Boston, MA 07/07/2014 (wallstreetpr) – Comcast Corporation (NASDAQ:CMCSA) has extended the term of its CEO by one year. The extension will allow Brian Roberts to be in office at least through June 30, 2015. The giant cable and Internet company has announced one-year extensions of its CEO term since the signing of an employment pact in 2005.
The practice at Comcast appears different, in that other company typically observe multiyear extension of CEO contracts. The company announced through its spokesman that there was nothing unusual in the short-term extensions. Roberts, whose father Ralph founded the company many years ago, owns a significant voting stake in the company, and industry watchers believe that the short-term extensions of his tenure have nothing to suggest that he may be leaving the office anytime soon.
Roberts controls 33 percent of the voting shares in the company. He earned $31.4 million in 2013, demonstrating 7.7 percent increase from his earnings in 2012.
World domination
Comcast Corporation (NASDAQ:CMCSA) appears focused on world domination of the cable TV and Internet business. Strategic acquisitions have already helped the company to grow from a regional cable and Internet provider to a giant national player. In a recent interview at the Comcast headquarters, CEO Roberts talked about creating a great company, something that industry experts interpret to mean taking the company global after attaining giant status in the U.S.
Comcast stands out as the largest cable company in the U.S. with more than 22 million subscribers and about $64 billion in annual revenue.
The company aims to further bolster its standing in the cable business with the acquisition of Time Warner Cable Inc (NYSE:TWC), which it has offered $45 billion in a takeover agreement. The deal awaits the approval of regulators.
The approval of the deal will add to the company more than 7 million subscribers in the chessboard markets of New York and Los Angeles.
Competitive industry
In its acquisitions, Comcast Corporation (NASDAQ:CMCSA) is clearly seeking to dilute the impact of technology companies like Google Inc (NASDAQ:GOOG), Amazon.com Inc (NASDAQ:AMZN) and Apple Inc (NASDAQ:AAPL), which are trying to control the U.S. living rooms, especially in the TV-watching experience.
