Check out the entire report at Wiki Invest where they take stockholder reports and create a very effective execute summary. I’ve included a few key statements from the report here since the link supplied above will most likely update the content with new information as it comes out.
< Business Overview >
NBC Universal Deal
“…Comcast will benefit from the deal by further vertically integrating backward into the production side of media as well as adding large and profitable cable franchises to its national cable business. However, the deal has raised some questions about net neutrality and antitrust issues, requiring the deal to undergo lengthy regulation reviews before it is passed, to ensure that Comcast does not obtain too much power in the media world.” [...not to mention that it will drastically increase Comcast's lobbying expenses to buy off all of the politicians and regulators.]
BreakDown of 2009 Revenues ($35.8 BILLION)
- Video (54.2%): “…This revenue increase was due mostly to rate adjustments [otherwise known as PRICE INCREASES] as well as customers upgrading to Comcast’s more expensive digital video services. This increase in revenue is significant because Comcast lost approximately 623,000 customers between 2008 and 2009 due to increased competition.“ [This statement comes directly from their 2009 10-K report. You and I know exactly why Comcast lost all of those customers and you might say that this is a gross MISREPRESENTATION to their stockholders, but I'm sure that a good lawyer could argue in court that "competition" could be construed as FREE OVER-THE-AIR TV or even competition with the consumer himself for the few dollars left in his pocket.]
- Internet (21.7%)
- Phone (9.1%) “Comcast earned $3.3 billion in revenue from its phone services, a substantial increase from its 2008 revenues of $2.6 billion”
- Advertising (4%) “Comcast’s advertising segment earns revenue through programming license agreements with programming networks.” [OK, so check this out...Comcast has to throw price increases at consumers because of rising programming costs, yet they freely admit that they DRIVE UP THE COST THEMSELVES with "you scratch may back and I'll scratch yours" advertising deals with the programmers. Comcast uses the higher programming costs to justify higher rates, AND they get $1.4 Billion in advertising revenue as PURE GRAVY...WHAT A SCAM!!!]
- Other (3%) “Comcast earns revenue through its regional sports networks, digital media center, on-screen guide advertising, and fees from various other services. In 2009, Comcast earned $1.1 billion in revenue in its other segment.” [This one cracks me up! If they can be so blatant about their EXTORTION in the defined segments, can you imagine what they might be hiding in the "OTHER" category? I see more advertising here too. Why isn't that in the 'advertising' category?]
- Franchise Fees (2.7%)
- Programming (4.2%) “…mainly through advertising sales and from subscriber license fees for its networks, which include E!, Golf Channel, VERSUS, G4, and Style.” [Looky here, more advertising. If you add up all of the real advertising revenue we're talking about 11.2% which would probably raise the eyebrows of regulators and auditors...or at least line their pockets a little more. The real issue is how do we get Comcast OUT OF THE PROGRAMMING BUSINESS? Forget that. They are getting deeper into it.]
< Trends and Forces >
NBC Deal Subject to Regulatory Approval [Yeah, we know all about this but the deal will go through and the politicians will get their COMCAST BONUS BUCKS for making it happen]
The Cable TV market is shifting to a new digital system, which is upsetting some customers
“In areas all over the United States, cable providers are requiring their subscribers to shift to a new digital system… The benefits for Comcast are obvious: they can offer a lot more channels compared to analog offerings. However, many customers are upset that there is no option to maintain the old analog option for a lower price, which is driving down the collective satisfaction of Comcast’s consumers.” [Here's another case of 'smoke & mirrors'. Comcast could easily provide a digital package to their customers that is priced the same or lower than the 'old analog option', but they simply refuse to do so.]
Net Neutrality
“Congress is considering legislation that would allow broadband Internet providers–like Comcast–to charge for preferred delivery of digital content. “Net neutrality” advocates are lobbying Congress to treat all web content the same, as is the current standard. Comcast and other Internet providers claim they should be able to sell premium service to larger users of their networks, since they are investing heavily to build and maintain such networks. If legislation is passed to prevent Comcast from charging premium prices for differentiated delivery, it would limit Comcast’s future revenue growth.” [This is the scariest thing going on. As stated here, Comcast's business plan moving forward relies upon the demise of Net Neutrality. This means that we may have to pay for things on the Internet that we take for granted as Free to the Public today.]