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Significant Transactions | 12 Months Ended
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Dec. 31, 2015
Significant Transactions | Note 5: Significant Transactions 2015 Universal Studios Japan O n November 13, 2015, NBCUniversal acquire d a 51% economic interest in Universal Studios Japan for $1.5 billion. The acquisition was funded through cash on hand and borrowings under our commercial paper program. Universal Studios Japan is a VIE based on the governance structure and we consolidate Universal Studios Japan as we have the power to direct activities that most significantly impact its economic performance. There are no liquidi ty arrangements, guarantees, or other financial commitments between us and Universal Studios Japan, and therefore our maximum risk of financial loss is NBCUniversal’s 51% interest. Universal Studios Japan’s results of operations are reported in our Theme P arks segment following the acquisition date. Preliminary Allocation of Purchase Price Due to the limited amount of time since the date of acquisition, the assets and liabilities of Universal Studios Japan were recorded at their historical carrying value. We will adjust these amounts to fair value as valuations are completed and we obtain information necessary to complete the analyses, but no later than one year from the acquisition date. The 49% noncontrolling interest in Universal Studios Japan is recorde d in the equity section of our consolidated financial statements and has been recorded based on the total value of Universal Studios Japan implied in the transaction. For purposes of this preliminary allocation, the excess of the total value implied in the transaction over the historical carrying value has b een recorded as goodwill. The table below presents the preliminary allocation of the purchase price to the assets and liabilities of Universal Studios Japan.
Preliminary Allocation of Purchase Price
(in millions) |  |
Property and equipment (see Note 8) | $ | 642
Intangible assets (see Note 9) |  | 57
Working capital |  | (24)
Debt (see Note 10) |  | (3,271)
Other noncurrent assets and liabilities |  | 162
Identifiable net assets (liabilities) acquired |  | (2,434)
Noncontrolling interest |  | (1,440)
Goodwill (see Note 9) |  | 5,373
Cash consideration transferred | $ | 1,499
Actual and Unaudited Pro Forma Results Our consolidated revenue and net income attributable to Comcast Corporation f or the year ende d December 31, 2015 included $169 million and $18 million, respectively, from the acquisition of Universal Studios Japan. The following unaudited pro forma information has been presented as if the acquisition occurred on January 1, 2014. This information is based on historical results of operations and is subject to change as valuations are completed and additional analysis is obtained. In addition, the unaudited pro forma accounting adjustments are not necessarily indicative of what our results would hav e been had we operated Universal Studios Japan si nce January 1, 2014. No pro forma adjustments have been made for our transaction-related expenses.
Year ended December 31 (in millions except per share amounts) |  |  | 2015 |  | 2014
Revenue | $ | 75,563 | $ | 69,860
Net income | $ | 8,640 | $ | 8,758
Net income attributable to Comcast Corporation | $ | 8,278 | $ | 8,463
Basic earnings per common share attributable to Comcast Corporation shareholders | $ | 3.33 | $ | 3.28
Diluted earnings per common share attributable to Comcast Corporation shareholders | $ | 3.29 | $ | 3.23
Time Warner Cable Merger and Related Divestiture Transactions On April 24, 2015, we and Time Warner Cable Inc. terminated our planned merger, and we terminated our related agreement with Charter Communications, Inc. to spin off, exchange and sell certain cable systems. In connection with these proposed transactions, we incurred incremental transaction-related expenses of $198 million and $237 million in 2015 and 2014, respectively. The transaction-related expenses are reflected primarily in other operating and administrative expenses, with $20 million recorded in depreciation and amortization expenses associated with the write-off of certain capitalized costs in 2015. 2013 NBCUniversal Redemption Transaction On March 19, 2013, we acquired General Electric Company’s (“GE”) 49% common equity interest in NBCUniversal Holdings that we did not already own for app roximately $16.7 billion (the “NBCUniversal redemption t ransaction”). In addition to th e NBCUniversal redemption transaction, NBCUniversal purchased from GE certain properties NBCUniversal occupies at 30 Rockefeller Plaza in New York City and CNBC’s headquarters in Englewood Cliffs, New Jersey for $1.4 billion. The total consideration for th ese transactions consisted of $11.4 billion of cash on hand; $4 billion of senior debt securities issued by NBCUniversal Enterprise, Inc. (“NBCUniversal Enterprise”), a holding company that we control and consolid ate following the close of the NBCUniversal redemption t ransaction whose principal assets are its interests in NBCUniversal Holdings; $750 million of cash funded through our commercial paper program; $1.25 billion of borrowings under NBCUniversal Enterprise’s credit facility, which replaced NBCUniv ersal’s credit facility; and $725 million aggregate liquidation preference of Series A cumulative preferred stock of NBCUniversal Enterprise. See Note 20 for additional information on our cross-guarantee structure. Because we maintained control of NB CUniversal Holdings, the difference between the consideration transferred and the recorded value of GE’s 49% redeemable noncontrolling common equity interest, and the related tax impacts, were recorded to additional paid-in capital. The NBCUniversal Enterp rise preferred stock pays dividends at a fixed rate of 5.25% per annum. The holders have the right to cause NBCUniversal Enterprise to redeem their shares at a price equal to the liquidation preference plus accrued but unpaid dividends for a 30 day period beginning on March 19, 2020 and thereafter on every third anniversary of such date (each such date, a “put date”). Shares of preferred stock can be called for redemption by NBCUniversal Enterprise at a price equal to the liquidation preference plus accrued but unpaid dividends one year following each put date applicable to such shares. Because certain of these redemption provisions are outside of our control, the NBCUniversal Enterprise preferred stock is presented outside of equity under the caption “redeemable noncontrolling interests and redeemable subsidiary preferred stock” in our consolidated balance sheet. Its initial value was based on the liquidation preference of the preferred stock and is adjusted for accrued but unpaid dividends. As of December 31, 2015 and 2014, the fair value of the NBCUniversal Enterprise redeemable subsidiary preferred stock was $758 million and $751 million, respectively. The estimated fair values are based on Level 2 inputs that use pri cing models whose inputs are derived primarily from or corroborated by observable market data through correlation or other means for substantially the full term of the financial instrument.
