Comcast 2013 Annual Report Download - page 21

Table of Contents
as scripts for films. Our filmed entertainment business also competes with the other major studios and other producers of
entertainment content for sources of financing for the production of its films, for the exhibition of its films in theaters, and for shelf
space in retail stores for its DVDs and with digital distributors for the licensing and sale of its products.
Theme Parks
Our theme parks business competes with other multi-
park entertainment companies. We also compete with other forms of
entertainment, lodging, tourism and recreational activities. In order to maintain the competitiveness of our theme parks, we have
invested and continue to invest in existing and new theme park attractions and infrastructure. The investment required to introduce
new attractions in our theme parks can be significant.
Advertising
Our cable communications business, cable networks, broadcast television networks, and owned local broadcast television stations
compete for the sale of advertising time with other television networks and stations, as well as with all other advertising platforms,
such as radio stations, print media and websites. Additionally, advertisers’
willingness to purchase advertising from us may be
adversely affected by lower audience ratings at our cable networks, broadcast television networks and owned local broadcast
television stations. Declines in advertising revenue also can be caused by increased competition for the leisure time of audiences
and audience fragmentation and from the growing use of new technologies such as DVRs, which give consumers greater flexibility
to watch programming on a time-delayed or on-demand basis or to fast-forward or skip advertisements within programming.
Seasonality and Cyclicality
Each of our businesses is subject to seasonal and cyclical variations. See “Management’
s Discussion and Analysis of Financial
Condition and Results of Operations — Seasonality and Cyclicality” for additional information.
Legislation and Regulation
The Communications Act of 1934, as amended (the “Communications Act”),
and FCC regulations and policies affect significant
aspects of our businesses, which are also subject to other regulation by federal, state, local and foreign authorities under applicable
laws and regulations, as well as under agreements we enter into with franchising authorities. In addition, our businesses are subject
to compliance with the terms of the FCC Order approving the NBCUniversal transaction (the “NBCUniversal Order”)
and a consent
decree entered into between us, the DOJ and five states (the “NBCUniversal Consent Decree”),
which contain conditions and
commitments of varying duration, ranging from three to seven years after September 2011. Legislators and regulators at all levels
of government frequently consider changing, and sometimes do change, existing statutes, rules or regulations, or interpretations of
existing statutes, rules or regulations, or prescribe new ones, which may significantly affect our businesses. For example, Congress
is currently considering a number of legislative proposals addressing communications issues, including whether it should rewrite the
entire Communications Act to account for the ever-
evolving communications marketplace, whether it should reform retransmission
consent and whether it should address the FCC’
s authority to implement open Internet regulations. We are unable to predict any
such changes, or how any such changes would ultimately affect our businesses. The following paragraphs summarize material
existing and potential future legal and regulatory requirements affecting our businesses, although reference should be made to the
Communications Act, FCC regulations, the NBCUniversal Order, the NBCUniversal Consent Decree, and other legislation and
regulations for further information.
Comcast 2013 Annual Report on Form 10
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