Comcast (CMCSA) Risk Factor Changes

If the Separation does not qualify as non-taxable, we and/or holders of our common stock could be subject to substantial U.S.

We are subject from time to time to a number of lawsuits both in the United States and in foreign countries, including claims relating to competition, intellectual property rights (including copyrights, trademarks and…

Legislative and regulatory activity has increased in recent years, particularly with respect to broadband networks.

Our businesses are subject to various federal, state, local and foreign laws and regulations.

For all of these types of arrangements, our ability to renew agreements on acceptable terms and/or in a timely manner may be affected by evolving market dynamics, government regulations and industry consolidation.

In addition, our broadcast television stations depend on their ability to secure and maintain network affiliation agreements with third-party local broadcast television stations in the markets where we do not own the…

We compete for the sale of advertising time with digital properties, including an increasing number of ad-supported DTC streaming service providers as advertisers have shifted, and may continue to shift, a larger port…

In addition to reducing traditional television viewership, these trends, when coupled with time-shifting technologies such as DVR and on demand services, have caused, and likely will continue to cause, audience rating…

•Our businesses in Content & Experiences, as well as our video business, face substantial and increasing competition from providers of similar types of entertainment, sports, news and information content, as well as f…

We have received an opinion of Davis Polk & Wardwell LLP that the Separation qualified as non-taxable for U.S.

If the Separation does not qualify as non-taxable, we and/or holders of our common stock could be subject to significant tax liability.

Our linear television networks depend on their ability to secure and maintain distribution agreements with traditional and virtual multichannel video providers.

In addition, lower audience ratings and reduced viewership, which many of our linear television networks have experienced, and likely will continue to experience, as well as the level of popularity of Peacock, affect…

The continuing trend of content owners, including us with Peacock, delivering their content directly to consumers, rather than through, or in addition to, traditional video distribution channels also disrupts traditio…

The number of entertainment choices available to consumers, including DTC streaming service providers and aggregators, social networking and user-generated content platforms, and gaming and virtual reality products an…