Brian Roberts, CEO, Comcast
David A. Grogan | CNBC
Comcast Main Govt Brian Roberts stated Wednesday in a company email that the nation’s greatest cable service provider and proprietor of NBCUniversal has committed $500 million to guidance workers as coronavirus quarantines quickly shut down business enterprise models.
Roberts said Comcast would set aside $500 million in pay out and rewards for staff members “in which functions have been paused or impacted.” He also mentioned he would sign up for Comcast’s senior executives — Main Economical Officer Mike Cavanagh, Comcast Cable CEO Dave Watson, NBCUniversal CEO Jeff Shell and Sky CEO Jeremy Darroch — in donating 100% of their salaries to charities to support coronvirus aid attempts.
Comcast has witnessed its broadband utilization spike as Us citizens largely keep at household in the course of COVID-19 quarantines. Roberts famous that Comcast and Sky engineers, professionals and simply call center representatives proceed to work to retain networks working. NBCUniversal and Sky information networks have also ongoing to function to tell the general public, he noted.
Comcast’s world wide web small business positions the organization in a stronger place than other media firms who are far more reliant on advertising and marketing earnings and conventional shell out-Television set subscriptions, both of which could be weak if the nation plunges into a sizeable downturn, as some analysts forecast. Digital media corporations like Vice, Buzzfeed and Team Nine have previously declared layoffs or spend cuts for their workforces.
Still, Comcast has felt operational consequences from the downturn, like weathering a probable downturn in world promoting devote and briefly shutting down its Common concept parks. Like most media corporations, Comcast has warned traders quarantines may perhaps have a “content adverse effects on our effects of functions about the around to medium time period.” The 2020 Summer Olympics has been postponed a 12 months, which will effect NBCUniversal’s annual revenue. The cable programmer is the sole company of broadcast rights for the Online games.
“None of us has ever skilled everything like this before, and although it is effortless to get mired in the many problems we are all struggling with, I consider that in uncertain instances like these it is incumbent on us to stay optimistic and glance for the great, even if it can be elusive,” Roberts mentioned in the website article, adding he failed to “know when the worst will be powering us.”
Comcast shares are down about 24% this calendar year. The S&P 500 is down about 20% about the very same time period.
Disclosure: Comcast is the owner of NBCUniversal, mother or father company of CNBC and CNBC.com.
View: View CNBC’s full job interview with Comcast CEO Brian Roberts on Q4 earnings