Comcast Corp., the No. 1 cable company, on Thursday disclosed it would save $500 million through a headcount reduction it previously announced.
The Philadelphia-based titan had a total of 40,000 employees after officially acquiring AT&T Broadband last November. That number will be reduced to 34,900 employees, the company said yesterday during its fourth-quarter and annual earnings call. Comcast previously announced 1,700 planned cuts at AT&T Broadband Denver headquarters as well as 3,000 field cuts.
The job cuts will not be the only place where Comcast will realize savings through its huge merger: Executives say they have identified $1.4 billion in savings through headcount reductions, lower programming costs through renegotiations and reduced overhead through the closure of AT&T Broadband headquarters, according to The Washington Post. Through the AT&T Broadband acquisition, Comcast added 13 million cable subscribers.
Yesterday Comcast reported annual consolidated revenue of $12.46 billion and a consolidated net loss of $274 million, or 25 cents per share, compared to a net income of $609 million, or 63 cents per share, the prior year.
The company said its historical cable operations met or exceeded all financial guidance for 2002. The operation generated annual revenue of $6.159 billion and EBITDA of $2.542 billion.
