News

Comcast pays founder's widow $490M to settle unpaid perks

Written by The Associated Press | May 11, 2016 8:41 AM

comcastlogo.jpg

Photo by Jeff Fusco/AP Images for Comcast

 

(Philadelphia) -- Philadelphia-based Comcast Corp. has paid its founder's widow nearly $490 million in perks and to cash out life insurance policies in her name.

Founder Ralph Roberts was 95 when he died in June and his 94-year-old widow, Suzanne, was paid $326 million to cover perks her husband was awarded in 1992. The cable television giant also paid $164 million to end insurance policies on Suzanne Roberts' life that were becoming expensive because of her age.

The payments were detailed in regulatory filings last month.

Comcast says the cost to the company will be less than the $490 million paid out, however, because of corporate tax benefits and because the cash value of the life insurance policies was more than what was paid to Roberts' widow.

In all, the payments will cost the company about $154 million.

Published in News

back to top

Give Now

Estate Planning

Support for WITF is provided by:

Become a WITF sponsor today »

Smart Talk

National Edward R. Murrow Awards

DuPont Columbia Awards

Support Local Journalism

Latest News from NPR

Support for WITF is provided by:

Become a WITF sponsor today »