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Comcast going "all in".
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The company announcing it's going to buy
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the remaining 49% of NBC Universal that it didn't own
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from General Electric for 16.7 billion dollars.
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Comcast is also raising its dividend.
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Also reported fourth quarter results.
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First let's look at the shares
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of both Comcast and General Electric,
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both doing very well on the news
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and we are joined now by Chairmen and CEO Brian Roberts
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who joins us now from New York
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and I initially felt like Sally Field.
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You like us, you like NB, you like us after all this.
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Good morning.
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Good morning.
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We absolutely like you.
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We're gonna get to the results in just a second,
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but the results got lost I think a little in this news.
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You couldn't help but notice
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the price tag and everything else.
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We have a pretty good idea
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how it's being received in the market.
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You saw the stock price.
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I think both companies are pleased.
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Yet, Comcast, you are still doubling down
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Mr. Roberts on media assets which still have,
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none of us know how it's gonna play out
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and have an uncertain future.
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I would imagine that going this early,
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you're even more confident that you and Steve Burke
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know how to successfully steer the company through this.
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Is that correct?
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Well, we certainly hope that we put together
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a great management team.
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We feel that way and you're right
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that we didn't have to do this now
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when we chose to do it.
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So if actions speak louder than words,
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the action is that we're bullish
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on the business that we're buying.
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We know these business now two and a half years
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since we, or three years since we signed a deal,
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two years since we closed it and we've seen
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some early signs of turn around
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and payoff for some of the investments we're making,
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whether it's in theme parks, or in the cable networks,
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or in the broadcast business, or in the film business,
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and we know a lot more today than we did two years ago,
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and so we are bullish and optimistic,
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and we felt we would've paid more later in all likelihood
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and even though there's no perfect certainty
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for any business there's no better businesses
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in the media business
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than to have a diversified portfolio as NBC Universal does
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to have the cable networks as the heart
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and soul of your cash flow that are growing
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and the number one network with USA, and CNBC
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and so yeah, we like it a lot.
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As far as the results go,
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we're gonna look at them broadly, but just to start,
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there was one thing I noticed,
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some have said that broadband has needed
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to offset challenges in the traditional cable business
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in terms of customers and buried in the release
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was that excluding Sandy, Comcast would have
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actually added subscribers for the first time in six years
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and it was the ninth quarter, I guess,
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where you had improving video customer results.
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I mean, that's significant, isn't it?
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I mean, is that stemming the decline in the cable business?
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The key point I think is the ninth quarter in a row
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of improvements in our video loses
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and to the point that this quarter
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we would've actually stemmed the tide as you call it,
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and I think that that's right.
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That is buried in a very busy day.
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Neil Smit and the team at Comcast cable
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maybe get lost with all the NBC Universal news,
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but we had an outstanding quarter in cable.
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So yes broadband has been the engine of growth
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and it continued to have a great quarter
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with 341,000 net new customers,
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better than 2011's fourth quarter,
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but we only lost 7,000 customers.
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We're not sure we're there yet
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for the complete going positive.
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A lot depends housing growth.
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So we're not necessarily saying this is the end,
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but our products have gotten better,
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our service has gotten better,
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and every quarter we're chipping away at it,
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and there's a real positive direction.
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We've improved the value, we've added channels,
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we give you TV everywhere, a better user interface
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with our X1 platform, a lot of good things in innovation and
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service are happening at Comcast cable
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and the Xfinity brand seems to really be taking hold
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in a lot of our markets, that something new is available,
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and hence you're seeing improved
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video results quarter after quarter.
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Hey Brian, we spoke with an analyst earlier today
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who said that those broadband numbers
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certainly jumped out at him,
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that was something he was very impressed with,
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but he did raise some concerns about
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the guidance for CAPEX spending.
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He said that guidance of 10% was a little more
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than he was expecting and he was hoping to hear more
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on the conference call later today.
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To just give a little insight as to what's going on there.
