Comcast vs Time Warner

SECTOR
INDUSTRY
Services
Entertainment -
Diversified
Services
Broadcasting & Cable
- Entertainment
FOUNDER
DATE
Steven J. Ross
1990
Ralph J. Roberts
1963
HEADQUARTER
ADDRESS
One Comcast
Center
PA 19103-2838
One Time Warner
Center
NY 10019
SYMBOL
MARKET
CAP
TWX
$70 billion
CMCSA
$153 billion
N° of
EMPLOYEES
YEAR END
34,000
December 31st
136,000
December 31st
27 years
x2.2
x4.0
TWX Employees more productive

Born June 28, 1959 in
Philadelphia
(55 years old)
Aggressive Deal
Maker
(AT&T, Walt Disney)
Since there,
Comcast annual
revenue
x100
Billionaire $1,2 Billion
(Forbes)
Base Salary:
$2.8 million in 2013
Compensation:
His father bought
American Cable
System in 1963 and
renamed it Comcast
in 1969.
Interned at Comcast
at 15 years old
Named President in
1990
Named CEO in 2002
Has 1/3 of the voting
power in the
company
Board member of
the bank of New
York

Born May 25, 1952 in
Paterson, New Jersey
(63 years old)
Served as board at
Yale University and
advisory board at
Georges Washington
University.
Commercial Banker at
CitiBank
Total Compensation:
Base Salary:
$2.0 million in 20131991
1995
2002
2005
2007
2008
2009
today

Functions of Broasdcasting and Cable (TV /
Internet) - Industry
• Provide Audio, Video and Internet to
businesses or individuals
• Providing television to paying subscribers via
radio frequency signals transmitted usually
through cables or fiber-optic cables.
• Provide High-Speed Internet to customers
• Provide regular access to entertainment

Functions of the Entertainment –
Diversified Industry
Keeping audience’s attention and interest through instantly available
entertaining broadcasting media.
Provide a mean to achieve amusement and intellectual growth.
Different segments providing different forms of entertainment:
TV, film, radio, theme parks, internet, video games…
Development of new technologies to
create new business models and
improve customer experience.

• ACHIEVING BUSINESS
THROUGH:
- Subscription (Cable, Video on Demand, Internet)
- Physical Publishing (DVDs, CDs, magazines)
- Advertisement Sales and Advertising Sharing
Arrangements
- Licensing Agreements (Films and other
productions distribution)
Residential Customers:
1. Subscribers
2. Products and Services
customers
Business Customers:
1. Advertising firms
2. Retailers
3. Other Media Distributors
Monthly
How about that ?!
;-)

M E D I A A N D
E N T E R T A I N M E N T
+191%
+11%
The internet has allowed
to shift from traditional to
digital revenue
The Global Industry was worth
$1.9 Trillion in 2014
$2.3 Trillion in 2018 expected
Market
Capitalization
$4,605.2 Billion
Forecast
Entertainment and media
worldwide revenue

179
153
44
43
69
205
36
46
In $Billions
196

In $Billions
153
179
69
72
18
28
30
141

Joint Venture between
Comcast and GE for
Comcast to acquire 51%
of NBCU for $17.1 B is
validated by the FCC
Comcast
acquires GE’s
49% ownership
in NBCUniversal
for $16.7 B
Comcast
Corporation and
Time Warner Cable
announcement of
merger
FCC delayed the
merger, people
complain, but
offer is still on
the table
2011 2013 2014 Today200420032002 - / -
Comcast and AT&T
Broadband $47.5 billion
merger, which made
Comcast the biggest US
Cable Company
Comcast sells its 57% stake in
QVC to Liberty Media for
$7.7 billion. Comcast’s initial
investment in QVC was $380
million.
Brian Roberts is named
Chairman of Comcast
Corporation and the
company starts to rock !!
NBCUniversal is created.

AOL Time Warner
$186 billion
megamerger, the
largest acquisition in
U.S. history.
2000
proposed $ 94.4 B to
acquire Time Warner
but had to withdraw
offer because of the
FCC.
2013
Time Warner
seperates from AOL
and Time Warner
Cable
2009
Warner
Communications and
Time Inc./HBO $14.9
billion merger, which
gave birth to Time
Warner Inc.
1989
Turner Broadcasting
Systems merged with
Time Warner for $7.5
billion
1996

The FCC delayed reviews of the
merger.
The FCC delayed reviews of the
merger.
$48.5 billion
Would bring the
number of video
subscribers up to 26
million, 3.5 million
more than Comcast has
today.
$45.2 billion
Would bring the
number of video
subscribers up to
approximately 30
million reaching the
FCC’s 30% threshold.

+ 47%
+ 33%
+ 6%
- 2%
- 8%
- 14%
- 19%
+83%
- 46%
+ 90%
+ 18M
- 64%
- 11M
- 30M
+ $130M
+ 208%
- 25%

11.5
1 out of 2 internet
users in Spain
illegally access
digital content.
More than 1
million illegal
downloads of
Game of Thrones!
The US
economy loses
$12.5 billion in
revenue each year
due to online
piracy.
70 percent of online
users in Denmark
believe there is
nothing wrong with
piracy.
US downloaded
more music than
any other country
in 2012, 97 M
recorded in just six
months.
Last year’s most
popular pirated
movie was
downloaded more
than 8 million
times.
Bruno Mars
claimed the most
pirated musician
mantle in 2013,
5.8M downloads.
42 percent of the
computer software
was pirated in
2010. A worth of
$59 billion was
downloaded.
Music sales in the
United States
have dropped 47
percent in the
decade.
Almost a quarter
(23.76 percent) of
all internet traffic,
was estimated to
be infringing
copyright.
More than 146
million visits were
logged every day
at just 43 of the
world’s digital
piracy sites.
There are 3 main methods to download movies,
series, MP3:
The Peer To Peer (P2P): This protocol is based on
the principle of sharing.
Newsgroups: requires a subscription to a
newsgroup server.
Direct download: upload your media directly from
a dedicated hosting provider in the data storage.

Sri Lanka
? ?
Cameroon
(By Revenue)

• Video services
• High-speed Internet
• Voice services
• Cable Networks
• Broadcast Television
• Filmed Entertainment
• Theme Parks
0
5
10
15
20
25
2009 2010 2011 2012 2013
In%
Comcast Customer Repartition
Video customers
Digital video customers
High Speed Internet customers
Voice customers

premium cable and
satellite television
network
branded news,
entertainment on
television and digital
channels
Magazines and Print publishing
film, television and
music
entertainment

S
O
W
T
 Xfinity almost Cable Monopoly
 Theme Parks
 Blockbusters
 Magazines
 Major Sporting Events
 Programming distribution
Agreement
 Financial Health
 Brand image – Customer/Employee
satisfaction
 Cable
 Increasing programming expenses
 Federal, state, local and foreign
legislation: regulations
 Intellectual property right protection
 Declining DVD and Blu-Ray sales
 Time Warner Cable Merger
 FOX 21st Century Merger
 3D and other HD technologies
 Growing global access to digital
media, Gain Market Share
 Mobiles devices - Interactivity
 Piracy, streaming, cyber-attack
 Evolving at the environment’s pace
 Weak economic conditions - Elastic
Demand
 Decline of Advertising market
 Risk related to doing business
worldwide

(in millions) 2013 2012
Programming and
production costs
2,982 3,002
(In millions) 2013 2012
Film and television
production costs
5,620 5,598

• More than 5,000 feature films in
library
• Top 10 highest grossing films
total $ 2.97 B
• 4 nominations at the 2013
Academy Awards
• 6 wins for best picture since 1927
• 6,500 feature films in library
• Top 10 highest grossing films
total $ 3.58 B
• 21 nominations at the 2013
Academy Awards
• 10 wins for best picture since
1927

Date: 2013
Director: P. Coffin C.
Renaud
Gross: $970.7 M
Oscar: 2 Nominations
Date: 1993
Director: S.
Spielberg
Gross: $1,029 M
Oscar:
Date: 1982
Director: S.
Spielberg
Gross: $792.9 M
Oscar: 5 Nominations
+
Date: 2008
Director: C. Nolan
Gross: $1,004.5 M
Oscar: 7 Nominations +
Date: 2011
Director: D.
Yates
Gross: $1,341.5
M
:Oscar
Date: 2012
Director: P.
Jackson
Gross: $1,017 M
:Oscar

PRODUCT
DIFFERENTIATION
Xfinity
Largest US video, high speed internet and voice
services provider in the US. Local to national. 300
Channels, 50,000 episodes. Even a Premium
Access to HBO Cinemax. HD/3D. Cloud. Hybrid
Optic Fiber. High-speed Internet till 500Mbps.
Interconnected Voice and Internet protocol
technology (VoIP). Business advanced Voice and
Ethernet networks.
NBC TV broadcast
Distributes programs in 50 States. DVD Blu-ray.
Owns 10 local TV channels including New York,
Los Angeles, Chicago. +100,000 episodes of
popular programs. Produces its own programs.
Broadcast rights for Olympic games. Telemundo
reaches 59% of US Hispanic households.
Turner Cable Network
Provides diversified TV programs to cable
system operators & satellite services
distributors.
Sports, cartoons, News on Demand.
77m US visitors/month.
International: Baltics, Germany, Japan, Korea
Latin American, Southern Asia
Provides regional programs.
Home Box Office
Premium pay-TV: 127M subscribers in more
than 151 countries.
DVDs and licensing program.
Digital content on various mobile devices.

