Citing “the passage of tax reform and the FCC’s action on broadband” (aka the Dec. 14 vote to repeal net neutrality), Comcast chief Brian Roberts announced $1,000 bonuses would go to more than 100,000 front-line and non-executive employees.
Roberts also announced that the Company expects to spend “well in excess” of $50B over the next five years investing in infrastructure to radically improve and extend broadband plant and capacity, and its television, film and theme park offerings.
Earlier in the day, AT&T pledged to invest an additional $1 billion in the U.S. in 2018 and pay a special $1,000 bonus to more than 200,000 AT&T U.S. employees–all union-represented, non-management and front-line managers–over the holidays.
“Congress, working closely with the President, took a monumental step to bring taxes paid by U.S. businesses in line with the rest of the industrialized world,” said AT&T boss Randall Stephenson. “This tax reform will drive economic growth and create good-paying jobs. In fact, we will increase our U.S. investment and pay a special bonus to our U.S. employees.”
The major stock indices, which had been posting gains in recent days as optimism grew about the prospects for tax overhaul getting through Congress, finished slightly lower on the day. Media and entertainment companies had a mixed day overall.