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Shareholders of cable giant Comcast on Thursday approved a plan to amend and restate the company’s articles of incorporation to reclassify its non-voting Class A special common stock as voting Class A common stock.
The special shareholder meeting on the proposal in Philadelphia, which approved the change, was webcast and ran for less than 10 minutes. The reclassification takes effect after the market close on Friday
Critics have called the existence of separate classes of shares confusing. “We believe that the reclassification will benefit our shareholders by, among other things, eliminating investor confusion caused by having two classes of publicly traded stock and improving the trading liquidity of our publicly traded stock,” Comcast said when it announced the reclassification plan in late October.
Chairman and CEO Brian Roberts and his family will continue to control the cable giant via ownership of Class B common stock that accounts for 33.3 percent of voting rights.
Comcast’s Class A common stock (ticker symbol: CMCSA) has voting rights, with each holder entitled to 0.1323 votes per share. Comcast Class A special common stock (ticker symbol: CMCSK) does not have voting rights. There are no other differences between the two classes of shares.
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