PRODUCT
DIFFERENTIATION
Time Inc.
Largest publisher of magazines in the
US.
23 magazines such as: US People,
InStyle, Time, Fortune.
70 magazines worldwide.
Universal
Film producer and distributor
Library: 5,000 films. International.
Universal Studios
Amusement parks in Orlando and
Hollywood.
Intense use of intellectual properties.
Universal Studios Japan and Singapore.
Warner Bros
Produces and distributes feature films, TV
programs, video games and licensing rights,
TV series, reality shows, talk shows in more than
125 countries. Library: 6,000 films.
DC comics: Publish and distribute comics.
14,000 comics available on the digital platforms.

Orlando, FL,
USA
owned
Osaka,
JAPAN
Licensed to
USJ Co Ltd
Singapore
Run by
Genting
Group
Hollywood,
CA, USA
owned
Hwaseong,
SOUTH
KOREA
Dubai
UNITED
ARAB
EMIRATES
Moscow
RUSSIA 2018
Beijing
CHINA 2019
THEME
FUTURE
THEME
PARKS

Direct Broadcast Satellite Providers (DBS)
Marketing arrangements with phone
companies, DBS provide video services are
sold together with the phone company’s
internet and phone services
Attracting new residential and business
services customers
Expanding the services to existing
customers
Promoting cable networks and costs
associated with digital media
Subscription primarily through direct
mail solicitation
Subscription sales agents
Time Inc.’s owned websites
Time Inc. has marketing agreements with
other companies
Insert cards in Time Inc.’s magazines and
other publications
Email solicitations and online advertising

Giving R&D credits to Network Technology
to soon democratize 1 Terabit/sec Internet
Speed
Technical research on the development of
open source software
“A center of insight that incorporates
cutting-edge technologies and
research techniques providing an
unmatched ability to test consumer
engagement throughout the entire
360° media-to-retail experience.”

Most of the Advertising costs
come from Warner Bros
(movie trailers, prints, ads,
etc.)
2200
2300
2400
2500
2600
2700
2800
2900
3000
3100
2011 2012 2013
TWX Advertising Costs ($Million)
20-25%
4,200
4,300
4,400
4,500
4,600
4,700
4,800
4,900
5,000
5,100
2011 2012 2013
CMCSA Advertising Costs
($million)
Increasing Advertising
Expenses to keep up with
Competition

• Comcast is really present in the East Coast of the U.S. with
9 cities which have over 500,000 customers
• Comcast is less present in the West Coast with only 3
major cities• Comcast has a huge open market to increase profit

-
5,000
10,000
15,000
20,000
25,000
REVENUES 2013 REVENUES 2012 REVENUES 2011
21,411 20,729 20,634
4,956 4,575 5,1421,666
1,645 1,5991,534 1,346 1,358228 252 241
Revenues by Region For Time Warner
United States and Canada Europe Asia/Pacific Rim Latin America All Other
-
5,000
10,000
15,000
20,000
25,000
21,411 20,729 20,634
8,384
7,818 8,340
Revenues by Region For Time Warner
United States and Canada Foreign and Other
-
10,000
20,000
30,000
40,000
50,000
60,000
59,857 58,070
51,742
4,800
4,500 4,100
Revenues by Region for Comcast
In $ Millions
-6.3%+7.2%
+0.5%+3.3%
+6.7% +9.8%
In $ Millions
x2.5 x1.75 / x2.00

0%
20%
40%
60%
80%
100%
Revenues 2013 Revenues 2012 Revenues 2011
93% 93% 93%
7% 7% 7%
% of Revenues by Region For Comcast
0%
20%
40%
60%
80%
100%
Revenues 2013 Revenues 2012 Revenues 2011
72% 73% 71%
28% 27% 29%
% of Revenues by Region Time Warner
x4.1

-
2,000
4,000
6,000
8,000
10,000 9,000
5,420 5,378 5,840
2,260 1,568
In$Millions
Revenues By Business
Segment of Time Warner
0.0%
5.0%
10.0%
15.0%
20.0%
25.0%
30.0%
35.0%
40.0%
TNT, TBS,
CNN &
OTHER
HOME BOX
OFFICE
TV SHOW
AND
LICENSING
WARNER
BROS
MOVIES
CONSUMER
PRODUCTS
PUBLISHING
39.1% 39.1%
20.2%
15.6%
17.7% 18.4%
Gross Margin By Business Segment of
Time Warner
-
5,000
10,000
15,000
20,000
25,000 23,590 22,060
13,140
4,590 4,350
In$Millions
Revenues By Business Segment of
Comcast
0.0%
5.0%
10.0%
15.0%
20.0%
25.0%
30.0%
35.0%
40.0%
45.0%
NBC,
COMCAST
CONTENT &
OTHER
CABLE TV BROADBAND VOICE ADVERTISING
& FRANCHISE
FEE
22.4%
42.0% 41.6% 41.6% 41.6%
Gross Margin By Revenue Segment of
Comcast

Product Sales Mix
(In $Millions)
Revenues 2013 Sales Mix 2013 Revenues 2012 Sales Mix 2012 V$ 2013-2012 V% 2013-2012
Cable Communications 41 836 63,54% 39 604 62,10% 2 232 5,64%
NBCUniversal 24 008 36,46% 24 171 37,90% -163 -0,67%
Cable Networks 9 201 13,97% 8 727 13,68% 474 5,43%
Broadcast Television 7 120 10,81% 8 200 12,86% -1 080 -13,17%
Filmed Entertainment 5 452 8,28% 5 159 8,09% 293 5,68%
Theme Parks 2 235 3,39% 2 085 3,27% 150 7,19%
Total 65 844 100,00% 63 775 100,00% 2 069 3,24%
Turner 9 983 32,69% 9 527 32,11% 456 4,79%
Home Box Office 4 890 16,01% 4 686 15,80% 204 4,35%
Warner Bros 12 312 40,32% 12 018 40,51% 294 2,45%
Time Inc. 3 354 10,98% 3 436 11,58% -82 -2,39%
Total 30 539 100,00% 29 667 100,00% 872 2,94%
X2,16 X2,15 X2,37
Broadcasting Cable Networks

Product Sales Mix (In $Millions) Operating Margin % (ROS)
2013
Operating Margin % (ROS)
2012
Change in ROS 2013-2012
Cable Communications 25,84% 24,87% 0,97%
NBCUniversal 17,44% 14,80% 2,64%
Cable Networks 30,07% 29,43% 0,65%
Broadcast Television 3,47% 3,18% 0,29%
Filmed Entertainment 8,58% 1,22% 7,36%
Theme Parks 31,50% 32,85% -1,35%
Total 22,78% 21,05% 1,72%
Turner 34,92% 33,29% 1,62%
Home Box Office 36,63% 33,01% 3,61%
Warner Bros 10,75% 10,22% 0,54%
Time Inc. 10,05% 12,22% -2,18%
Total 22,72% 21,46% 1,26%
25,84% 24,87%
31,50% 32,85%
30,07% 29,43%
34,92% 33,29%
36,63% 33,01%
The two companies want to invest in these segments because the return is
higher than in the others.
Increase in costs to
follow increase in
capital expenditures.
 Attract customers
The Print industry is
declining.
 Less profitable
Capital Expenditure mix (In $Millions)
Capital Expenditures
2013
Mix 2013
2012
Mix 2012
V$ 2013-2012 V% 2013-2012
Cable Communications 5403 88,23% 4921 90,88% 482 9,79%
NBCUniversal 721 11,77% 494 9,12% 227 45,95%
Cable Networks 67 1,09% 150 2,77% -83 -55,33%
Broadcast Television 65 1,06% 65 1,20% 0 0,00%
Filmed Entertainment 9 0,15% 7 0,13% 2 28,57%
Theme Parks 580 9,47% 272 5,02% 308 113,24%
Total 6124 100,00% 5415 100,00% 709 13,09%
Turner 210 40,00% 229 38,29% -19 -8,30%
Home Box Office 45 8,57% 65 10,87% -20 -30,77%
Warner Bros 236 44,95% 270 45,15% -34 -12,59%
Time Inc. 34 6,48% 34 5,69% 0 0,00%
Total 525 100,00% 598 100,00% -73 -12,21%
CapEx/Depreciation mix (In $Millions) Depreciation 2013
CapEx / Depreciation
Mix 2013
Depreciation 2012
CapEx / Depreciation
Mix 2012
V$ 2013-2012 V% 2013-2012
Cable Communications 6394 0,85 6405 0,77 -11 -0,17%
NBCUniversal 1147 0,63 1116 0,44 31 2,78%
Cable Networks 734 0,09 735 0,20 -1 -0,14%
Broadcast Television 98 0,66 97 0,67 1 1,03%
Filmed Entertainment 15 0,60 16 0,44 -1 -6,25%
Theme Parks 300 1,93 268 1,01 32 11,94%
Total 7541 0,81 7521 0,72 20 0,27%
Turner 252 0,83 263 0,87 -11 -4,18%
Home Box Office 100 0,45 92 0,71 8 8,70%
Warner Bros 379 0,62 382 0,71 -3 -0,79%
Time Inc. 127 0,27 127 0,27 0 0,00%
Total 858 0,61 864 0,69 -6 -0,69%
5403 88,23% 4921 90,88% 482 9,79%
580 9,47% 272 5,02% 308 113,24%
67 1,09% 150 2,77% -83 -55,33%
210 40,00% 229 38,29% -19 -8,30%
45 8,57% 65 10,87% -20 -30,77%
Most profitable segments are the ones the
companies spend the most on.
Only one segment in expansion: Comcast’s
Theme Parks since CapEx/Dep mix > 1.00
Expenditures look small but it
is because pay TV is less
expensive to implant than
other segments. It uses
cloud-storing and streaming.
This can explain
the gap between
the 2 companies
in the movie war.
300 1,93 268 1,01 32 11,94%
-15.00% -10.00% -5.00% 0.00% 5.00% 10.00%
Cable Communications
NBCUniversal
Cable Networks
Broadcast Television
Filmed Entertainment
Theme Parks
Total
V% ROS
V% Sales
-15.00% -10.00% -5.00% 0.00% 5.00% 10.00%
Turner
Home Box Office
Warner Bros
Time Inc.
Total
V% ROS
V% Sales

