CMCSA Comcast Corp.

Risks

• Our businesses operate in highly competitive and dynamic industries, and our businesses and results of operations could be adversely affected if we do not compete effectively.
• Changes in consumer behavior driven by online video distribution platforms for viewing content continue to adversely affect our businesses and challenge existing business models.
• A decline in advertisers’ expenditures or changes in advertising markets could negatively impact our businesses.
• Our businesses depend on keeping pace with technological developments.
• We are subject to regulation by federal, state, local and foreign authorities, which impose additional costs and restrictions on our businesses.
• Programming expenses for our video services are increasing, which could adversely affect Cable Communications’ and Sky’s video businesses.
• NBCUniversal’s and Sky’s success depends on consumer acceptance of their content, and their businesses may be adversely affected if their content fails to achieve sufficient consumer acceptance or the costs to create or acquire content increase.
• The loss of programming distribution and licensing agreements, or the renewal of these agreements on less favorable terms, could adversely affect our businesses.
• Less favorable telecommunications access regulations, the loss of Sky’s transmission agreements with satellite or telecommunications providers or the renewal of these agreements on less favorable terms could adversely affect Sky’s businesses.
• We rely on network and information systems and other technologies, as well as key properties, and a disruption, cyber attack, failure or destruction of such networks, systems, technologies or properties may disrupt our businesses.
• Our businesses depend on using and protecting certain intellectual property rights and on not infringing the intellectual property rights of others.
• We may be unable to obtain necessary hardware, software and operational support.
• Weak economic conditions may have a negative impact on our businesses.
• Acquisitions and other strategic initiatives present many risks, and we may not realize the financial and strategic goals that we had contemplated.
• We face risks relating to doing business internationally that could adversely affect our businesses.
• Unfavorable litigation or governmental investigation results could require us to pay significant amounts or lead to onerous operating procedures.
• Labor disputes, whether involving employees or sports organizations, may disrupt our operations and adversely affect our businesses.
• The loss of key management personnel or popular on-air and creative talent could have an adverse effect on our businesses.
• Our Class B common stock has substantial voting rights and separate approval rights over several potentially material transactions, and our Chairman and CEO has considerable influence over our company through his beneficial ownership of our Class B common stock.