Comcast CEO Sells $20.4 Million in Company Stock
The chairman and CEO of Comcast, Brian Roberts, recently made headlines by selling $20.4 million in company stock. While this might sound like a significant amount, it actually represents less than 2% of his total holdings in the media and cable giant. The shares Roberts sold were restricted stock units and options that he acquired earlier this year as part of his compensation package.
As of February 2024, Roberts beneficially owned 31.3 million of Comcast’s Class A shares, which is less than 1% of the total outstanding shares. Additionally, he owns 100% of Comcast’s Class B common stock, giving him significant control over the company’s voting power.
Comcast, the parent company of NBCUniversal, recently announced plans to spin off a significant portion of its cable portfolio to existing shareholders. This new, publicly traded entity, currently known as “SpinCo,” will include popular cable networks like MSNBC, CNBC, USA Network, and more, as well as digital properties like Fandango and Rotten Tomatoes. The spinoff process is expected to take about a year to complete, allowing these businesses to thrive independently.
Despite the spinoff, Roberts will continue to have the same economic and voting interests in SpinCo as he does in Comcast. However, he will not be serving on the SpinCo board or management team. In 2023, Roberts received a compensation package worth $35.47 million, with various components including salary, stock awards, and bonuses.
Brian Roberts has been with Comcast for several decades, serving as chairman since 2004 and CEO since 2002. The company, founded by his father, Ralph Roberts, has seen significant growth and success under his leadership. As Comcast continues to evolve and adapt to the changing media landscape, Roberts remains committed to positioning the company for future growth and success.