64%
14%
11%
8% 3%
62%
14%
13%
8%
3%
2013 COMCAST
Product Sales Mix by
Revenue
2012 COMCAST
Revenue

0.00%
5.00%
10.00%
15.00%
20.00%
25.00%
30.00%
35.00%
Cable
Communications
NBCUniversal Cable
Networks
Broadcast
Television
Filmed
Entertainment
Theme Parks Total
In%
2013 Comcast ROS per segment
2013 COMCAST
Product Sales Mix by Operating Income
72%
18%
2%
3%
5%
64%
14%
11%
8%
3%
2013 COMCAST
Product Sales Mix by Revenue
88%
1%
1% 0%
10%
2013 COMCAST
Capital Expenditures Mix
0.00%
5.00%
10.00%
15.00%
20.00%
25.00%
30.00%
35.00%
Cable
Communications
NBCUniversal Cable Networks Broadcast
Television
Filmed
Entertainment
Theme Parks Total
In%
2013 Comcast ROS per segment

33%
16%
40%
11%
32%16%
40%
12%
2013 Time Warner
Revenue
2012 Time Warner
Revenuee

0.00%
5.00%
10.00%
15.00%
20.00%
25.00%
30.00%
35.00%
40.00%
Turner Home Box Office Warner Bros Time Inc. Total
In%
2013 Time Warner ROS per segment
40%9%
45%
6%
50%
26%
19%
5%
2013 Time Warner
Product Sales Mix by Operating Income
33%
16…40%
11%
2013 Time Warner
Product Sales Mix by Revenue
2013 Time Warner
Capital Expenditures Mix
0.00%
5.00%
10.00%
15.00%
20.00%
25.00%
30.00%
35.00%
40.00%
Turner Home Box Office Warner Bros Time Inc. Total
In%
2013 Time Warner ROS per segment

High Market Share & High Market
Growth
Low Market Share & High Market
Growth
High Market Share & Low Market
Growth
Low Market Share & Low Market
Growth

Exhaustive Competition Analysis
(in $millions except mentionned)
DTV
2013
TWC
2013
CMCSA
2013
TWX
2013
DIS
2013
FOX
2013
CBS
2013
VIA
2013
DISCA
2013
Revenues 31 754 22 120 64 657 29 795 45 041 27 675 15 284 13 794 5 535
Cost of Goods Sold 16 642 10 342 19 670 16 230 35 591 17 496 8 813 6 799 1 689
Gross Profit 15 112 11 778 44 987 13 565 9 450 10 179 6 471 6 995 3 846
EBIT 5 150 4 580 13 563 6 605 9 236 5 327 3 259 3 836 1 998
Net Income 2 859 1 954 6 816 3 691 6 136 7 097 1 879 2 395 1 075
Total Assets 21 905 48 273 158 813 67 994 81 241 50 944 26 387 23 829 14 979
Inventory 283 - - 2 028 1 487 2 784 772 770 -
Net Property, Plant & Equipment 9 117 15 056 29 840 3 825 22 380 2 829 2 236 1 040 514
Intangibles as % of Total Assets 22,32% 61,65% 65,35% 58,99% 42,71% 43,81% 56,82% 47,66% 72,03%
Total Liabilities 28 449 41 330 108 119 38 090 35 812 33 946 16 421 18 636 8 783
Long-Term Debt 18 284 23 285 44 567 20 099 12 776 16 321 5 940 11 867 6 482
Total Equity -6 544 6 943 50 694 29 904 45 429 16 998 9 966 5 193 6 196
Operating Cash Flow Activities 6 394 5 753 14 160 3 714 9 452 3 002 1 873 3 083 1 285
Capital Expenditures -3 786 -3 238 -7 605 -602 -2 796 -622 -270 -160 -115
Free Cash Flow 2 608 2 515 6 555 3 112 6 656 2 380 1 603 2 923 1 170
Beta (units) 1,24 0,98 0,88 1,21 1,11 1,27 1,70 0,84 1,51
Gross Margin (%) 47,60% 53,20% 69,60% 45,50% 21,00% 36,80% 42,30% 50,70% 69,50%
Return On Sales (%) 9,00% 8,83% 10,54% 12,39% 13,62% 25,64% 12,29% 17,36% 19,42%
Return On Equity (%) 0,00% 27,48% 13,63% 12,35% 14,41% 34,05% 18,62% 37,89% 17,22%
Debt / Assets (%) 129,87% 85,62% 68,08% 56,02% 44,08% 66,63% 62,23% 78,21% 58,64%
Tax Rate (%) 35,72% 35,70% 35,81% 32,98% 31,02% 19,35% 33,76% 30,41% 37,96%
EPS Growth Rate (%) 12,88% -2,90% 12,28% 26,86% 7,99% 544,68% 25,94% 31,17% 19,76%
Price Earnings (units) 16,0 21,9 18,4 19,8 24,0 8,0 26,2 12,7 19,1
Stock Price ($) – March 20th, 2015 $69,06 $132,03 $51,10 $65,41 $75,44 $34,19 $63,01 $85,99 $46,20
Dividends Yield (%) 0,00% 1,97% 1,53% 1,76% 0,99% 0,50% 0,76% 1,34% 0,00%
Market Capitalization ($M) 35 842 38 025 132 707 58 542 131 266 75 457 52 928 27 001 14 230
Employees (units) 31 700 51 600 136 000 34 000 180 000 27 000 19 490 9 900 5 700
Comcast and Disney have the highest
revenues of the industry.
Despite a long struggle, Time Warner
still has one of the highest revenues.
Comcast and Time Warner have the
best gross profit of the industry
thanks to very ingenious
management of Costs of Goods Sold.
Time Warner’s specific industry is
more profitable than Comcast’s
specific industry.
Huge Assets for the
industry due to past
acquisitions and mergersNot a lot of Inventory in this industry
as most of it is in non-current assets.
Higher P&E for Cable companies
because they need the space.
Disney also because has a lot of
Theme Parks.
CMCSA, TWX and DIS have much
more Assets, Liabilities and Owner’s
Equity than Other Companies in the
industry.
Positive correlation between P&E and OCF.
Same pattern as depreciation is higher due
to more P&E.
In red, companies are most likely to
pay higher dividends because they
engage less in expansion projects.
All of the companies create a lot of
opportunities though because FCF > 0
This industry is quite stable and
remains positively correlated to the
market.
Entertainment businesses are more
profitable than Cable / Pay TV
businesses.
Advantage or Disadvantage ?
The more intangibles, the higher the risks of dilution. If the
trend confirms, losses to come in value and in revenues due
to yearly write-offs.
The greener, the less risk. The redder,
the more risk.
 Capital Structures
All of the companies have increased
EPS, except TWC, so the conditions for
Market Price of their stock to rise are
good (excluding TWC).
Price Earnings are in the average zone,
except for FOX, VIA and CBS.
 Investors are willing to investTWC, CMCSA, TWX attract investors
more than other companies.
 Better companies to invest in
All companies are large caps.

2013 One Day Income Statement
(in millions of $)
% %
Total Revenue 180 100,0% 83 100,0%
Cost of Goods Sold 55 30,4% 45 54,5%
Gross Profit 125 69,6% 38 45,5%
Costs and Expenses :
Selling, General & Administrative 51 28,5% 9 10,9%
Restructing & Severance Costs 0 0,2% 1 0,8%
Advertising & Marketing Costs 14 7,7% 7 8,7%
Depreciation 17 9,7% 2 2,6%
Amortization 4 2,5% 1 0,8%
Gain on Operating Assets, net - 0,0% 0 0,5%
Total Costs and Expenses 87 48,6% 20 24,3%
Operating Income (Loss) 38 21,0% 18 21,2%
Income (Exp.) from Continuing Operations :
Interest Expense -7 -4,0% -3 -4,0%
Investment income (loss), net 2 0,9% - 0,0%
Equity in net income (losses) of investees, net -0 -0,1% - 0,0%
Other Income (Expense) -1 -0,6% -0 -0,4%
Total Other Income (Loss) -7 -3,8% -4 -4,4%
Income Before Income Tax 31 17,2% 14 16,8%
Income Tax Expense -11 -6,2% -5 -5,9%
Income From Continued Operations 20 11,0% 9 11,0%
Discontinued Operations - 0,0% 0 0,5%
Net Income 20 11,0% 9 11,4%
Net Income (Loss) attributable to
noncontrolling interests
-1 -0,5% - 0,0%
NET INCOME attributable to company 19 10,5% 9 11,4%
X2.2
X2.6
-4.0% -4.0%
12.2% 3.4%

