Categories Earnings

Comcast shifts to expansion mode; joins hands with Charter

Days after setting off a bidding war, telecommunication conglomerate Comcast (CMCSA) joined hands with Charter Communications (CHTR) to spruce up their mobile infrastructure, with focus on wireless technology.

The announcement came on the heels of the Philadelphia-based company embarking on a joint venture with Independence Health Group to develop a digital platform for healthcare services, a move that is expected to add value to its digital offerings.

Of late, the telecom behemoth has been pursuing multiple initiatives, including acquisitions and partnerships, to expand its business both in the U.S. and internationally. The company recently lost a bid to acquire certain assets of 21st Century Fox after the latter backed off from the deal over antitrust concerns.

Meanwhile, a bid by Comcast to acquire UK-based broadcaster Sky Plc is under regulatory review. Foiling a bid by Fox to buy Sky, Comcast in an aggressive move offered a 10% premium on the $23-billion offer made by the former.

Comcast and Charter Friday agreed to co-develop a software platform and backend system, furthering their successful partnership in mobile communication. The software will be designed to support the ongoing efforts to revamp their mobile technology and products, primarily the Spectrum Mobile service offered by Charter and Comcast’s Xfinity.  The companies expect to achieve cost reduction through the cooperation.

Comcast has been pursuing multiple initiatives, including acquisitions and partnerships, to expand business

Once implemented, the new system will act as an interface for their Mobile Virtual Network Operator partners, besides enhancing activities such as product logistics, customer sales, and billing.

Charter, which is already using an operating platform developed by Comcast earlier, will make the initial investment so as to bring balance in funding. As work on the project progresses, funding will be shared by the companies equally.

Charter is all set to launch the Spectrum Mobile service in the second quarter. While being powered by the shared software platform, the mobile brands of Comcast and Charter will operate independently.

Comcast and Charter are scheduled to release their first-quarter results on April 25 and April 27, respectively.

Most Popular

Key highlights from Autodesk (ADSK) Q4 2021 earnings results

Autodesk, Inc. (NASDAQ: ADSK) today reported its fourth quarter financial results for the period ended January 31, 2021. Net income for the fourth quarter was $911.3 million, or $4.10 per

Infographic: Beyond Meat (BYND) reports wider Q4 loss; Revenue up 4%

Beyond Meat (NASDAQ: BYND), a specialist in plant-based meat substitutes, Thursday reported a wider loss for the fourth quarter, despite an increase in revenues. The numbers also missed the consensus

Virgin Galactic stock tanks on delayed test flight

Virgin Galactic (NYSE: SPCE) reported fourth-quarter 2020 financial results after the regular market hours on Thursday. The space tourism company reported zero revenue in the fourth quarter, compared to $529,000

Tags

Add Comment
Loading...
Cancel
Viewing Highlight
Loading...
Highlight
Close
Top