News Column

Protests planned for Comcast's shareholder meeting

May 20, 2014

By Bob Fernandez, The Philadelphia Inquirer

May 20--Several groups plan to protest the Comcast Corp. shareholder meeting on Wednesday morning, saying Comcast's deal to acquire Time Warner Cable Inc. would be bad for consumers.

About 100 people have indicated they would participate outside the Kimmel Center for the Performing Arts on the 300 block of South Broad Street, organizers said on Tuesday.

The Comcast shareholder meeting begins at 9 a.m. in the center's Perelman Theater. Doors open at 8 a.m.

Consumers Union, Free Press and Common Cause are among the organizations sending officials, Hannah Sassaman, policy director for the Media Mobilizing Project in Philadelphia, said.

"This is about the people voting 'no' on the merger," she said.

Sassaman expected the event to be civil. "No one is going to jail," she added.

Comcast reached an agreement in February to acquire Time Warner Cable in an all-stock $45.2 billion transaction.

The deal would merge the nation's largest and second-largest cable-TV operators, with operations in New York, Los Angeles, Chicago, Philadelphia and other major cities.

AT&T this week proposed purchasing DirecTV, the nation's largest satellite-TV operator, as the pay-TV industry consolidates.

Congressional hearings have been held in both the Senate and the House weighing the impact of the Comcast/Time Warner Cable merger. Opponents fear the combined company would lead to anti-competitive market power. The Justice Department and the Federal Communications Commission need to approve the deal.

The advocacy groups say they have collected via e-mail the names of 400,000 people who oppose the Comcast/Time Warner Cable deal. They will attempt to present the names to Comcast on a storage thumb drive, they say.

Michael McCauley, west coast media director for Consumers Union, the policy and advocacy arm of the organization that publishes Consumer Reports, said Tuesday he had flown into Philadelphia from San Francisco to participate in the protest.

Comcast rejects the claim that the merger would be bad for consumers. The deal will bring faster Internet speeds to Time Warner Cable Internet subscribers, expand open Internet protections and broaden its program for discounted Internet service for poor families, Comcast spokesman John Demmingcq said.

Comcast shareholders of record on March 21 can vote at the meeting. Shareholders will vote on a directors slate and a proposal from the Episcopal Church for the cable company to disclose annually its lobbying activities. All Comcast shareholders can attend the meeting.




(c)2014 The Philadelphia Inquirer

Visit The Philadelphia Inquirer at

Distributed by MCT Information Services

For more stories on investments and markets, please see HispanicBusiness' Finance Channel

Source: Philadelphia Inquirer (PA)

Story Tools Facebook Linkedin Twitter RSS Feed Email Alerts & Newsletters