"This partnership is great news for our customers," said Alan Horn, Chairman and interim CEO, Rogers Communications. "We're bringing our customers a world-class IPTV service with the most advanced features available in the market today. On top of that, our customers will be future-proofed thanks to Comcast's innovative and robust product roadmap."
Earlier this year Rogers became the first major company in Canada to offer gigabit Internet service to all of its customers. Its new IPTV service will ride on this advanced internet network.
Rogers expects to launch the service in early 2018. In the interim, Rogers customers will continue to see further enhancements throughout the year to the existing TV platform, including more 4K content and 4K PVR. Rogers expects to see continued positive trajectory in its cable business driven by the strength of its superior Internet service.
"We've seen growing desire of other operators to leverage the industry-leading innovations we've created at Comcast," said Neil Smit, President and Chief Executive Officer, Comcast Cable. "Comcast is excited to bring the experiences of the award-winning X1 platform to Rogers' customers in Canada."
Rogers decided to move to a hosted platform to ensure it has access to the scale and technical roadmap needed to meet the ongoing pace of IPTV innovation. In addition, Rogers customers will benefit from the substantial research and development investments Comcast has made to date and the company's continuing commitment to innovation. As a result, Rogers will discontinue any further investment in the IPTV product it was developing and expects to take a pre-tax non-cash asset impairment charge in the range of C$475-$525 million in its fourth quarter ending December 31, 2016.
About Comcast's X1 Platform
Comcast's X1 is a transformative technology and product platform, providing a fun, personalized and immersive entertainment experience that enhances the way customers watch video and discover content. It has been attributed to improving Xfinity TV subscriber performance, reducing churn and increasing engagement.
Rogers is a leading diversified Canadian communications and media company that's working to deliver a great experience to our customers every day. We are Canada's largest provider of wireless communications services and one of Canada's leading providers of cable television, high-speed Internet, information technology, and telephony services to consumers and businesses. Through Rogers Media, we are engaged in radio and television broadcasting, sports, televised and online shopping, magazines, and digital media. Our shares are publicly traded on the Toronto Stock Exchange (TSX: RCI.A and RCI.B) and on the New York Stock Exchange (NYSE: RCI).
About Comcast Cable:
Comcast Cable is one of the U.S.'s largest video, high-speed Internet and phone providers to residential customers under the XFINITY brand and also provides these services to businesses. Comcast has invested in technology to build an advanced network that delivers among the fastest broadband speeds, and brings customers personalized video, communications and home management offerings. Comcast Corporation (Nasdaq: CMCSA) is a global media and technology company. Visit www.comcastcorporation.com for more information.
SOURCE Rogers Communications Canada Inc. - English