Comcast CEO plans $5B-plus in buybacks

|About: Comcast Corporation (CMCSA)|By:, SA News Editor

Speaking about free cash flow in the wake of tax reform, Comcast (CMCSA +0.3%) Chairman/CEO Brian Roberts says the company will repurchase at least $5B in stock as a result.

"We've said we wanted to change the target leverage to actually be a little bit higher than we've previously said," Roberts says. "So we've talked about 2.2x, previously we've been 1.5 to 2 ... so that's an increase which would suggest that we could do more buybacks.

"So we do at least a $5B stock buyback, we increase the dividend 21% ... We want to invest in the business, first and foremost, but we also return to shareholders."

Roberts adds in the segment that he'll miss Thursday Night Football, now moving to a much-higher-bidding Fox (FOX +2.9%, FOXA +2.8%), but: "We said when we bought NBCUniversal that we wanted to be financially disciplined with sports. That hadn't always been the case.

"And we are sorry to lose it ... We have Sunday night football, which is the No. 1 show on television, and we have that for many more years."

Subscribe for full text news in your inbox