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Comcast Will Look at Cable Purchases at ‘Good Price’ (Update3)

By Kelly Riddell

Sept. 9 (Bloomberg) -- Comcast Corp., the biggest U.S. cable-television provider, will consider buying other cable operators at a “good price,” Chief Operating Officer Stephen Burke said.

“If there is a way to acquire cable systems for what we consider a good price, ones that are well managed, we would certainly look at whatever is out three,” Burke, 51, said today at a Bank of America Corp. conference in Marina del Rey, California. Still, the company “isn’t waking up every morning” evaluating how it can become bigger, he said.

Comcast won a legal victory last month, allowing it to own more than 30 percent of the national cable market. Comcast currently serves about 25 percent of U.S. customers, said Sena Fitzmaurice, a spokeswoman for the Philadelphia-based company. Comcast reported 23.9 million video customers as of Aug. 6, down from a year earlier, as competition intensifies from satellite providers and phone companies.

Comcast rose 38 cents to $16.85 at 4 p.m. New York time in Nasdaq Stock Market trading. The stock is little changed this year.

Without the ownership limit, “Comcast has greater freedom to buy cable assets if it so desires,” David Kaut, a Washington- based analyst for Stifel Nicolaus & Co., said today in an e-mail.

The company’s first priority may be acquiring content companies, Burke said. Comcast owns the Golf Channel, E! Entertainment and Style Network among others.

“Content channels are good businesses,” Burke said. “We wouldn’t be doing our job if we didn’t try to figure out a way to get bigger in those businesses.”

Comcast isn’t looking to make a $50 billion purchase, Burke said.

To contact the reporter on this story: Kelly Riddell in Washington at Kriddell1@Bloomberg.net

Last Updated: September 9, 2009 16:08 EDT

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