SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
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November 16, 1999
(Date of earliest event reported)
COMCAST CORPORATION
(Exact name of registrant as specified in charter)
Pennsylvania 0-6983 23-1709202
(State of Incorporation) (Commission File Number) (IRS Employer
Identification No.)
1500 Market Street, Philadelphia, Pennsylvania 19102-2148
(Address of principal executive offices) (Zip Code)
Registrant's telephone number including area code: (215) 665-1700
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ITEM 5. Other Events.
On November 16, 1999, Comcast Corporation ("Comcast"), announced an
agreement to swap certain cable systems with Time Warner Cable, a division of
Time Warner Entertainment Company, L.P. A press release announcing the agreement
was issued by Comcast on November 16, 1999. The information contained in the
press release is incorporated herein by reference. The press release is attached
hereto as Exhibit 99.1.
ITEM 7. Financial Statements and Exhibits.
(c) Exhibits:
99.1 Press Release dated November 16, 1999.
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SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934,
Registrant has duly caused this Report to be signed on its behalf by the
undersigned, thereunto duly authorized.
COMCAST CORPORATION
By: /s/ Joseph J. Euteneuer
Joseph J. Euteneuer
Vice President and
Corporate Controller
Date: November 17, 1999
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<PAGE>
EXHIBIT INDEX
Exhibit No. Exhibit
99.1 Press Release dated November 16, 1999.
COMCAST CORPORATION
NEWS RELEASE
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Contacts: at Time Warner
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Michael Luftman, Time Warner Cable (203) 328-0613
Contacts: at Comcast
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Sheila Willard, Vice President of Government Affairs (215) 981-7613
William Goetz, Regional Senior Vice President Southeast Region (561) 227-1020
Diane Dietz, VP of Public Affairs, Midwest Region (248) 204-6738
FOR IMMEDIATE RELEASE
TIME WARNER CABLE AND COMCAST TO SWAP CABLE SYSTEMS
IN INDIANA AND FLORIDA SERVING 253,000 CUSTOMERS
Comcast Corporation and Time Warner Cable announced today that they have agreed
to trade Comcast's Lake County and Tallahassee, Florida systems for Time
Warner's Indianapolis, Indiana system.
Under the agreement, Time Warner will trade its Indianapolis cable system to
Comcast, along with smaller systems in Marion and Lizton, Indiana, which
together serve a total of 120,000 customers. Comcast currently operates cable
systems in the Indianapolis area serving 150,000 subscribers and will serve over
390,000 subscribers in Indiana upon closing of this and certain other pending
transactions. In this swap, Time Warner will receive Comcast's Tallahassee
system, which serves 76,000 customers and its Lake County system near Orlando,
which has 57,000 customers. Time Warner's Orlando division presently serves
650,000 subscribers and its Florida operations serve more than 1.5 million
people.
The system swaps are subject to customary closing and regulatory approvals and
are expected to close by mid-2000.
"Continuing to enhance our already well-clustered operations in key states like
Florida is a priority for Time Warner Cable," said Glenn A. Britt, the company's
president. "We are pleased we've been able to accomplish this important
transaction with Comcast and are confident our customers in Indianapolis will
continue to receive the highest levels of customer service."
"We are excited to strengthen our Indianapolis presence through this
transaction," said Stephen B. Burke, president of Comcast Cable Communications,
Inc. "We have served Indianapolis County for over 12 years and we look forward
to expanding our digital cable, high-speed Internet services and other emerging
new services throughout the City. While it is always disappointing to leave any
community, we know that our Tallahassee and Lake County customers will be in
good hands with Time Warner."
Comcast Corporation (www.comcast.com) is principally engaged in the
development, management and operation of broadband cable networks and in the
provision of content through principal ownership of QVC, Comcast-Spectacor and
Comcast SportsNet, a controlling interest in E! Entertainment Television and
through other programming investments.
Comcast's Class A Special Common Stock and Class A Common Stock are traded on
The Nasdaq Stock Market under the symbols CMCSK and CMCSA, respectively.
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