Comcast CEO Sells $20.4 Million in Company Stock
Brian Roberts, the chairman and CEO of Comcast, recently sold $20.4 million worth of shares in the media and cable company. This may sound like a big number, but it actually represents less than 2% of his total Comcast stock ownership. The shares he sold were part of his compensation package from earlier this year, and they were restricted stock units and options.
As of February 2024, Roberts still owns a substantial amount of Comcast stock. He has 31.3 million Class A shares, which is less than 1% of all outstanding shares. Additionally, he owns 100% of the company’s Class B common stock, giving him significant voting power within the company.
Recently, Comcast announced plans to spin off a significant portion of its cable portfolio to existing shareholders. This new entity, temporarily known as “SpinCo,” will include popular cable networks like MSNBC, CNBC, USA Network, and digital properties like Fandango and Rotten Tomatoes. The spinoff is expected to take about a year to complete.
Despite selling some of his shares, Roberts will still have the same economic and voting interests in SpinCo as he does in Comcast. However, he will not be involved in the management or board of SpinCo.
In 2023, Roberts earned a compensation package of $35.47 million, which included salary, stock awards, stock options, and a cash bonus. He has been with Comcast for many years, serving as chairman since 2004 and CEO since 2002. His father, Ralph Roberts, founded the company back in 1963.
Overall, these moves represent Comcast’s efforts to streamline its business and set up its assets for future growth. With SpinCo on the horizon, the company is aiming to attract investors, content creators, and potential partners. It will be interesting to see how this all plays out in the coming months.