NBCUniversal Media LLC [Member] |
Significant Transactions | Note 4: Significant Transactions 2015 Universal Studios Japan On November 13, 2015, we acquired a 51% economic interest in Universal Studios Japan for $1.5 billion. The acquisition was funded through cash on hand and borrowings under our commercial paper program. Universal Studios Japan is a VIE based on the governance structure and we consolidate Universal Studio s Japan as we have the power to direct activities that most significantly impact its economic performance. There are no liquidity arrangements, guarantees, or other financial commitments between us and Universal Studios Japan, and therefore our maximum ris k of financial loss is our 51% interest. Universal Studios Japan’s results of operations are reported in our Theme Parks segment following the acquisition date. Preliminary Allocation of Purchase Price Due to the limited amount of time since the date of a cquisition, the assets and liabilities of Universal Studios Japan were recorded at their historical carrying value. We will adjust these amounts to fair value as valuations are completed and we obtain information necessary to complete the analyses, but no later than one year from the acquisition date. The 49% noncontrolling interest in Universal Studios Japan is recorded in the equity section of our consolidated financial statements and has been recorded based on the total value of Universal Studios Japan i mplied in the transaction. For purposes of this preliminary allocation, the excess of the total value implied in the transaction over the historical carrying value has been recorded as goodwill. The table below presents the preliminary allocation of the purchase price to the assets and liabilities of Universal Studios Japan.
Preliminary Allocation of Purchase Price
(in millions) |  |
Property and equipment (see Note 8) | $ | 642
Intangible assets (see Note 9) |  | 57
Working capital |  | (24)
Debt (see Note 10) |  | (3,271)
Other noncurrent assets and liabilities and other |  | 162
Identifiable net assets (liabilities) acquired |  | (2,434)
Noncontrolling interest |  | (1,440)
Goodwill (see Note 9) |  | 5,373
Cash consideration transferred | $ | 1,499
Actual and Unaudited Pro Forma Results Our consolidated revenue and net income attributable to NBCUniversal for the year ended December 31, 2015 included $169 million and $18 million, respectively, from the acquisition of Universal Studios Japan. The following unaudited pro forma information has been presented as if the acquisition occurred on January 1, 2014. This information is based on historical results of operations and is subject to change as valuations are completed and additional analysis is obtained. In addition, the unaudited pro forma accounting adjustments are not necessarily indicative of what our results would have been had we operated Universal Studios Japan si nce January 1, 2014. No pro forma adjustments have been made for our transaction-related expenses.
Year ended December 31 (in millions) |  |  | 2015 |  | 2014
Revenue | $ | 29,514 | $ | 26,513
Net income | $ | 3,851 | $ | 3,463
Net income attributable to NBCUniversal | $ | 3,529 | $ | 3,198
2013 Redemption Transaction On March 19, 2013, Comcast acquired General Electric Company’s (“GE”) 49% common equity interest in NBCUniversal Holdings that it did not already own for approximately $16.7 billion (the “redemption transaction”). In addition to the redemption transaction, we purchased from GE certain properties we occupy at 30 Rockefeller Plaza in New York City and CNBC’s headquart ers in Englewood Cliffs, New Jersey for $1.4 billion. The total consideration for these transactions consisted of $11.4 billion of cash on hand (of which we funded $4.6 billion); $4 billion of senior debt securities issued by NBCUniversal Enterprise, Inc. (“NBCUniversal Enterprise”), a holding company whose principal assets are its interests in NBCUniversal Holdings; $750 million of cash funded through Comcast’s commercial paper program; $1.25 billion of borrowings under NBCUniversal Enterprise’s credit fa cility, which replaced our credit facility; and $725 million aggregate liquidation preference of Series A cumulative preferred stock of NBCUniversal Enterprise. Following the close of the redemption transaction, Comcast owns 96% of NBCUniversal Holdings’ common units and NBCUniversal Enterprise owns the rema ining 4%. NBCUniversal Enterprise is now a consolidated subsidiary of Comcast, but we do not have any ownership interests in NBCUniversal Enterprise. NBCUniversal Enterprise also owns all of NBCUniversal Holdings’ preferred units with a $9.4 billion aggreg ate liquidation preference. NBCUniversal Holdings is required to make quarterly payments to NBCUniversal Enterprise at an initial rate of 8.25% per annum on the $9.4 billion aggregate liquidation preference of the preferred units. On March 1, 2018, and the reafter on every fifth anniversary of such date, this rate will reset to 7.44% plus the yield on actively traded United States Treasury securities having a 5 year maturity. NBCUniversal Holdings has the right to redeem all of the preferred units during the 30 day period beginning on March 1, 2018, and NBCUniversal Enterprise has the right to cause NBCUniversal Holdings to redeem 15% of its preferred units during the 30 day period beginning on March 19, 2020. The price and units in a redemption initiated by either party will be based on the liquidation preference plus accrued but unpaid dividends and adjusted, in the case of an exercise of NBCUniversal Enterprise’s right, to the extent the equity value of NBCUniversal Holdings is less than the liquidation pre ference. Our cash flows are, and will continue to be, the primary source of funding for the required payments and for any future redemption of the NBCUniversal Holdings preferred units.

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