Comcast Announces Two-For-One Stock Split
Comcast Corporation announced today that its Board of Directors has approved a two-for-one stock split in the form of a 100% stock dividend payable on May 5, 1999 to shareholders of record on April 20, 1999. Shareholders will receive one additional share of Comcast Class A Special Common Stock (CMCSK) for every share of Class A Special Common (CMCSK), Class A Common Stock (CMCSA) and Class B Common Stock held on the record date. The additional shares will be distributed by book-entry. Shareholders will be entitled to receive physical stock certificates upon request.
The stock split is conditioned on approval by shareholders of a proposed amendment to the Company's Articles of Incorporation to increase the amount of the Company's authorized Class A Special Common Stock to include the additional number of shares of Class A Special Common Stock to be issued in the stock split. A special meeting of shareholders will be held on April 20, 1999 to vote on this amendment. Because the holders of the Class B Common Stock (which class represents approximately 77% of the total voting power of the Company's voting stock) have indicated that they will vote for the amendment, its approval is assured.
The Company also announced that its Board of Directors has approved the elimination of the Company's quarterly cash dividend. The last quarterly cash dividend of $.0233 per share on Class A Common Stock, Class A Special Common Stock and Class B Common Stock will be made on March 25, 1999 to shareholders of record as of March 4, 1999.
As of December 31, 1998 Comcast had outstanding approximately 328.6 million shares of Class A Special Common Stock (CMCSK), 31.7 million shares of Class A Common Stock (CMCSA) and 9.4 million shares of Class B Common Stock. Upon completion of the split, the outstanding shares of Class A Special Common Stock will increase to approximately 698.3 million.
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 and Class A Common Stock are traded on The Nasdaq Stock Market under the symbols CMCSK and CMCSA, respectively.