Andy Kessler, author of Running Money pulls a Bill Maher on Comcast. Not sure I agree with him, but it sure is a different point of view
It would seem that Brian Roberts, the CEO of Comcast, has got everything. A lock on 21 million cable subscribers, prices going up more than inflation, booming cable modems, voice over IP, video on demand - yet his stock is down this year. After Disney turned down his overture last year, investors figured out that Comcast is just wires with no leverage and that in reality, he’s got nothin’. Well, except $22 billion in debt and almost no cash (see Calpine) and threats from telcos and wireless and no strategy to deal with it except to buy more cable companies.
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[...] Fox’s move into the Internet space, though inspired by the recent boom in online advertising, has others scrambling to respond. At one point Comcast wanted to buy a piece of AOL, but apparently that is not happening. Microsoft and Time Warner are doing the tango for now. Irony of this development: it comes just days after Andy Kessler skewered Brian Roberts & Company! [...]
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