through our other programming investments. As a result of the Broadband acquisition, we are the largest cable operator in the United States. We have deployed digital cable and high-speed Internet service to the substantial majority of our cable systems. As of December 31, 2002, our consolidated cable operations served 21.3 million subscribers in 41 states, passed 39.1 million homes, and provided digital cable to more than 6.6 million subscribers, high-speed Internet to more than 3.6 million subscribers and phone service to more than 1.4 million subscribers. The Broadband acquisition contributed approximately 60% of these subscribers, 64% of these homes passed, 66% of the digital cable subscribers, 58% of the high-speed Internet subscribers and 97% of the phone subscribers. We expect to make substantial capital expenditures over the next two years to complete the upgrade and rebuild of the newly acquired cable systems. Through QVC, we market a wide variety of products directly to consumers primarily on merchandise-focused television programs. As of December 31, 2002, QVC was available, on a full and part-time basis, to 85.9 million homes in the United States, 11.4 million homes in the United Kingdom, 25.8 million homes in Germany and 8.4 million homes in Japan. We have our principal executive offices at 1500 Market Street, Philadelphia, PA 19102-2148. Our telephone number is (215) 665-1700. We also have a world wide web site at http://www.comcast.com. Copies of the annual, quarterly and current reports we file with the SEC, and any amendments to those reports, are available on our web site. The information posted on our web site is not incorporated into this Annual Report. Comcast Corporation was incorporated in December 2001 to effect the acquisition of AT&T Corp.'s broadband business, which was consummated on November 18, 2002. The Company is involved in three principal lines of business: cable, commerce and content. The Company's cable business is principally involved in the development, management and operation of broadband communications networks in the United States. The Company conducts its commerce business through its consolidated subsidiary, QVC, Inc. QVC, an electronic retailer, markets a wide variety of products directly to consumers primarily on merchandise-focused television programs. The Company's content business is provided through the Company's consolidated programming investments, including Comcast Spectacor, E! Entertainment Television, The Golf Channel, Outdoor Life Network and G4, and through other programming investments. To simplify the Company's capital structure, effective with the acquisition of Broadband, the Company and four of its cable holding company subsidiaries fully and unconditionally guaranteed each other's debt securities and other indebtedness for borrowed money. Comcast Holdings is not a guarantor, and none of its debt is guaranteed. On November 18, 2002, we consummated the Broadband acquisition. The consideration to complete the Broadband acquisition was $50.780 billion, consisting of 1.348 billion shares of our common stock and options valued at $25.495 billion, assumed Broadband debt of $24.860 billion and $425 million of transaction costs directly related to the Broadband acquisition. Refer to Note 5 to our consolidated financial statements included in Item 8 for more information about the Broadband acquisition. |
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