Comcast's CEO Roberts hit with $500,000 fine for stock deal

Here's one way to lower your tax burden at the end of the year. Comcast (Nasdaq: CMCSA) chief executive Brian Roberts will pay a $500,000 fine for allegedly violated pre-merger reporting and waiting requirements when he acquired Comcast voting securities related to the acquisitions of AT&T (NYSE:T)'s cable assets in 2002.

The Department of Justice said Roberts didn't comply with reporting requirements when, in 2007, he acquired Comcast voting shares. He filed a corrective statement on the share acquisition--it was part of his compensation package--in 2009.

A judge still has to okay the civil penalty for the error, which the DOJ acknowledged was inadvertent.

Roberts has twice made corrective filings regarding transactions that he acknowledged were reportable, the DOJ said.

"Comcast and Mr. Roberts appreciate the acknowledgement ... that this was a technical and inadvertent violation that was self-reported, promptly corrected and did not involve any financial gain to the company or to Mr. Roberts," Comcast said in a statement.

The Hart-Scott-Rodino Act of 1976 requires individuals and companies to abide by strict notification and a waiting period requirements before they can acquire stock or assets above a certain value, which was $59.8 million in 2007 and is currently $66 million.

Roberts took home $28.16 million in 2010.

For more:
- see this The Wrap article
- see this LA Times article

Related articles:
Copps may be resigning, but he's not retiring in outlook on mediascape
Cable broadband growth outpaces telco
Comcast slows video subscriber losses to 165,000 in Q3
Comcast revenue soars 51%, even as it loses 238,000 pay-TV subscribers
Comcast to offer subscribers HD videoconferencing option

Suggested Articles

The FreeWheel Council for Premium Video is calling for the adoption of a universal standard for managing cross-platform ad campaigns.

Cord cutting and pay TV subscriber losses greatly accelerated in 2019 and that trend is expected to continue in 2020.

Altice USA continues to post relatively small video subscriber losses compared to some of its counterparts like AT&T and Comcast.