Comcast Shareholders Approve Plan to Reclassify Stock
11 December 2015 - 2:40AM
Dow Jones News
Comcast Corp. said its shareholders have approved its plan to
reclassify some shares in the company, a move by the cable giant to
simplify its equity structure.
As a result of the approval, Comcast said it will reclassify
shares of Class A special common stock as Class A common stock on
Friday.
The two classes existed in part as a result of Comcast's
acquisition of AT&T Inc.'s cable operations, which it agreed to
buy in 2001 for about $44 billion.
Comcast has said the reclassification will benefit shareholders
by "eliminating investor confusion" caused by the existence of two
classes of publicly traded stock and "improving the trading
liquidity of our publicly traded stock."
Comcast reported in an October regulatory filing that it had
about 2.1 billion shares outstanding of Class A common stock and
about 347.3 million shares outstanding of Class A special
stock.
The roughly 9.4 million Class B shares held by the company's
founding Roberts family will remain untouched.
Write to Chelsey Dulaney at chelsey.dulaney@wsj.com
(END) Dow Jones Newswires
December 10, 2015 10:25 ET (15:25 GMT)
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