We are advising Comcast on the transaction

Davis Polk is advising Comcast Corporation on the formation of a 50/50 joint venture with Charter Communications, Inc. to develop and offer a next-generation streaming platform on a variety of branded 4K streaming devices and smart TVs. Comcast will license Flex, its aggregated streaming platform and hardware, to the joint venture, contribute the retail business for XClass TVs and also will contribute Xumo, a streaming service it acquired in 2020. Charter will make an initial contribution of $900 million, funded over multiple years. The closing of the joint venture is subject to customary closing conditions.

Comcast is a global media and technology company that connects people to moments that matter. Comcast is principally focused on connectivity, aggregation and streaming with 57 million customer relationships across the United States and Europe. Charter is a leading broadband connectivity company and cable operator serving more than 32 million customers in 41 states through its Spectrum brand.

The Davis Polk corporate team includes partner Brian Wolfe and associates Michael Senders and Daisy Wu. Partner Matthew J. Bacal and associates Christopher C. Woller, Samantha Lefland and Oliver Booth are providing intellectual property advice. Partner Patrick E. Sigmon and associate Aliza Slansky are providing tax advice. Partner Arthur J. Burke is providing antitrust and competition advice. Partner Kyoko Takahashi Lin and associate Charlotte R. Fabiani are providing executive compensation advice. All members of the Davis Polk team are based in the New York office.