Comcast, the company that owns NBCUniversal, has revealed the remuneration plans for Chairman and CEO Brian Roberts, President Michael Cavanagh, and other key leaders in the organization, providing information about their respective compensation packages for the year 2024.
In the financial report submitted by Comcast to the Securities and Exchange Commission, it was disclosed that Brian Roberts earned $33.9 million in the year 2024, a slight decrease from his 2023 earnings of $35.5 million. His earnings for the previous years were: $32.1 million in 2022, $34.0 million in 2021, $32.7 million in 2020, and a peak of $36.4 million back in 2019.
In the previous year, Cavanagh’s total remuneration was valued at approximately $28.3 million. This is a decrease from the $29.6 million he earned in the following year, 2023. His earnings reached $40.5 million in the year before his promotion, when he held the position of chief financial officer. However, he was promoted to president in October 2022.
In 2024, Comcast’s shares fell by 14%, despite the fact that the company saw an increase in revenue, earnings, and adjusted net income for the year. However, there was a 3% decrease in their free cash flow.
Earlier this week, the company disclosed its Q1 financial results, showing that Peacock continues to run at a loss, although the deficit is becoming smaller. At the same time, it’s adding more subscribers. Unfortunately, a steeper drop in broadband subscriptions than anticipated caused a fall in stock prices on Wall Street.
Towards the end of last year, Comcast announced the separation of a significant portion of their cable networks into a new entity, with Mark Lazarus at the helm as CEO. This fresh venture, temporarily dubbed SpinCo and yet to be officially named, is poised for an exciting growth phase according to the promise made by Comcast. Alongside Lazarus, David Novak has been appointed chairman of this upcoming company. As a dedicated fan, I’m eagerly looking forward to witnessing their new growth trajectory unfold!
After the spin-off, Comcast will concentrate on its six primary expansion areas: Peacock streaming service, studios, theme parks, broadband for homes, mobile networks, and business services. Roberts recently stated at an investor conference that these six sectors offer strong profit margins, growth potential, and creativity, which represent the company’s future direction. He feels confident about the core of the business and its continuous development.
Jessica Reif-Ehrlich, an analyst at Bank of America, has shown optimism regarding the proposed split. In her report following the announcement, she suggested that the newly formed entity, SpinCo, could serve as a unifying platform for multiple cable networks within the industry. Additionally, this move by Comcast might alleviate regulatory concerns should they consider merging with another significant cable company in the future.
Comcast is also set to open a new theme park in Orlando, Epic Universe, next month.
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2025-04-25 18:24