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COMCAST CORPORATION (CMCSA)
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COMCAST CORP : Other Events (form 8-K)

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10/03/2017 | 10:57pm CET
Item 8.01 Other Events



Exchange Offer


On October 3, 2017, Comcast Corporation ("Comcast") and NBCUniversal Media, LLC ("NBCUniversal") issued a press release announcing the commencement of a private offer to exchange (the "Exchange Offer") new series of Comcast senior notes for up to $4.0 billion (the "Old Notes Cap") in aggregate principal amount of Comcast's 6.950% Notes due 2037, 6.550% Notes due 2039, 6.400% Notes due March 1, 2040, 6.450% Notes due 2037, 6.400% Notes due 2038, 6.500% Notes due 2035 and 5.650% Notes due 2035, and NBCUniversal's 6.400% Notes due April 30, 2040 and 5.950% Notes due 2041 (collectively, the "Old Notes"). Subject to the Old Notes Cap, the aggregate principal amount of Old Notes that are accepted for exchange will be such that the aggregate principal amount of Old Notes accepted results in the issuance of new notes due 2047 in an aggregate principal amount not exceeding $2.0 billion, new notes due 2049 in an aggregate principal amount not exceeding $2.0 billion and new notes due 2052 in an aggregate principal amount not exceeding $1.5 billion. A copy of the press release announcing the commencement of the Exchange Offer is filed as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated herein by reference.

The new notes have not been registered under the U.S. Securities Act of 1933, as amended (the "Securities Act") or any other applicable securities laws. Therefore, the new notes may not be offered or sold except pursuant to an exemption from or in a transaction not subject to the registration requirements of the Securities Act and the applicable state securities laws.


Sprint Litigation


We are a defendant in a lawsuit filed in December 2011 by Sprint Communications Company L.P. ("Sprint") in the United States District Court for the District of Kansas. Sprint's initial complaint alleged that Comcast Digital Voice and XFINITY Voice infringe twelve Sprint patents covering various aspects of a telecommunications system. In March 2015, Sprint withdrew its allegations of infringement for two of the patents. In December 2016, the Court granted summary judgment for us with respect to non-infringement on one of the patents and granted summary judgment for Sprint on one of the patents as to infringement with respect to some but not all of our accused telecommunications systems but not as to the patent's validity. In January 2017, the Court entered judgment in favor of us on Sprint's claims for infringement of two of the patents. In March 2017, Sprint indicated that it would not proceed to trial on three of the patents. Trial with respect to the four remaining patents, including the patent for which the Court granted partial summary judgment to Sprint, is set to begin on October 23, 2017. Sprint seeks approximately $950 million in damages, plus pre-judgment interest. In August 2017, the Court granted Sprint's motion to amend the pre-trial order to add an allegation that we willfully infringed Sprint's patents and should be subject to increased damages, which could as much as triple the amount of any damages awarded. In August 2017, the Court denied Sprint's motion for partial summary judgment of certain of our defenses, which will now proceed to trial. In September 2017, the parties stipulated that Comcast will not dispute at trial Sprint's allegation that Comcast infringed the four remaining patents under the Court's claim constructions; this stipulation does not waive Comcast's right to challenge the Court's claim constructions on appeal and does not resolve the parties' disputes as to willfulness, Comcast's remaining defenses to liability other than non-infringement, and the appropriate amount of damages, if any, for infringement.

We believe the claims in the Sprint lawsuit are without merit and are defending the action vigorously. We cannot predict the outcome of the Sprint lawsuit, estimate a range of possible loss or determine how the final resolution of the action would affect our results of operations or cash flows for any one period or our consolidated financial position. In addition, as the Sprint lawsuit nears trial, there is an increased possibility that it may be settled by the parties or that an accrual for a loss contingency may be made. Nevertheless, we do not expect the final disposition of the Sprint lawsuit to have a material adverse effect on our consolidated financial position, but it could be material to our consolidated results of operations or cash flows for any one period.



Item 9.01(d) Exhibits



Exhibit
Number       Description
  99.1         Comcast Corporation and NBCUniversal Media, LLC Press Release dated
             October 3, 2017.

© Edgar Online, source Glimpses

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Financials ($)
Sales 2017 84 520 M
EBIT 2017 18 323 M
Net income 2017 9 904 M
Debt 2017 60 619 M
Yield 2017 1,63%
P/E ratio 2017 18,65
P/E ratio 2018 16,99
EV / Sales 2017 2,85x
EV / Sales 2018 2,67x
Capitalization 180 B
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Mean consensus OUTPERFORM
Number of Analysts 32
Average target price 44,8 $
Spread / Average Target 16%
EPS Revisions
Managers
NameTitle
Brian L. Roberts Chairman, President & Chief Executive Officer
Michael J. Cavanagh Chief Financial Officer & Senior Executive VP
Kenneth J. Bacon Independent Director
Sheldon M. Bonovitz Director
Jeffrey A. Honickman Independent Director
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