Comparative Income Statements
(in millions of $)
2013 2012 V$ 2013-2012 V% 2013-2012 2013 2012 V$ 2013-2012 V% 2013-2012
Total Revenue 64 657 62 570 2 087 3,3% 29 795 28 729 1 066 3,7%
Cost of Goods Sold 19 670 19 929 -259 -1,3% 16 230 15 934 296 1,9%
Gross Profit 44 987 42 641 2 346 5,5% 13 565 12 795 770 6,0%
Costs and Expenses :
Selling, General & Administrative 18 424 17 678 746 4,2% 3 251 3 231 20 0,6%
Restructing & Severance Costs 160 155 5 3,2% 246 119 127 106,7%
Advertising & Marketing Costs 4 969 4 831 138 2,9% 2 579 2 458 121 4,9%
Depreciation 6 254 6 150 104 1,7% 775 830 -55 -6,6%
Amortization 1 617 1 648 -31 -1,9% 251 248 3 1,2%
Gain on Operating Assets, net - - - 0,0% 142 9 133 1477,8%
Total Costs and Expenses 31 424 30 462 962 3,2% 6 960 6 877 83 1,2%
Operating Income (Loss) 13 563 12 179 1 384 11,4% 6 605 5 918 687 11,6%
Income (Exp.) from Continuing Operations :
Interest Expense -2 574 -2 521 -53 -2,1% -1 190 -1 253 63 5,0%
Investment income (loss), net 576 219 357 163,0% - - - 0,0%
Equity in net income (losses) of investees, net -86 959 -1 045 -109,0% - - - 0,0%
Other Income (Expense) -364 773 -1 137 -147,1% -112 -217 105 48,4%
Total Other Income (Loss) -2 448 -570 -1 878 -329,5% -1 302 -1 470 168 11,4%
Income Before Income Tax 11 115 11 609 -494 -4,3% 5 303 4 448 855 19,2%
Income Tax Expense -3 980 -3 744 -236 -6,3% -1 749 -1 526 -223 -14,6%
Income From Continued Operations 7 135 7 865 -730 -9,3% 3 554 2 922 632 21,6%
Discontinued Operations - - - - 137 - 137 -
Net Income 7 135 7 865 -730 -9,3% 3 691 2 922 769 26,3%
Net Income (Loss) attributable to noncontrolling interests -319 -1 662 1 343 80,8% - 3 -3 -100,0%
NET INCOME attributable to company 6 816 6 203 613 9,9% 3 691 2 925 766 26,2%
X2.2
X3.3
X2.2
X8.0
X6.5
X2.1
1st
Assets Impairments
decreased at Turner Co.
Acquisition of real estate
properties and increase in
capital spending

Income Statement 5-Year Growth
(in millions of $)
2008 2009 2010 2011 2012 2013
Average
growth rate
per year
Revenue 34 256 35 756 37 937 55 842 62 570 64 657
R Growth - 4,4% 6,1% 47,2% 12,0% 3,3% 14,6%
Gross Margin 60,7 59,7 59,8 62,8 68,1 69,6
GM Growth - -1,6% 0,2% 5,0% 8,4% 2,2% 2,8%
Net Income 2 547 3 638 3 635 4 160 6 203 6 816
NI Growth - 42,8% -0,1% 14,4% 49,1% 9,9% 23,2%
Revenue 46 984 25 785 26 888 28 974 28 729 29 795
R Growth - -45,1% 4,3% 7,8% -0,8% 3,7% -6,0%
Gross Margin 41,9 44,0 44,1 43,7 44,5 45,5
GM Growth - 5,0% 0,2% -0,9% 1,8% 2,2% 1,7%
Net Income -13 402 2 468 2 578 2 886 3 019 3 691
NI Growth - 118,4% 4,5% 11,9% 4,6% 22,3% 32,3%

Assets
(In Millions of $)
2013 % 2012 % V $ 2013-2012 V % 2013-2012 2013 % 2012 % V $ 2013-2012 V % 2013-2012
Current Assets :
Cash and Cash Equivalents 1 718 1% 10 951 7% -9 233 -84% 1 862 3% 2 841 4% -979 -34%
STI 3 573 2% 1 464 1% 2 109 144% - 0% - 0% - 0%
Receivables 6 376 4% 5 521 3% 855 15% 7 868 12% 7 385 11% 483 7%
Inventories - 0% - 0% - 0% 2 028 3% 2 036 3% -8 0%
Deferred Income Taxes - 0% - 0% - 0% 447 1% 474 1% -27 -6%
Programming Rights 928 1% 909 1% 19 2% - 0% - 0% - 0%
Other Current Assets 1 480 1% 1 146 1% 334 29% 639 1% 528 1% 111 21%
Total Current Assets 14 075 9% 19 991 12% -5 916 -30% 12 844 19% 13 264 20% -420 -3%
Non-Current assets :
Film and Television Costs 4 994 3% 5 054 3% -60 -1% 6 699 10% 6 675 10% 24 0%
Investments 3 770 2% 6 325 4% -2 555 -40% 2 024 3% 1 966 3% 58 3%
Property and Equipment, net 29 840 19% 27 232 17% 2 608 10% 3 825 6% 3 942 6% -117 -3%
Franchise Rights 59 364 37% 59 364 36% - 0% - 0% - 0% 0%
Goodwill 27 098 17% 26 985 16% 113 0% 30 563 45% 30 446 45% 117 0%
Other Intangible Assets, net 17 329 11% 17 840 11% -511 -3% 9 549 14% 9 750 14% -201 -2%
Other Noncurrent Assets, net 2 343 1% 2 180 1% 163 7% 2 490 4% 2 046 3% 444 22%
Total non-current assets 144 738 91% 144 980 88% -242 0% 55 150 81% 54 825 81% 325 1%
TOTAL ASSETS 158 813 100% 164 971 100% -6 158 -4% 67 994 100% 68 089 100% -95 0%
X2.3
-4%
-30%
0%

0.0
5.0
10.0
15.0
20.0
25.0
30.0
35.0
2010 2011 2012 2013
Evolution of Goodwill
Comcast Time Warner
Current
Assets
Fixed
Assets
Intangible
Assets
Liabilities
Owner’s
Equity
$40 B $60 B
$20 B
Spread
+ $10.9 B from
NBCU transaction
Assets

Balance Sheet 5-Year Growth
(In Millions of $)
2009 2010 2011 2012 2013
Average growth
rate per year
Total Assets 122 733 118 534 157 818 164 971 158 813
TA Growth - -3,4% 33,1% 4,5% -3,7% 7,6%
Total Liabilities 70 012 74 180 110 544 115 615 108 119
TL Growth - 6,0% 49,0% 4,6% -6,5% 13,3%
Total Equity 42 721 44 354 47 274 49 356 50 694
TE Growth - 3,8% 6,6% 4,4% 2,7% 4,4%
Total Assets 66 059 66 707 67 801 68 089 67 994
TA Growth - 1,0% 1,6% 0,4% -0,1% 0,7%
Total Liabilities 32 662 33 762 37 847 38 292 38 090
TL Growth - 3,4% 12,1% 1,2% -0,5% 4,0%
Total Equity 33 397 32 945 29 954 29 797 29 904
TE Growth - -1,4% -9,1% -0,5% 0,4% -2,6%
X1.8
X5.7

-10.00%
0.00%
10.00%
20.00%
30.00%
40.00%
2010 2011 2012 2013
33.10%
Total Assets Growth Rate Comcast VS
Time Warner
Total Assets Growth Rate Comcast Total Asset Growth Rate Time Warner
-20.00%
0.00%
20.00%
40.00%
60.00%
2010 2011 2012 2013
49.00%
-6.50%
Total Liabilities Growth Rate Comcast VS
Time Warner
Total Liabilities Growth Rate Comcast Total Liabilities Growth Rate Time Warner
-10.00%
-5.00%
0.00%
5.00%
10.00%
2010 2011 2012 2013
6.60%
-9.10%
Total Equity Growth Rate Comcast VS
Time Warner
Total Equity Growth Rate Comcast Total Equity Growth Rate Time Warner
-5.00%
0.00%
5.00%
10.00%
15.00%
Total Assets Total Liabilities Total Equity
13.30%
-2.60%
Average Growth Rate Per Year Comcast VS
Time Warner
Average Growth Rate Per Year Comcast Average Growth Rate Per Year Time Warner

Capital Expenditures 5-Year Growth
(In Millions of $)
2009
V% 2010-
2009
2010
V% 2011-
2010
2011
V% 2012-
2011
2012
V% 2013-
2012
2013
Average
growth rate
per year
Cable Distribution
System
24 540 13,0% 27 727 3,8% 28 781 2,6% 29 528 3,3% 30 498 5,7%
Building and
Leasehold
Improvements
1 937 2,3% 1 981 143,8% 4 830 13,2% 5 468 47,3% 8 057 51,7%
Customer Premise
Equipment
19 639 10,6% 21 716 8,5% 23 552 5,1% 24 763 4,8% 25 949 7,2%
Land 206 -1,0% 204 352,5% 923 7,2% 989 9,6% 1 084 92,1%
Other Equipement 5 343 -17,8% 4 392 36,6% 6 001 -1,5% 5 909 15,5% 6 826 8,2%
Total Capital
Expenditures
51 665 8,4% 56 020 14,4% 64 087 4,0% 66 657 8,6% 72 414 8,9%
Furniture, fixtures
and other equipment
3 221 3,6% 3 337 5,4% 3 518 0,7% 3 541 1,7% 3 600 2,8%
Builings and
Improvements
2 512 3,9% 2 610 2,5% 2 676 6,5% 2 851 2,4% 2 918 3,8%
Capitalized Software
Costs
1 445 10,5% 1 597 10,8% 1 770 5,6% 1 869 6,5% 1 990 8,4%
Land 476 4,8% 499 0,6% 502 0,6% 505 0,2% 506 1,6%
Total Capital
Expenditures
7 654 5,1% 8 043 5,3% 8 466 3,5% 8 766 2,8% 9 014 4,2%
X6.8 X7.6X7.0 X8.0X7.6X2.1