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Well we have really a couple of good things.
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First of all, the total capitol for all of Comcast
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is sort of effected be NBC and by cable.
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So let's talk about NBC for a second,
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'cause typically there's not a lot of capitol in content
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and that's still the case, but with the theme park business
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being something that we've discovered
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with a whole new life that's growth
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and cashflow in the number of visitors
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and the spend per visitor.
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We opened a Transformers ride in California.
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We're bringing that very,
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very successful ride to Orlando in 2013.
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We have said we're gonna make major investments
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with the Harry Potter Franchise that's been
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so successful in Orlando, elsewhere
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in the Universal theme parks.
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So that's capitol that is for growth opportunities.
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At cable, same story.
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The maintenance capitol,
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the cost of boxes continue to decline,
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but as we want to increase the speeds of broadband,
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and as we want to distance ourselves form our competitors,
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we continue to think that's a great investment,
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but we've also found some new businesses,
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such as the home security business,
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business services was up 32% for the year in revenues.
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We've decided to try to accelerate the investments
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in our fiber to small and medium size business.
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We call that Metro E.
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So we as we'll talk through this morning
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and Mike Angelakis will take investors through
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how that capitol is allocated,
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it's a pretty small number on the scale of the company,
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the 10%, but also I would, it takes us back to 2011 numbers
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in terms of the percentage of revenue.
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So it's an area that we've.
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It's not a material change in our opinion
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and it's born out of as much new opportunity
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as it is maintaining that which we've got
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and improving our service and products.
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Hey Brian, I want to go back to content
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for one second and just look in your crystal ball
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for two or three years out, maybe five years out.
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People have been talking
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about content being disintermediated the cable bundle.
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What does it look like in three or four years form now
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and how do you make money off of it?
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Well my crystal ball is that we should try
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to be in a position that whatever happens
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our shareholders and our customers can be well served,
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really, really, 'cause nobody has a perfect crystal ball
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in everything that's happening
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and that's what makes it an exciting place
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and attracts a lot of smart people
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to want to work in this field,
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and so okay, let's look at it.
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If content, one way or the other,
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that's what people really want, right?
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And so having more content for our company
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that's the best and most original
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and a place where artists want to come and work
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and they know that we're gonna
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distribute it in creative ways.
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That's job one, but at the same time
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if broadband continues to grow as it is
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and people want to consume it differently
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and they want to use wireless devices
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as we clearly all do, and use wifi.
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We now have the fastest in home wifi
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as one of our goals and claims.
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We wan to improve our broadband speeds.
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So if there's other ways to acquire that content,
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or other things that you want to do,
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you come to Comcast, and if you want to get
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the best experience on a television,
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you come to Comcast.
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So the strategy is to make sure we have the best products,
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the best network, and the best content,
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and if all that content isn't ours,
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and if sometimes there not consuming it through our bundles
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that's okay, 'cause we have so many products we offer.
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Brian, a question about the sports business,
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content related, now we have NBC sports channel
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so maybe you have different views on this,
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but there seems to be a louder and louder conversation
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about whether sports channels, like ESPN and others
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should be on a premium tier, and that some people
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have argued actually we'd create the equivalent
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of a tax rebate to 75% of the country.
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Would you support that?
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I think that it is a conversation that is going to be had
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and we have to be a constructive participant
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and if you think about the last question that was asked,
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and that question, I think our company
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and what makes it unique is that we're uniquely positioned
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if you will, with being in content and distribution
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as we figure out what's fair and good for consumers,
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and I'm not picking on any one channel,
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or and in our case we have competing needs
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within the company.
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I think it's time that we're part of that dialog
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and try to help come up with solutions
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that are good for the various stakeholders
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and I think we shouldn't shy away from that,
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but today I don't have the answer,
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but we would very much be willing
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to be part of that conversation so that
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we're sympathetic to the fact that costs are rising
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and not everybody wants that to happen
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and yet we have to create more value
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to justify those cost increases,
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and so that's the strategy we've been employing.
