Comcast Corporation (NASDAQ: CMCSA) subsidiary NBCUniversal sold off its entire stake in social media company Snap Inc. (NYSE: SNAP) in 2019, according to its K-10 filing with the Securities and Exchange Commission.What Happened NBCUniversal had acquired the $500 million in Snap during the latter's initial public offering as part of strategic investment and partnership, CNBC reported at the time.According to Hollywood Reporter, NBCUniversal will continue the partnership with the Snapchat parent company even after selling its stake.As per the filing, the media mogul profited $293 million from the Snap investment in 2019 after losing $268 million in the year before.NBCUniversal's decision to divest from Snap comes at a time when the veteran media company is readying to launch its own on-demand video streaming platform Peacock later this year.Peacock would compete directly with the Walt Disney Company's (NYSE: DIS) Disney+, Amazon.com Inc.'s (NASDAQ: AMZN) Prime Video, and Netflix Inc. (NASDAQ: NFLX) for market share.Price Action Snap's shares closed 11.92% lower at $11.45 on Monday and traded 2.45% higher at $11.73 in the after-hours session.Comcast's shares closed 6.17% lower at $37.88 and were unchanged in the after-hours.See more from Benzinga * FANG Stocks Lose Nearly 0B In A Day As Coronavirus Fears Rise Even More, Oil Crashes * Little Known Company's Shares Surge Again As Investors Confuse It With Zoom Video Communications * Citron Showed 'Lack Of Understanding' Of Science Behind DNA Medicines, Inovio Says(C) 2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved. Read More...
<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="
Comcast Corporation (NASDAQ:
CMCSA) subsidiary NBCUniversal sold off its entire stake in social media company
Snap Inc. (NYSE:
SNAP) in 2019, according to its
K-10 filing with the Securities and Exchange Commission.” data-reactid=”19″>
Comcast Corporation (NASDAQ:
CMCSA) subsidiary NBCUniversal sold off its entire stake in social media company
Snap Inc. (NYSE:
SNAP) in 2019, according to its
K-10 filing with the Securities and Exchange Commission.
What Happened
<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="NBCUniversal had acquired the $500 million in Snap during the latter's initial public offering as part of strategic investment and partnership, CNBC reported at the time.” data-reactid=”21″>NBCUniversal had acquired the $500 million in Snap during the latter’s initial public offering as part of strategic investment and partnership, CNBC reported at the time.
According to Hollywood Reporter, NBCUniversal will continue the partnership with the Snapchat parent company even after selling its stake.
As per the filing, the media mogul profited $293 million from the Snap investment in 2019 after losing $268 million in the year before.
NBCUniversal’s decision to divest from Snap comes at a time when the veteran media company is readying to launch its own on-demand video streaming platform Peacock later this year.
<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="Peacock would compete directly with the Walt Disney Company’s (NYSE: DIS) Disney+, Amazon.com Inc.’s (NASDAQ: AMZN) Prime Video, and Netflix Inc. (NASDAQ: NFLX) for market share.” data-reactid=”25″>Peacock would compete directly with the Walt Disney Company’s (NYSE: DIS) Disney+, Amazon.com Inc.’s (NASDAQ: AMZN) Prime Video, and Netflix Inc. (NASDAQ: NFLX) for market share.
Price Action
Snap’s shares closed 11.92% lower at $11.45 on Monday and traded 2.45% higher at $11.73 in the after-hours session.
Comcast’s shares closed 6.17% lower at $37.88 and were unchanged in the after-hours.
<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="See more from Benzinga” data-reactid=”29″>See more from Benzinga
<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="© 2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.” data-reactid=”34″>© 2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Add Comment