Summary: Comcast Corp.

Premier communications and media company with leading cable operations complemented by well positioned media and entertainment company; Leading broadband product which will more than make up for declining video subscribers for the next few years; Nascent wireless strategy which could evolve from a low cost MVPD model to an owned network with significant capital investment needs; NBCUniversal's (NBCU) broadly diverse media businesses are better positioned than most peers to face secular pressures; Increasing competitive threats to video service from cord cutting and virtual video service providers; and Uncertainty regarding the effect of secular shifts in advertising and subscriber revenues on the company's U.S. cable and broadcast networks' long-term performance. Prudent financial risk management balancing conservative credit metrics with modest shareholder

...Business Risk: Strong Financial Risk: Intermediate + Premier communications and media company with leading cable operations complemented by well positioned media and entertainment company; + Leading broadband product which will more than make up for declining video subscribers for the next few years; + Nascent wireless strategy which could evolve from a low cost MVPD model to an owned network with significant capital investment needs; + NBCUniversal's (NBCU) broadly diverse media businesses are better positioned than most peers to face secular pressures; + Increasing competitive threats to video service from cord cutting and virtual video service providers; and + Uncertainty regarding the effect of secular shifts in advertising and subscriber revenues on the company's U.S. cable and broadcast networks' long-term performance. + Prudent financial risk management balancing conservative credit metrics with modest shareholder returns and acquisitions; + Our expectation that the company's adjusted...

Summary