Comcast
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Comcast, based in Philadelphia, Pennsylvania 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 owned the majority of the electronic retailer QVC from 1995 until 2004 when its share was sold to Liberty Media. Following other acquisitions, Microsoft invested $1 billion in Comcast in 1997.
Moving into the area of programming content, Comcast became majority owner of Comcast-Spectacor, Comcast SportsNet (in Philadelphia and Washington, DC), E! Entertainment Television and Style Network, G4, The Golf Channel and the Outdoor Life Network over a period of years.
The UK division was sold to NTL in 1998. After the sale of their cellular division to SBC Communications of San Antonio and the acquisition of Greater Philadelphia Cablevision in 1999, Comcast and MediaOne announced a $60 billion merger which did not occur until three years later.
In 2001, Comcast announced they would acquire the assets of AT&T Broadband (AT&T's cable TV service). In 2002 Comcast acquired all assets of AT&T Broadband thus making Comcast the largest cable television company in the United States.
The company employs 60,000 staff and is now headed by Brian L. Roberts,son of Ralph J. Roberts.
On February 11, 2004, Comcast surprised the media industry by announcing an unsolicited $66 billion bid for The Walt Disney Company, a deal that would make Comcast the largest media conglomerate in the world. After rejection by Disney and uncertain response from investors, the bid was abandoned in April.
