Odd bird

22 September 2020 By Jennifer Saba Follow @jennifersaba

The activist’s hedge fund has taken less than 1% of the $204 bln entertainment firm. The small stake plus boss Brian Roberts’ big voting interest give the corporate cage rattler tough odds. Still Comcast, with its mix of pipes and content, leaves room for valuation improvement.

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Trian Fund Management has taken a stake in Comcast, according to a regulatory filing on Sept. 21. The activist investor has accumulated about 20 million shares, or about a 0.4% stake.

“Trian believes Comcast’s stock is undervalued,” a Trian spokesperson said in a statement. “We have recently begun what we believe are constructive discussions with Comcast’s management team and look forward to continuing those discussions.”

The $204 billion cable company and owner of NBC Universal is controlled by the Roberts family, which holds a 33% voting interest.

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