-
10,000
20,000
30,000
40,000
50,000
60,000
70,000
80,000
2009 2010 2011 2012 2013
51,665 56,020
64,087 66,657
72,414
7,654
8,043 8,466 8,766 9,014
Comcast and Time Warner Capital Expenditures
Total Capital Expenditures Comcast Total Capital Expenditures Time Warner
In $ Millions
0.0%
5.0%
10.0%
15.0%
V% 2010-2009 V% 2011-2010 V% 2012-2011 V% 2013-2012
8.4%
14.4%
4.0%
8.6%
5.1% 5.3%
3.5%
2.8%
Comcast and Time Warner 5-year Growth Capital Expenditures
V% Total Capital Expenditures Comcast V% Total Capital Expenditures Time Warner
+40.2%
+17.8%

-
200
400
600
800
2014 2015-2016 2017-2018 Thereafter
Operating Lease Payments Comcast Vs
Time Warner
Comcast Time Warner
Leasing Expenditures (In Millions of $) 2014 2015-2016 2017-2018 Thereafter TOTAL
Capital Lease Payments 7 11 5 14 37
Operating Lease Payments 385 628 458 673 2 144
Capital Lease Payments 15 24 22 20 81
Operating Lease Payments 410 721 502 277 1 910
-
5
10
15
20
25
30
2014 2015-2016 2017-2018 Thereafter
Capital Lease Payments Comcast Vs
Time Warner
Capital Lease Payments Comcast Capital Lease Payments Time Warner
X57.9
X23.6

Liabilities & Equity
(in millions of $)
2013 % 2012 % V $ V % 2013 % 2012 % V $ V %
Current Liabilities:
Accounts Payable & Accrued liabilities 14 734 9% 13 487 8% 1 247 9% 7 322 11% 8 039 12% -717 -9%
Deferred Revenue 898 1% 851 1% 47 6% 995 1% 1 011 1% -16 -2%
Short-Term Debt 3 280 2% 2 376 1% 904 38% 66 0% 749 1% -683 -91%
Total Current Liabilities 18 912 12% 16 714 10% 2 198 13% 8 383 12% 9 799 14% -1 416 -14%
Non-Current Liabilities:
Long-Term Debt 44 567 28% 38 082 23% 6 485 17% 20 099 30% 19 122 28% 977 5%
Deferred Revenue & Income Taxes 31 935 20% 30 110 18% 1 825 6% 3 124 5% 2 650 4% 474 18%
Other Non-Current Liabilities 11 384 7% 13 271 8% -1 887 -14% 6 484 10% 6 721 10% -237 -4%
Redeemable noncontrolling interests & P-S 957 1% 16 998 10% -16 041 -94% - 0% - 0% - 0%
Total Liabilities 107 755 68% 115 175 70% -7 420 -6% 38 090 56% 38 292 56% -202 -1%
Equity:
Common Stock 30 0% 31 0% -1 -3% 17 0% 17 0% - 0%
Additional Paid-In-Capital 38 890 24% 40 547 25% -1 657 -4% 153 410 226% 154 577 227% -1 167 -1%
Retained Earnings 19 235 12% 16 280 10% 2 955 18% -85 041 -125% -88 732 -130% 3 691 -4%
Treasury Stock -7 517 -5% -7 517 -5% - 0% -37 630 -55% -35 077 -52% -2 553 7%
Accumulated other comprehensive income (loss)
56 0% 15 0% 41 273% -852 -1% -989 -1% 137 -14%
Total Shareholder's Equity 50 694 32% 49 356 30% 1 338 3% 29 904 44% 29 796 44% 108 0%
Noncontrolling Interests 364 0% 440 0% -76 -17% - 0% 1 0% -1 -100%
Total Equity 51 058 32% 49 796 30% 1 262 3% 29 904 44% 29 797 44% 107 0%
TOTAL LIABILITIES & EQUITY 158 813 100% 164 971 100% -6 158 -4% 67 994 100% 68 089 100% -95 0%
X2.8
X1.7
X10.0

• 26 bonds for a Market Value of
$34.2B
• 28 bonds for a Market Value of
$26.5B
• They issue big bonds
 they have a big power over
the market
• They issue smaller bonds
they do not have the same
power over the market
• Average Cost of Capital = R.R.R
10.5%
• Higher than Km
• Attract ShareHolder seeking risk
• Average Cost of Capital = R.R.R
7.67%
• Smaller than Km
• Attract Risk Averse ShareHolder

-
10 000
20 000
30 000
40 000
50 000
60 000
70 000
2007 2008 2009 2010 2011 2012 2013 2014
In$millions
Years
Comcast Revenue and Net Income for the last six years
Revenue
Net Income
-20 000
-10 000
-
10 000
20 000
30 000
40 000
50 000
60 000
2007 2008 2009 2010 2011 2012 2013 2014
In$millions
Years
Time Warner Revenue and Net Income for the last six years
Revenue
Net Income

58.0
60.0
62.0
64.0
66.0
68.0
70.0
72.0
2007 2008 2009 2010 2011 2012 2013 2014
In%
Years
Comcast Gross Margin for the past six years
41.5
42.0
42.5
43.0
43.5
44.0
44.5
45.0
45.5
46.0
2007 2008 2009 2010 2011 2012 2013 2014
In%
Years
Time Warner Gross Margin for the past six years
Crisis Context
Crisis Context
Expansion
Expansion

-
2 000
4 000
6 000
8 000
10 000
12 000
14 000
16 000
18 000
Q1 Q2 Q3 Q4
15 310
16 270 16 151
16 926
6 939 7 435 6 856
8 565
In$millions
Comcast and Time Warner 2013 revenues per quarter
Comcast
Time Warner
0.0%
5.0%
10.0%
15.0%
20.0%
25.0%
30.0%
Q1 Q2 Q3 Q4
23.7%
25.2% 25.0% 26.2%
23.3%
25.0%
23.0%
28.7%
In%
Comcast and Time Warner 2013 %revenues per quarter
Comcast
Time Warner

-
200
400
600
800
1 000
1 200
1 400
1 600
1 800
2 000
Q1 Q2 Q3 Q4
1 437
1 734 1 732
1 913
754 771
1 183
983
In$millions
Comcast and Time Warner 2013 Net Income per quarter
Comcast
Time Warner
0.0%
5.0%
10.0%
15.0%
20.0%
25.0%
30.0%
35.0%
Q1 Q2 Q3 Q4
21.1%
25.4% 25.4%
28.1%
20.4% 20.9%
32.1%
26.6%
In%
Comcast and Time Warner 2013 %Net Income per quarter
Comcast
Time Warner

0
10
20
30
40
50
60
70
80
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
In%
CMCSA COGS & Gross Margin as a % of Sales
COGS Gross Margin
0
10
20
30
40
50
60
70
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
In%
TWX COGS & Gross Margin as a % of Sales
COGS Gross Margin
-30
-25
-20
-15
-10
-5
0
5
10
15
20
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
In%
ROA ROE ROIC
0
2
4
6
8
10
12
14
16
18
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
In%
ROA ROE ROIC
In 2008, TWX recorded asset
impairments of $7B!
Decline in value of Goodwill
in the Publishing segment.
STABILITY
Average
COGS 56.7%
Gross Margin 46%
Since 2010, COGS decreases and Gross Margin
increases
10Y
PROFITABILITY

0
0.2
0.4
0.6
0.8
1
1.2
1.4
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
Current Ratio Quick Ratio
0
0.5
1
1.5
2
2.5
3
3.5
4
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
Financial Leverage Debt/Equity
0
0.5
1
1.5
2
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
Current Ratio Quick Ratio
0
0.5
1
1.5
2
2.5
3
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
Financial Leverage Debt/Equity
CMCSA is less
liquid than TWX
RATIO UNDER 1
CMCSA used
more debt than
TWX to finance
its operations.
HIGHER
FINANCIAL
RISK
10Y FINANCIAL
HEALTH
Operations are financed
with investors money.

