Comcast 2013 Annual Report Download - page 74

Table of Contents
Acquisitions
Our 2013 and 2012 acquisitions were not significant. In 2011, we closed the NBCUniversal transaction and NBCUniversal acquired
the remaining 50% equity interest in Universal Orlando that it did not already own. See Note 4 to Comcast’
s consolidated financial
statements for additional information on our acquisitions.
Proceeds from Sales of Businesses and Investments
In 2013, proceeds from sales of businesses and investments were primarily related to the redemption of our Liberty Media Series A
common stock by Liberty Media Corporation and the sale of our investment in Clearwire. In 2012, proceeds from sales of
businesses and investments were primarily related to the A&E Television Networks transaction. Following the close of the A&E
Television Networks transaction, NBCUniversal no longer receives dividends from A&E Television Networks. In 2012 and 2011,
NBCUniversal received $129 million and $196 million, respectively, in dividends from A&E Television Networks, which were
included in net cash provided by operating activities. In 2011, proceeds from sales of businesses and investments were primarily
related to the sale of the Philadelphia 76ers.
Return of Capital from Investees
In 2013, return of capital from investees consisted primarily of a distribution received from The Weather Channel Holding Corp.
(“The Weather Channel”).
In 2012, return of capital from investees consisted primarily of distributions received from the
SpectrumCo transaction. Our return of capital from investees in 2011 was not significant.
Purchases of Investments
In 2013, purchases of investments related primarily to equity securities that were held as collateral for our prepaid forward sale
agreements. Our purchases of investments in 2012 and 2011 were not significant.
Financing Activities
Net cash used in financing activities consisted primarily of our acquisition of GE’
s remaining 49% common equity interest in
NBCUniversal Holdings, repayments of debt, repurchases of our common stock, dividend payments and the effective settlement of
our Station Venture liability, which were partially offset by proceeds from borrowings and issuances of common stock. Proceeds
from borrowings fluctuate from year to year based on the amounts paid to fund acquisitions and debt repayments.
In January 2013, we issued $750 million aggregate principal amount of 2.850% senior notes due 2023, $1.7 billion aggregate
principal amount of 4.250% senior notes due 2033 and $500 million aggregate principal amount of 4.500% senior notes due 2043.
In March 2013, in connection with the Redemption Transaction, we consolidated an additional $4 billion aggregate principal amount
of senior notes issued by NBCUniversal Enterprise and $1.25 billion of borrowings under the NBCUniversal Enterprise credit
facility.
During 2013, we repaid $2.3 billion aggregate principal amount of our debt outstanding at maturity.
We have made, and may from time to time in the future make, optional repayments on our debt obligations, which may include
repurchases of our outstanding public notes and debentures, depending on various factors, such as market conditions.
See Note 9 to Comcast’
s consolidated financial statements for additional information on our financing activities, including details of
our debt repayments and borrowings, and long-
term debt incurred in connection with the Redemption Transaction, including the
debt issued by NBCUniversal Enterprise, which we now consolidate.
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Comcast 2013 Annual Report on Form 10
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