Comcast board of directors approved a plan to reclassify its Class A Special Common Stock into regular Class A common shares.
A special meeting of shareholders will be help to approve the change.
The special shares, which have no voting rights, were used for acquisitions and for executive compensation until they were used for the AT&T Broadband acquisition in 2001.
CEO Brian Roberts owns 8.2 million of the Class A Special shares, representing 2.3% of the shares outstanding. He also owns 5.7 million Class A shares, Both issues are part of the S&P 100 and S&P 500.
Robert also has 9.4 million Class B shares, which are owned by the Roberts family and represent 33% of the voting rights for Comcast, ensuring continuing control.
Comcast’s directors said they believe that “the Reclassification will benefit Comcast’s shareholders by, among other things, eliminating investor confusion caused by having two classes of publicly traded stock and improving the trading liquidity of Comcast’s publicly traded stock.”
Jon has been business editor of Broadcasting+Cable since 2010. He focuses on revenue-generating activities, including advertising and distribution, as well as executive intrigue and merger and acquisition activity. Just about any story is fair game, if a dollar sign can make its way into the article. Before B+C, Jon covered the industry for TVWeek, Cable World, Electronic Media, Advertising Age and The New York Post. A native New Yorker, Jon is hiding in plain sight in the suburbs of Chicago.
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