CHRIS GILMOUR: Comcast, the media one-stop shop that makes a virtue of opportunism
Philadelphia-headquartered Comcast is the world’s largest media company by revenue, going up against US peers such as AT&T, Time Warner, Verizon, Disney, CBS and Viacom. It is a regular inclusion in the global equity portfolios offered by South African high net worth portfolio managers, attesting to its sustained strong earnings growth and gravitas in the media sector. Its continuing success is largely due to its ability to leverage off its very widespread cable network, offering customers an increasing range of bundled products at compellingly good value. Comcast can be split into five business segments — Cable Communications (61% of revenue); Cable Networks such as CNBC (13%); Broadcast including NBC (12%); Film, which is predominantly Universal (8%); and Universal Studios and other Theme Parks (6%). Comcast is the epitome of the media one-stop shop and this probably explains why it’s been so successful in comparison with many of its peers. With 29-million customers linked into it...
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