Comcast Class A Common Stock (CMCSA) (www.nasdaq.com) and
Class A Special Common (CMCSK) (www.nasdaq.com) are
traded on the NASDAQ (www.nasdaq.com) Stock Market. The
initial public offering for Class A Common Stock was in
1972. The Class A Special Common Stock (initially
distributed as a result of the stock split of December 18,
1986) is a component of the S&P 500 Index.
holders of Class A Special Common Stock (CMCSK) are
generally not entitled to vote. At 12/31/98, there were
approximately 328.6 million shares outstanding. Each holder of
Class A Common Stock (CMCSA) is entitled to one vote
per share. At 12/31/98, there were approximately 31.7
million shares outstanding. Other than with respect to
voting, there are no differences in the rights of the two
classes; a share of either class represents the same
proportionate claim in the equity of the Company.
holder of Class B Common Stock is entitled to 15 votes
per share. At 12/31/98 there were approximately 9.4
outstanding. There is not an
established trading market for Class B Common Stock. As of
12/31/98, the voting power of Sural
family holding company controlled by Brian L. Roberts,
President of the Company) constituted approximately
of the voting power of the total outstanding shares.
CMCSA is voting stock and CMCSK is non-voting.
They get exactly the same dividends and earnings per
share. There is also CMCSB which is held mainly by the
father-son CEO. CMCSB has 10 times the voting power of
CMCSA. Since the majority is held by the CEO, the value
of CMCSA is not much. You can read more about it at
their excellent web site www.comcast.com, investor
relations, news stories.
Apparently the current solution now is to use a
gateway to convert from IP to standard POTS so customers
can use existing telephone equipment and wiring. But
LU is doing something interesting to reduce the cost
of the gateway. This will speed introduction of
cable telephoney with lower cost customer based
Both CMCSK & CMCSA are indicators for Comcast
Corp. The main difference is that CMCSK is "non-voting"
stock. For each share of CMCSA, the bearer gets 1 vote,
whereas CMCSK gets 0 votes.
You may think CMCSA
would be more valuable b/c of votes, but the opposite
seems to be true (CMCSK trades higher than CMCSA). I
think this is b/c the Roberts family has 77% of the
voting control over the company. Therefore, it is
impossible to have enough votes to overthrough a decision
made by the Roberts anyway.
David Zollemberg, Bloomberg Technology
Correspondent & Philip Whol,Telecom Analyst, S&P discussed
CMCSA, T, UMG, WCOM, FON, GIC, MSFT, SUNW, AOL on
Bloomberg Television. A synopsis of their segement is
linked to the Bloomberg Television Specials at