Ralph Roberts, the founder of Comcast and a major influence on the cable TV industry, passed away on Thursday. Comcast is one of the biggest entertainment companies, and its creator was known for being a well-dressed businessman with a gentle way about him. His philanthropic ways are also remembered. At age 95, Roberts has died of natural causes. He passed away in Philadelphia.
Roberts took Comcast from a small cable TV model to a huge, global entertainment organization. He began working in cable TV in 1963. His first venture was the purchase of American Cable Systems for $500,000. That company was based in Tupelo, Mississippi.
After that, Roberts acquired other TV systems and then renamed American Cable Systems as Comcast. The company Comcast went public on Nasdaq in 1972, under the lead of Roberts.
On the Nasdaq, Comcast Corp. is known as CMSCA. On June 18, CMCSA had a high at $60.85 and a low at $59.85; it closed at $60.48 that day (which was +1.44 percent).
In 2001, Comcast took over AT&T Broadband for $30 billion. That move skyrocketed Comcast into the position as the top-rated cable TV operator with over 21 million subscriptions to its name.
Roberts ran Comcast until he was in his 80s, and then he handed the company to his son. Currently, Brian Roberts is the Chairman and CEO, as well as being a director. The Vice Chairman and CFO is Michael Angelakis.
When Brian Roberts took over Comcast, he continued to expand the company. He was the leading force in Comcast acquiring NBCUniversal.
Ralph Roberts helped take Comcast to its pinnacle of being a $150 billion media megastar. He had dedicated over 50 years to the company in his Chairman role. Ralph Roberts leaves behind his wife, who he married over 70 years ago, as well as four kids and eight grandkids.