Activist Trian Fund Management Takes Stake in Comcast

Trian Fund Management LP, a hedge fund known for pushing big companies to make operational and other changes, has launched an activist campaign against Comcast in a bet that the cable-TV and entertainment giant’s stock is undervalued. Trian has accumulated about 20 million shares in Comcast, for a roughly $900 million stake or about 0.4% of the company. Comcast’s market value is about $200 billion. Executives at Trian -- which was founded by Nelson Peltz, Ed Garden, and Peter May -- recently began conversations with Comcast management. It isn’t clear what exactly Trian is focused on beyond a belief that Comcast shares are undervalued. But forcing change at Comcast—assuming that is what Trian tries to do—could be difficult. The family of Brian Roberts, its chairman and chief executive, holds a significant voting stake in Comcast. Its stock has performed relatively well and hit an all-time high before the onset of the coronavirus pandemic, which briefly sent it down sharply. The shares have since recovered as Comcast’s broadband business has held up well in the pandemic.