Comparative
2-year Ratios
2013 2012 % change B/W 2013 2012 % change B/W
Current Ratio 0,74 1,20 -38% W 1,53 1,35 13% B
Quick Ratio 0,74 1,20 -38% W 1,29 1,15 13% B
Gross Margin 69,6% 68,1% 2% B 45,5% 44,5% 2% B
Return On Sales 10,5% 9,9% 6% B 12,4% 10,2% 22% B
Return On Assets 4,3% 3,8% 14% B 5,4% 4,3% 26% B
Return On Equity 13,4% 12,6% 7% B 12,3% 9,8% 26% B
Days Sales Outstanding 36 32 12% W 95 93 3% W
Inventory Carrying Days 0 0 - W 45 46 -2% B
Account Payable Days 101 112 -10% W 162 182 -11% W
Cash Conversion Cycle -66 -80 18% W -22 -43 48% W
Receivable Turnover 10,1 11,3 -11% W 3,8 3,9 -3% W
Inventory Turnover - - - - 8,0 7,8 2% B
Total Asset Turnover 0,41 0,38 7% B 0,44 0,42 4% B
Payables Turnover 3,6 3,2 11% W 2,2 2,0 12% W
Revenues Per Employee 475 419 485 039 -2% W 876 324 844 971 4% B
Net Income Per Employee 50 118 48 085 4% B 108 559 86 029 26% B
Equity Multiplier 3,11 3,31 -6% B 2,27 2,29 0% B
Debt / Assets 68% 70% -3% B 56% 56% 0% B
Debt / Equity 2,11 2,31 -9% B 1,27 1,29 -1% B
Times Interest Earned 5,27 4,83 9% B 5,55 4,72 18% B
Degree Of Operating
Leverage 3,41 1,13 202% W 3,13 -2,30 236% B
Degree Of Financial Leverage 1,06 3,93 -73% B 2,6 1,8 45% W
Degree Of Total Leverage 3,63 4,43 -18% B 8,3 -4,2 298% B
Earnings Per Share $2,60 $2,32 12% B $3,92 $3,00 31% B
Dividend Per Share $0,78 $0,65 20% B $1,15 $1,04 11% B
Dividend Yield 1,5% 1,8% -15% W 1,8% 2,4% -26% W
Dividend Payout 30,0% 28,1% 7% B 29,4% 34,7% -15% W
Price Earnings 19,68 15,59 26% B 16,70 14,69 14% B
Price To Book 2,60 1,91 36% B 1,96 1,38 42% B
Market Capitalization 132 707 95 268 39% B 58 542 41 017 43% B

C.A:$13,264 C.L:$9,799
1.20 1.35
INVENTORY: $2,036
1.20 1.15
NO INVENTORY
In Million
Comcast’s Inventory is in fact in Long-Term
Assets as they prefer to amortize movie costs
for example on long periods of time.

C.A:$12,984 C.L:$8,383
0.74 1.53
INVENTORY: $2,028
0.74 1.29
NO INVENTORY
In Million
Huge decrease !
The more Inventory, the Lower the Quick
Ratio, Comcast tops this ratio by placing
Inventory in Long-Term Assets.

45%55%
2012
Gross Margin CGS
46%54%
2013
Gross Margin CGS
70%
30%
2013
Gross Margin CGS
68%
32%
2012
Gross Margin CGS
X1.5

0.0%
5.0%
10.0%
15.0%
2013 2012
10.5% 9.9%
12.4%
10.2%
R.O.S.
Comcast Time Warner
0.0%
1.0%
2.0%
3.0%
4.0%
5.0%
6.0%
2013 2012
4.3%
3.8%
5.4%
4.3%
R.O.A.
Comcast Time Warner
0.0%
2.0%
4.0%
6.0%
8.0%
10.0%
12.0%
14.0%
2013 2012
13.4%
12.6%12.3%
9.8%
R.O.E.
Comcast Time Warner
+14%

Comparative
2-year Dupont Equation
Year Equity Multiplier x
Total Assets
Turnover x
Return On
Sales =
Return On
Equity
2013 3,11 x 0,41 x 10,5% = 13,3%
2012 3,31 x 0,38 x 9,9% = 12,5%
2013 2,27 x 0,44 x 12,4% = 12,3%
2012 2,29 x 0,42 x 10,2% = 9,8%

-
0.50
1.00
1.50
2.00
2.50
3.00
3.50
2013 2012 2013 2012
Comcast Time Warner
3.11 3.31
2.27 2.29
-6.0%
-0.5%
X0,73
X0,69

DSO
36 days
Cash Conversion Cycle
-65 days
Collect Accounts
Receivables
Accounts Payable Days
101 Days
Paying Suppliers
(Cash out)
-70 days
32 days
112 Days

ICD
45 days
Days Sales Outstanding
95 days
Cash Conversion Cycle
-22 days
Collect Accounts
Receivables
Accounts Payable Days
165 Days
Sell Finished
Goods
Paying Suppliers
(Cash out)46 days 93 days
183 Days
-43 days

0.00
0.10
0.20
0.30
0.40
0.50
0.60
0.70
0.80
0.90
1.00
2013 2012
0.41
0.38
0.44
0.42
Comcast Time Warner
+4%
+7%
+3.3%
-4%

0.00
0.10
0.20
0.30
0.40
0.50
0.60
0.70
0.80
0.90
1.00
2013 2012
0.41
0.38
0.44
0.42
+4%
+7%

-
100 000
200 000
300 000
400 000
500 000
600 000
700 000
800 000
900 000
2013 2012
475 419 485 039
876 324 844 971
In$
Axis Title
Comcast
Time Warner

50 118
108 559
48 085
86 029
-
20 000
40 000
60 000
80 000
100 000
120 000
140 000
2011 2012 2013 2014
IN$MILLIONS
Comcast Time Warner Comcast Time Warner
x1.8
x2.2

Comparative
2-yearRatios
2013 2012 %change B/W 2013 2012 %change B/W
EquityMultiplier 3.11 3.31 -6% B 2.27 2.29 0% B
Debt/Assets 68% 70% -3% B 56% 56% 0% B
Debt/Equity 2.11 2.31 -9% B 1.27 1.29 -1% B
TimesInterestEarned 5.27 4.83 9% B 5.55 4.72 18% B
2.11 2.31
5.27 4.83 5.55 4.72
The higher the better
Risky Stable

-
20 000
40 000
60 000
80 000
100 000
120 000
140 000
160 000
180 000
2013 2012
Comcast
158 813 164 971
107 755 115 175
Assets Debt
2013 2012
Time Warner
67 994 68 090
38 090 38 292
Assets Debt
56%
-6.4%
68%
56%
70%
-3.7%
Time Warner
Debt/Assets
Ratio remains
56%
Stable! Less risk
for sharholders
Huge amount of
Debt!
Big decrease in
Liabilities because of
the repayment of the
49% interest of NBCU
hold by GE.
A total amount of
$16.7B including a
cash payment of
$11.4B
(in $Millions)

0.00
0.50
1.00
1.50
2.00
2.50
2013 2012
2.11
2.31
1.27 1.29
Comcast Time Warner
Normally around 1
Normally
around 1 Stable & Near 1
-9%
-1%
High and
Unstable

4.20
4.40
4.60
4.80
5.00
5.20
5.40
5.60
2013 2012
5.27
4.83
5.55
4.72
Comcast
Time Warner
Operating Income
Interest Expense
TIE
Operating Income
Interest Expense
TIE
x2
+11.4%
+2,1% -5.0%
+11.6%

DOL x DFL = DTL
Time Warner
Comcast
DOL -0.94 X
DOL 4.39 X DFL 1.00
DTL 4.39
=
DFL -6.41
DTL 6.03
=
?
DOL = rEBIT/rSales
For every 1% change in Sales, EBIT will move by 3.41%/3.13%
DFL = rEPS/rEBIT
For every 1% change in EBIT, EPS will move by 1.06%/1.41%
DTL = DOL x DFL
For every 1% change in Sales, EPS will move by 3.63%/4.41%
-> CMCSA is more volatile

EPS 2,60$ 2,32$ 12% B 3,77$ 3,24$ 16% B
DPS 0,78$ 0,65$ 20% B 1,15$ 1,04$ 11% B
P/E 19,68 15,59 26% B 17,35 13,58 28% B
PriceTo Book 2,61 1,91 36% B 1,96 1,38 42% B
MarketCap 133218 95268 40% B 58542 41017 43% B
Comparative 2-year
Ratios Market
Valuation
Let’s talk EPS
TWX higher EPS + h
more
= profitability
Investors seek HIGH
EPS: Dividend h or
Company Expansion
DPS
Profit distribution
to shareholders
h means Company
expects future
growth
CMCSA DPS has h
more
Both DPS h
Dividend Paid h
Number of share
outstanding $
Let’s talk
NI h Nb Outstanding
Shares $
$-
$0.50
$1.00
$1.50
+20%
+11%
$-
$1.00
$2.00
$3.00
$4.00
+12%
+16%
-4%
+9%

EPS 2,60$ 2,32$ 12% B 3,77$ 3,24$ 16% B
DPS 0,78$ 0,65$ 20% B 1,15$ 1,04$ 11% B
P/E 19,68 15,59 26% B 17,35 13,58 28% B
PriceTo Book 2,61 1,91 36% B 1,96 1,38 42% B
MarketCap 133218 95268 40% B 58542 41017 43% B
Comparative 2-year
Ratios Market
Valuation
Let’s
talk
Almost same level of stock
profitability
HOWEVER
CMCSA ratio h TWX ratio $
Dividend
Yield
Return on Investment
of a stock. The higher
the better
TWX highest Div
Yield
Both DY $
Dividend Paid h
Share price h
Share price (CMCSA +41%
TWX +48%) offset
Dividend (CMCSA +19%
TWX +6%)
Dividend
Payout
Dividend paid as a % of
NI
High DP = profitable stock
Low DP = Company
expansion
-0.3%
CMCSA
Dividend Paid h19%
Net Income
h9.9%
TWX
Dividend Paid h6%
Net Income h26%
-0.5%
Let’s
talk
26.0%
28.0%
30.0%
32.0%
34.0%
COMCAST TIME
WARNER

