Comcast 2014 Annual Report Download - page 38

Table of Contents
to consumers as that employed by our competitors, if we fail to employ technologies desired by consumers before our competitors
do so, or if we fail to execute effectively on our technology initiatives, our business and results of operations could be adversely
affected. Moreover, we may incur additional costs as we execute our technology initiatives, such as the deployment of our X1 set-
top boxes, wireless gateways and Cloud DVR technology, and there can be no assurance that we can execute on these and other
initiatives in a manner sufficient to grow or maintain our revenue or to compete successfully in the future. We also may incur
increased costs if changes in the products and services that our competitors offer require that we offer certain of our existing
services or enhancements at a lower or no cost to our customers or that we make additional research and development
expenditures, which could have an adverse effect on our businesses.
We are subject to regulation by federal, state, local and foreign authorities, which may impose additional costs and
restrictions on our businesses.
Federal, state and local governments extensively regulate the video services industry and may increase the regulation of the
Internet service and VoIP service industries. We expect that legislative enactments, court actions and regulatory proceedings will
continue to clarify, and in some cases may adversely affect, the rights and obligations of cable operators and other entities under
the Communications Act and other laws. Our broadcast television business is also highly regulated by federal laws and regulations.
Our cable networks, filmed entertainment and theme parks businesses are also subject to various other laws and regulations at the
international, federal, state and local levels, including laws and regulations relating to environmental protection, which have become
more stringent over time, and the safety of consumer products and theme park operations. In addition, we are subject to the
NBCUniversal Order and the NBCUniversal Consent Decree, which have imposed numerous conditions on our businesses relating
to the treatment of competitors and other matters. We are also seeking regulatory approvals from federal, state and local authorities
relating to our acquisition of cable systems from Time Warner Cable and Charter and cannot predict what conditions might be
applied to any such approvals or how such conditions might affect our businesses. Failure to comply with the laws and regulations
applicable to our businesses could result in administrative enforcement actions, fines, and civil and criminal liability. For a more
extensive discussion of the significant risks associated with the regulation of our businesses, see Item 1, Business and refer to the
“Legislation and Regulation” discussion within that section.
Changes to existing statutes, rules, regulations, or interpretations thereof, or adoption of new ones, could have an
adverse effect on our businesses.
Legislators and regulators at all levels of government frequently consider changing, and sometimes do change, existing statutes,
rules, regulations, or interpretations thereof, or prescribe new ones, which may significantly affect our businesses. Any future
legislative, judicial, regulatory or administrative actions may increase our costs or impose additional restrictions on our businesses.
For example, as more fully discussed in Item 1, Business – “Legislation and Regulation,”
in February 2015, the FCC adopted new
open Internet regulations that reclassify broadband Internet service as a “telecommunications service,”
making it subject to
common carriage regulations under Title II of the Communications Act, which could have a material adverse effect on our business
and results of operations. In addition, in February 2015, the FCC adopted an order that preempted certain state laws that had
restricted municipalities from operating municipally owned broadband networks. The FCC is also considering the appropriate
regulatory framework for VoIP service, including whether that service should be regulated under Title II. Any changes to the
regulatory framework applicable to any of our services or businesses could have a negative impact on our businesses and results
of operations.
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Comcast 2014 Annual Report on Form 10
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