Collectively, our connectivity businesses generated $26.5 billion in revenue in 2019 (vs. ~$8 billion in 2009).
NBCUniversal has had similar, great success since we acquired it in 2011. We made significant and disciplined
investments. In television, we turned around NBC and Telemundo, achieved record profit levels across our cable
networks, and jumped into 2020 with the debut of our innovative streaming service, Peacock. We brought a new
strategy and creative leadership to the Film team, which resulted in more consistency and higher profitability.
We rapidly increased new attractions and hotels to drive attendance and returns at our spectacular Theme Parks.
Today, NBCUniversal is a recognized global leader in media and entertainment, and its EBITDA has nearly tripled
since we first announced our intent to acquire a majority stake in the company.
In late 2018, we acquired
Europe’s leading premium television business, Sky, enabling us to better compete in a world where scale matters.
Sky is a superb organization with tremendous management, an outstanding brand, 24 million customer relationships
in key markets, and a premier position in sports, news, and entertainment. In its first full year with us, Sky
delivered strong customer additions and impressive viewership across channels. Together, we identified many
ways to unlock value – from Sky’s support for Peacock and Flex, to transferring expertise in broadband, to our
new film and TV studio in Elstree in the U.K. These opportunities will only increase in the years ahead as
we continue to combine our talent and resources to invest smarter and execute faster.
In summary, over the
course of the past decade, we delivered a cumulative total shareholder return of 542% – more than double the S&P 500.
Looking forward, the first growth engine of this company is connectivity; which resulted in
a record year for net customer relationship additions. We will build on our unique speed, coverage, and
control offering – xFi – and also extend that formula to Italy. Second, we will focus on the emerging areas
of streaming and content aggregation by launching Peacock and accelerating the deployment of Flex and Sky Q.
Lastly, we will continue to expand our Parks business, opening Super Nintendo World at Universal Studios Japan
in 2020, and two brand-new parks in Beijing and Orlando, which will open in 2021 and 2023, respectively.
we begin 2020 with a great plan in place and ready to win in a rapidly evolving landscape. We have a galvanized
leadership team, which will forge a path to help us navigate consumer trends with fresh thinking, while building
on our track record of delivering strong operational and financial results and making smart investments. I’d like
to thank those stepping back, including Steve Burke and David Cohen, who have been my partners in creating
our wonderful organization.
The last decade was indeed among the finest in our more than 50 years. Sadly,
it is also when we lost our founder, Ralph J. Roberts. But the special company he envisioned – one where
employees could be inspired and respected, one that would have a meaningful impact on people both through
its products and services as well as its support of local communities, and one that would create long-term
meaningful value for shareholders – is stronger than ever.
I am proud to help lead Comcast into the
future and to build on an extraordinary legacy.
BRIAN L. ROBERTS
CHAIRMAN AND CEO