EPS 2,60$ 2,32$ 12% B 3,77$ 3,24$ 16% B
DPS 0,78$ 0,65$ 20% B 1,15$ 1,04$ 11% B
P/E 19,68 15,59 26% B 17,35 13,58 28% B
PriceTo Book 2,61 1,91 36% B 1,96 1,38 42% B
MarketCap 133218 95268 40% B 58542 41017 43% B
Comparative 2-year
Ratios Market
Valuation
Let’s
talk
Price
Earning
+2.33
How much an
investor is willing
to pay for each
dollar of earnings.
CMCSA
Stock price
h41%
EPS h12%
TWX
Stock Price
h48%
Bullish trend
Let’s
talk
Price to Book
Effectiveness in
generating value for its
shareholders’
investment
+0.65
CMCSA
Stock Price h 41%
Book value/share h3.3%
TWX
Stock Price h48%
Book value/share h2.2%
CMCSA most
attractive stock
Let’s
talk
Market
Capitalization
CMCSA: Stock Price h41% / Nb Share Out
h1.2%
Stock Price 34x more important than Nb Shares
TWX: Stock Price h48% / Nb Share Out h4%
Stock Price 12x more important than Nb Shares
Both Market cap grew
bigger from 2012 to 2013
133133
X2.3
95 415858

4.22%Time Warner Inc 5.88% $87.89 4.40% 17.35
Higher than the
industry median
EPS Growth of
industry is low.
Not attractive
But CMCSA and
TWX are high.
Overall decrease
in stock prices
TWX has increased
CMCSA high
return
TWX low return
Investing in this
industry was
profitable
Investors are
willing to pay
more for CMCSA
than TWX.
Both are above
the industry
median

Time Warner Inc n/a n/a n/a n/a
There were less
cable subscribers
in 2014 compared
to 2013.
CMCSA
suffered from
the 2nd biggest
loss
General increase
in number of
internet
subscribers
CMCSA highest
growth of
number of
subscribers
CMCSA has 3x more
cable subscribers
than the Industry
median
Biggest competitor
is DirectTV
CMCSA has 8.7x more
internet subscribers
than the Industry
median
Biggest competitor
is TWC
CMCSA surpasses the Industry competition by doing great in both
sectors.

Time Warner Inc $72,994 $29,466 $67,994
CMCSA represents
more than ¼ of the
industry
CMCSA has the
biggest market cap
TWX 2nd biggest
CMCSA 2 times
bigger
than TWX
And its
competitors
3.4x bigger
than Time
Warner Cable
CMCSA generates
5x more sales
than the average
industry
TWX 2.5x less
sales than CMCSA
But
2.3x more sales
than industry
CMCSA and TWX
has the two
biggest amount of
Total Assets in the
industry.

Comparative
Cash Flow Statements
OPERATING:
Net Income 6816 3691
Depreciation Expense 6254 775
Increase in Accounts Receivable -855 -483
Increase in Inventory 0 8
Increase in Other Current Assets -353 -84
Increase in Film & Production Costs 60 -24
Increase in Other Non-Current Assets -163 -444
Decrease in Accounts Payable & Accrued Liabilities 1247 -717
Decrease in Non-Current Liabilities -1887 -237
Increase in Long-Term Deferred Revenue & Income Taxes 1825 474
TOTAL CHANGE IN OPERATING ACTIVITIES 12944 2959
INVESTING:
Net (Purchase) Sale of Short-Term Investments -2109 0
Sale of Long-Term Investment 2555 -58
Net Purchases of Fixed Assets -8862 -658
Net Purchases of Intangibles 398 84
Loss (Gain) on Long-Term Investment 41 137
Loss (Gain) on Noncontrolling Interests -76 -1
Loss (Gain) on Redeemable Interest -16041 0
TOTAL CHANGE IN INVESTING ACTIVITIES -24094 -496
FINANCING:
Retirement of Common Stock -1 0
Additional Paid-In-Capital -1657 -1167
Net (Purchase) of Treasury Stock 0 -2553
Dividend Payment -3861 0
Issuance of Long-Term Debt 6485 977
Issuance (Retirement) of Short-Term Debt 951 -699
TOTAL CHANGE IN FINANCING ACTIVITIES 1917 -3442
CHANGE IN CASH POSITION -9233 -979
Net Income 6816 3691
x1.8
Depreciation Expense 6254 775
x8.0
TOTAL CHANGE IN OPERATING ACTIVITIES 12944 2959
x4.3
Depreciation Expense
Net Income
Net Purchases of Fixed Assets -8862 -658
x13.5
Sale of Long-Term Investment 2555
Net (Purchase) Sale of Short-Term Investments -2109
TOTAL CHANGE IN INVESTING ACTIVITIES -24094 -496
x50
Issuance of Long-Term Debt 6485 977
x6.5CHANGE IN CASH POSITION -9233 -979
X9.4

In $Millions 2005 2006 2007 2008 2009 2010 2011 2012 2013
Operating Cash Flow 4 922 6 618 8 792 10 231 10 281 11 179 14 345 14 854 14 160
Capital Spending 3 621 4 701 6 564 6 277 5 639 5 497 6 261 6 637 7 605
Free Cash Flow 1 301 1 917 2 228 3 954 4 642 5 682 8 084 8 217 6 555
Working Capital - 3 675 - 2 238 - 4 285 - 5 223 - 4 026 652 - 4 668 3 277 - 4 837
V% 2005-2006 2006-2007 2007-2008 2008-2009 2009-2010 2010-2011 2011-2012 2012-2013
Operating Cash Flow 34% 33% 16% 0% 9% 28% 4% -5%
Capital Spending 30% 40% -4% -10% -3% 14% 6% 15%
Free Cash Flow 47% 16% 77% 17% 22% 42% 2% -20%
In $Millions 2005 2006 2007 2008 2009 2010 2011 2012 2013
Operating Cash Flow 4 965 8 598 8 475 10 332 4 709 3 290 3 432 3 442 3 714
Capital Spending 3 246 4 141 4 430 4 377 561 631 772 643 602
Free Cash Flow 1 719 4 457 4 045 5 955 4 148 2 659 2 660 2 799 3 112
Working Capital 875 - 1 929 258 2 626 4 242 4 495 4 510 3 459 4 461
V% 2005-2006 2006-2007 2007-2008 2008-2009 2009-2010 2010-2011 2011-2012 2012-2013
Operating Cash Flow 73% -1% 22% -54% -30% 4% 0% 8%
Capital Spending 28% 7% -1% -87% 12% 22% -17% -6%
Free Cash Flow 159% -9% 47% -30% -36% 0% 5% 11%
Always increasing their Operating Cash Flow and Free Cash Flow except…
14 160
-5%
6 555
-20%
In 2013, where they have had a decline in their operating activities.They have increased their percentage of FCF to OCF
1 301
4 922
26%
14 160
6 555
46%
Operating Cash Flow and Free Cash Flow not stable
-54%-1% -30%73% 4% 0% 8%22%
159% 47% 0% 5% 11%-36%-30%-9%
What happened ? Spin off between Time Warner and AOL and Time Warner CableTime Warner alone generates a huge amount of Free Cash Flow
1 719
4 965
35%
3 112
3 714
87%
3 621 7 605
4 922 14 160

-10,000
-5,000
-
5,000
10,000
15,000
2005 2006 2007 2008 2009 2010 2011 2012 2013
Operating Cash Flow Capital Spending Free Cash Flow Working Capital
-2,000
-
2,000
4,000
6,000
8,000
10,000
12,000
2005 2006 2007 2008 2009 2010 2011 2012 2013
Operating Cash Flow Capital Spending Free Cash Flow Working Capital
Same Growth Rate!
OPCF of Time Warner Higher than
Comcast
OPCF of Time Warner 3.8 times
lower than Comcast
Time Warner has generated on
average 62% of FCF from OPCF
Comcast has generated on average
45% of FCF from OPCF

Altman Z-Score
(in $millions except score)
2013 2012 2013 2012
Current Assets 14 075 19 991 12 844 13 264
Current Liabilities 18 912 16 714 8 383 9 799
Total Assets 158 813 164 971 67 994 68 089
Total Liabilities 107 755 115 175 38 090 38 292
Working Capital -4 837 3 277 4 461 3 465
Earnings Before Interest and Taxes 13 563 12 179 6 605 5 918
Retained Earnings 19 235 16 280 -85 041 -88 732
Market Capitalization 132 707 95 268 58 542 41 017
Sales 64 657 62 570 29 795 28 729
Altman Z-Score 1,56 1,28 0,01 -0,41
-1.50 -1.00 -0.50 0.00 0.50 1.00 1.50 2.00
(working capital / TA)
(RE / TA)
(EBIT / TA)
(Market Cap / TL)
(Sales / TA)
Ratio Score
Ratios Breakdown of Altman Z-Score
2012 TWX 2013 TWX 2012 CMCSA 2013 CMCSA
-2.00 -1.50 -1.00 -0.50 0.00 0.50 1.00 1.50
1.2 * (working capital / TA)
1.4 * (RE / TA)
3.3 * (EBIT / TA)
0.6 * (Market Cap / TL)
0.999 * (Sales / TA)
Weighted Ratio Score
Weighted Ratios Breakdown of Altman Z-Score
2012 TWX 2013 TWX 2012 CMCSA 2013 CMCSA
+0.28 +0.42
• CMCSA Grey Zone
• TWX Distress Zone
TWX risk of bankruptcy BUT…
Z scores Improved in 2013
Lower Total Assets and Total
Liabilities while sales increase
 Higher efficiency and
market confidence
Z scores are low because:
CMCSA Negative Working Capital
TWX Negative RE -> AOL write-off
DISTRESS ZONE GREY ZONE SAFE ZONE
1.23 2.9
-0.41 0.01 1.28 1.56
-1.25 -1.75

