Monday, July 05, 2004
WHAT’S $4 MILLION BETWEEN FRIENDS?
Comcast Shut Off in Harrisburg
Comcast Corp., based in Philadelphia and the nation’s largest cable television company, lost what one would have thought, based on the firm’s massive lobbying and public relations campaigns, was a life-or-death struggle during the recently completed annual state budget process in Harrisburg, Pa.
The Philadelphia Inquirer today reports (“No Action on Bill for Comcast Tax Break,” by Henry J. Holcomb and Suzette Parmley):
Unmoved by the cable giant’s pleas that time was running out on its plans to build a headquarters skyscraper in Philadelphia, the lawmakers adjourned for the summer without approving tax breaks Gov. Ed Rendell had offered to make the project economically viable.
Citing rising interest rates and building costs, Comcast has said a delay would probably kill plans for the 60-story building, called One Pennsylvania Plaza, at 17th Street and John F. Kennedy Boulevard. […]
They have been seeking since last year to have their building site declared a Keystone Opportunity Improvement Zone, an economic development program from the Republican Ridge and Schweiker administrations. In such zones, various business taxes -- except for wage taxes paid by employees -- are waived until 2015.
So what were the proposed tax breaks worth to Comcast? According to the Inquirer:
The tax breaks Comcast sought would have been worth about $4 million a year, according to city government estimates. That number that would have grown if Comcast went beyond its initial promise of 800 new jobs and leased more of the 1.5 million square foot complex.
How important is $4 million annually to Comcast’s immediate and long-term financial condition?
By any reasonable standard, not very.
Based on filings Comcast has made with the Securities and Exchange Commission, during the 12-month period ended March 31 (the most recent date for which data are available), the company recorded revenues of $17,738 million, operating income of $2,140 million, and operating cash flows of $2,828 million.
As for Brian L. Roberts, Comcast’s chairman and chief executive officer, the Inquirer, in an annual survey published June 27, reported Roberts “earned” $30.6 million in total compensation (salary, cash bonus, and stock options) in 2003.
It’s not that simple, Comcast and its many allies will argue.
No, but it’s not that complicated either.
| HOME |
The Rittenhouse Review |
Copyright 2002-2006 | PERMALINK |
|
|
|
CONTACT |
|
Send E-Mail
JAMES MARTIN CAPOZZOLA
|
|
BIO & STUFF |
|
James Martin (Jim) Capozzola launched The Rittenhouse Review in April 2002, TRR: The Lighter Side of Rittenhouse, HorowitzWatch, and Smarter Andrew Sullivan in July 2002, and Bulldogs for Kerry-Edwards in October 2004. He is also a contributing member of President Boxer.
He received the 2002 Koufax Award for Best Post> for "Al Gore and the Alpha Girls" (published November 25, 2002). Capozzola's record in the Koufax Awards includes two additional nominations for 2002 (Best Blog and Best Writing), three nominations for 2003 (Best Blog, Best Series, and Best Writing), and two finalist nominations in 2004 (Best Blog and Best Writing).
Capozzola’s experience beyond the blogosphere includes a lengthy career in financial journalism, securities analysis, and investment research, and in freelance writing, editing, ghost-writing, and writing instruction.
He earned his bachelor's degree in political science from the University at Albany and a master's in foreign affairs from the University of Virginia.
Capozzola lives in Philadelphia with his bulldog, Mildred.
|
PUBLICATION NOTES |
|
Posts pertaining to site developments, news, and updates are subject to deletion and to withdrawal, and with respect thereto, without notice.
~~~~~
Access to linked articles may require registration or subscription.
~~~~~
Linked articles are subject to expiration at the sole discretion of the original publisher.
~~~~~
Letters received by The Rittenhouse Review are subject to publication in full and with complete citation and attribution, including the sender's mailing and/or e-mail address and/or addresses, unless otherwise specifically requested in writing and at the time of submission.
~~~~~
The publisher reserves the right to confirm the identity and/or identities of each, any, and all correspondents through and by whatever means legal and necessary.
~~~~~
Any and all correspondence received and published hereat is subject to editing by the publisher for content, particularly but with no limitations implied thereto, with respect to vulgarity and other offensive language, and length, at the complete, full, and unhindered discretion of same.
~~~~~
The decision to publish each or any correspondence, if at all, rests solely with the publisher of this site.
~~~~~
The publisher retains copyrights to all original material here published and any submissions here received, including correspondence directed hereto, whether or not published hereat, unless otherwise specified.
~~~~~
Obviously, no provision is here made for immediate comments from readers.
~~~~~
All rights reserved and all that.
|
|
|
LINKS |
|
|
|
|