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Brian some of Comcast competitors pointed out
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a lot, in fact the advantages that
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a combined Comcast NBCU would have,
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and some of the concerns actually were addressed
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in the way the deal was finally put together.
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We are seeing improve results from both of
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the separate companies, but what areas are you
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actually seeing a benefit,
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hopefully that those guys were right,
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and there were things to worry about?
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Are there areas where you're seeing the two companies
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being together an you're seeing
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that two plus two equals six, something like that?
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Well I think there was a theory
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that two plus two equaled two, or three,
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and I think the first thing we tried to dispel
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is that, that clearly is not the case
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and that we have a really good management team
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I think at NBC Universal and we've,
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as I said, with Neil Smit and the team at Comcast cable.
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So the first exercise was to say,
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"Can we manage a content company?"
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And I hope this action yesterday
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and our results for the first couple years
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show that we've made a good transition.
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We're willing to invest and we're trying to recognize
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that it's not one size fits all management styles.
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Secondly, there's a lot of things we've done
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that I think are totally fair and consistent
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with all the promises that we've made to the government
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and to our competitors.
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We've just signed a deal with Fox yesterday,
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or the day before yesterday and a deal
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with Disney before that, and a deal with Viacom
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as Comcast cable, and we've broken new ground with
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those companies in terms of how we're gonna distribute
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the content on new platforms and new devices,
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and we thing are good for both parties.
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At the same time, if you look at
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what we call Project Symphony and some of the results
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of Symphony, whether it's local broadcast stations,
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and whether it's working with movies that we come out with,
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or promoting new shows,
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or taking something like the Olympics
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which maybe the single best example of the whole company
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working together, we had the best Olympics
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in NBC's recent history and maybe
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the biggest television event ever,
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and it was on more platforms, and more available,
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and Comcast cable had, I don't know,
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something like 40 or 50 million on demand Olympic sessions
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during the Olympics.
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We would never have done things quite like that
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had we not been one company.
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So I think there's many benefits, but at the same time,
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it's only been two years, we're not satisfied
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That we've figured it all out
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and but we're delighted, we're now 100% one company,
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which also will make it easier for those conversations,
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as we go foreword.
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I saw the leverage, it was clear,
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at the NBC in Primetime, I think it would've tripled,
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or something, the net income, but you know,
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now we've seen that without Monday,
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or Sunday night football that it's gonna tough.
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Are you confident that. That's on the right track now?
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Well, I think Bob Greenblatt and Steve
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have both said that we were surprised
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to the positive and delighted with the fall,
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but that we should be realistic that
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this is a multi year initiative, it doesn't change,.
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It's one show at a time, and we're not surprised at all
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without the biggest show that we have,
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Sunday night football, and The Voice,
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not being on the air that we're not gonna be
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having the same results we had in the fall.
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This is a, as you know, Comcast
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and it goes back to the culture my dad started.
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We're thinking long term.
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We want to make long term investments.
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We try not to sale things and we try to grow the value
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for shareholders and over 10 years
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and 20 years we've had a great return to our shareholders
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and to the services, and so I think we're bullish
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that the biggest single thing that's changed for broadcast
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of course, is retransmission fees
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and we have now begun successfully,
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and you'll see the results each quarter improve
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to get re trans fees the same
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as the other broadcast networks,
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which was not the case at NBC when we bought the company.
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You've had a heck of a week Brain,
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I don't, 25 under, making the cut at pebble,
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and Moonves doesn't even play in it,
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at CBI you wont' see him out there.
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So you've put it on the line.
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You've had a great week, congratulations.
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I don't know whether everyone knew that.
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Is that okay that I brought that up?
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I don't know what you're talking about.
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(laughing)
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Alright, anyway congratulations.
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Thanks for giving us so much time this morning.
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We'll see you later.
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Thanks, see you all later.