Word: comcasts
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...Comcast Kingdom's new 56-story castle in Philadelphia's Center City is gilt-edged--a gleaming obelisk, from its flushless urinals to the sumptuous cafeteria named for the company's 88-year-old co-founder Ralph Roberts. "The tallest [building] between New York and Chicago," gushes the hometown Inquirer...
Erecting a corporate monument is often the kiss of death. But Comcast leases the building, perhaps a more fitting tribute to Roberts, a suspenders-and-belt salesman who parlayed a tiny system in Tupelo, Miss., into the nation's largest cable-TV operation, with 24 million subscribers and $31 billion in annual revenue...
Despite not-bad first-half financial results, these are cautious times for Roberts and his son Brian, 49, the corporation's CEO. Cable companies like Comcast and Time Warner Cable (which is being spun off from Time Warner Inc., TIME's parent) are getting competition from all directions. As Brian Roberts put it in a speech that said as much about Comcast as it did about his industry, "There have been moments in time when cable has been at a major inflection point. This is one of those moments...
Topping Roberts' list of challenges: calling Verizon's and AT&T's billion-dollar bets on delivering TV service through fiber-optic lines. Verizon has signed up 1.4 million video subscribers, a good many of them in the Northeast, where Comcast rules. By 2010, Verizon expects its video, phone and Internet effort, dubbed fios, to reach 18 million households. AT&T is following along the same track, while EchoStar and DirecTV continue to add satellite-video subscribers...
...backing of Bell Atlantic to prevail in the Paramount battle. Diller is about to add an additional $500 million or more to his war chest from Cox Enterprises; he already has $2 billion of bank financing on top of a combined $1 billion commitment from Liberty Media and Comcast cable, Liberty's major partner in QVC. Some experts say Bell Atlantic would be making a major strategic mistake if it let Paramount get away. In a world with 500 or more channels competing for viewers' attention, they say, the winners will be those companies that can offer the most attractive...