Comparative Bankruptcy
(In $Millions)
Item Coefficient
Balance Sheet
Value 2013
Balance Sheet
Value 2012
Bankruptcy
adjusted value
2013
Bankruptcy
adjusted value
2012
Balance Sheet
Value 2013
Balance Sheet
Value 2012
Bankruptcy
adjusted value
2013
Bankruptcy
adjusted value
2012
Cash and cash equivalents 1,00 1 718 10 951 1 718 10 951 1 862 2 841 1 862 2 841
STI 0,50 3 573 1 464 1 787 732 - - - -
Receivables 0,60 6 376 5 521 3 826 3 313 7 868 7 385 4 721 4 431
Inventories 0,20 - - - - 2 028 2 036 406 407
Deferred Income Taxes 0,00 - - - - 447 474 - -
Programming Rights 1,10 928 909 1 021 1 000 - - - -
Other Current Assets 0,60 1 480 1 146 888 688 639 528 383 317
Film and Television Costs 0,70 4 994 5 054 3 496 3 538 6 699 6 675 4 689 4 673
Investments 0,50 3 770 6 325 1 885 3 163 2 024 1 966 1 012 983
Property and Equipment, net 0,85 29 840 27 232 25 364 23 147 3 825 3 942 3 251 3 351
Franchise Rights 1,10 59 364 59 364 65 300 65 300 - - - -
Goodwill 0,00 27 098 26 985 - - 30 563 30 446 - -
Other Intangible Assets, net 0,30 17 329 17 840 5 199 5 352 9 549 9 750 2 865 2 925
Other Noncurrent Assets, net 0,50 2 343 2 180 1 172 1 090 2 490 2 046 1 245 1 023
TOTAL ASSETS 158 813 164 971 111 654 118 273 67 994 68 089 20 434 20 950
Total Current Liabilities 1,00 18 912 16 714 18 912 16 714 8 383 9 799 8 383 9 799
Net Cash 92 742 101 559 12 051 11 151
Total Non-Current Liabilities 1,00 88 843 98 461 88 843 98 461 29 707 28 493 29 707 28 493
Net Liquidation for Bondholders 104% 103% 41% 39%
Liquidation Value 3 899 3 098 -17 656 -17 342
Common Shares Outstanding 2 597 2 639 895 932
Net Liquidation Share $51,10 $36,10 $1,50 $1,17 $65,41 $44,01 $-19,73 $-18,61
41% 39%100% 100%3.2%2.9%
$0 $0
0.0%
When customers are aware of a bankruptcy situation,
some might not pay the money they owe the company
or the delay might be too short for accounting.
Very few inventories because “Long-Term” Inventories.
Very uneasy to sell Work In Progress inventory
The Franchise Rights and Programming Rights are the
most valuable Assets for both companies. In a very
competitive industry competitors will fight to get these!
Movie plot and TV show ideas can be sold at a discount
to other productions in order to raise cash quickly.Both companies have valuable and well located
properties which can be sold quickly at a small discountEvaluating Intangibles can be very random, so
competitors would benefit from the situation to
underestimate the Intangibles of the bankrupt
companiesComcast’s shareholders would
only get back around 3% of the
total amount invested
Time Warner’s shareholders
would get back as much as
nothing from their investment
Enough cash to cover
Non-Current Liabilities so
Comcast bondholders will
receive 100% of their
principal back.
Not enough cash to cover
Non-Current Liabilities.
Time Warner
bondholders will receive
approximately 40% of
their principal back.

Buy Short TOTAL
NBof transaction 19 21 40
Nb of shares 1338599 1096463 2435062
Nb of shares 1843875 1793926 3637801
Nb of shares 1745135 1495396 3240531
Nb of shares 3589010 3289322 6878332
Last6months
Last3months
First6months
Last12months
62% of total transactions in first
half of the year
BUT
More shares were traded in the
second half
Buy Short TOTAL
Nb of shares 473534 315971 789505
Nb of shares 775245 540504 1315749
Nb of shares 25596 4699 30295
Nb of shares 800841 545203 1346044
Last3months
Last6months
First6months
Last12months
More transaction were SHORTS
BUT
More shares were bought in total
81% of total transactions in the last
6 months
Insiders were bullish
More buy transactions
+
60% shares bought 40% shares shorted

ROBERT BRIAN L
CEO
Chairman of Board
Comcast
He has 847,645 shares
3.93% of total outstanding shares
Worth $50,392,495
BEWKES JEFFREY L
CEO
Chairman of the Board
Time Warner Inc
He has 343,345 shares
6% of total outstanding shares
Worth $32,13,292

Regular buyer of its own
stocks.
In 10 years $19.4B in
buybacks
Reduce Outstanding shares
by 47%
EPS multiplied by 4
-> Attract Shareholders
Announced $6.5B buyback
program
Share price gained 17%
-> Maintain Stock Price
Number of
share
Amount in
million $ %
Number of
share
Amount in
million $ %
Outstanding share 2607 30 86% 2640 31 86%
Treasury Stock 436 7,517 14% 436 7,517 14%
Total 3043 37,517 100% 3076 38,517 100%
2013 2012
Number of
share
Amount in
million $ %
Number of
share
Amount in
million $ %
Outstanding share 895 153,41 54% 932 154,577 56%
Treasury Stock 757 37,63 46% 720 37,077 44%
Total 1652 191,04 100% 1652 191,654 100%
2013 2012

Which risk are you willing to take ?
Industry
0.88 1.21
1.56
Beta lower than 1.00 and almost ½ of the
Industry’s which can be explained by the
fact that despite some hot ratios Comcast is
almost leading a monopoly.
They are helped by the government but on
very regulated by the FCC
Higher than 1.00 but still lower than the
Industry’s which is good. They have a quite
high ratio as they are not leader in their
market, and their balance sheet holds as
much intangibles as Comcast while their
equity is messed up (A.O.L)
Relatively high beta which shows that
this industry is riskier than the market,
however it has been a profitable and
lucrative investment during the past 7
years

Stock Split 3/2
2/22/2007
10 year Low @
11.05
3/9/2009
Acquisition of 51%
of NBCU
12/3/2009
12/3
Purchase
End of
the
Week
8-Year
High
2010
2014
2010
2014

• Real risk free rate of return = 0.11%
• Average return on the market = 8.70%
• CMCSA Beta = 1.21
• RRR = 10.50%
• Dividend Yield = 1.59%
• ERR for the year = 13.59%
• ERR for next year = 25.89%
X3.0
$1.40/$87.
y = 0.0859x + 0.0011
0.00%
2.00%
4.00%
6.00%
8.00%
10.00%
12.00%
0 0.2 0.4 0.6 0.8 1 1.2 1.4
RequiredRateofReturn
Beta 0.88
7.67%
10.50%
1.21

Last Month Results Two Month Ago Results Three Month Ago Results
Strong Buy 11 11 11 11 11 11
Buy 12 24 11 22 11 22
Hold 3 9 3 9 3 9
Underperform 0 0 0 0 0 0
Sell 0 0 0 0 0 0
Score 26 1.69 25 1.68 25 1.68
Last Month Results Two Month Ago Results Three Month Ago Results
Strong Buy 11 11 11 11 12 12
Buy 14 28 14 28 13 26
Hold 8 24 7 21 6 18
Underperform 0 0 0 0 0 0
Sell 0 0 0 0 0 0
Score 33 1,91 32 1,88 31 1,81
Very stable and a result which means a Strong Buy
Stable and a result which means a Buy
1.69 1.68 1.68
1.91 1.811.88
Price Target Summary Price 3/21 @ $59.45 Target-Actual Price V%
Median Target: 66,00 11%
High Target: 72,00 21%
Low Target: 56,00 -6%
Growth Expected 26%
Price Target Summary Price 3/21 @ $87.89 Target-Actual Price V%
Median Target: 93,00 6%
High Target: 109,00 24%
Low Target: 78,00 -11%
Growth Expected 19%
+26%
+19%

• RRR = 7.67%
6-Month T-Bill
Rate
Dividend +
Growth Rate
$1.40/$87.89

• RRR = 10.50%
X3.0
$1.40/$87.

Due to a high Equity Multiplier and an agressive growth stock type !
Same rating as Liberty Global and Time Warner Cable
Long Term Debt : A- / Short Term Debt : A-2
“the obligor's capacity to meet its financial commitment on the
obligation is still strong”
Rated BB- Rated BBB
Due to a good beta of 1.2, a high P/E and a strong capital structure
Long Term Debt: BBB/ Short Term Debt : A-2
“adverse economic conditions are more likely to lead to a weakened capacity
of the obligor to meet its financial commitment on the obligation.”
Rated A Rated BBB+

October 29th, 2014
Stock price opened down the next day after 13 days of
constant growth!
February 23rd, 2014
« Comcast and Time Warner Cable sued for allegedly
discrimating against African American-owned media and
employing advocates such as the NAACP »

• 401(k) retirement investment
plans
• Increased discount rate by 0.75-
1.00% from 2012 to 2013 
calm shareholders
• NBCU has a liability toward GE:
has to pay the benefit payments
of vested people at the time of
the NBCU transaction
• Life insurance investments
(Split-dollar)  Help employees
with insurance-related costs
• Possibility of severance benefits
• $1.4 B in benefit obligation
• Generous Warner Bros
compensation for retired
employees that have served
with merit
• Time Warner Group Health Plan
• Investment plan 35% Equity
Investments / 65% Fixed Income
Investments
• RT & RA plan for artists,
television and radio workers
• Increased discount rate by
0.70% from 2012 to 2013 
calm shareholders
• $4.0 B in benefit obligation

Comcast vs Time Warner

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