Comcast (CMCSA) Co‑CEO Michael J. Cavanagh Sells $25.2M in Derivative Shares

What Happened

• Michael J. Cavanagh, Co‑CEO and Director of Comcast Corp. (CMCSA), reported two discretionary dispositions of derivative securities on 2026-09-01.
  • 392,769.065 derivative shares at $26.30 each for $10,329,826.00.
  • 565,642 derivative shares at $26.30 each for $14,876,385.00.
• Combined, these disposals equal 958,411.065 derivative-equivalent shares and total approximately $25,206,211. These were dispositions of derivative/deferred compensation instruments (not a direct open‑market sale of Class A shares).

Key Details

• Transaction dates: 2026-09-01; Form 4 filed 2026-09-03 (within the typical 2-business-day reporting window).
• Prices: $26.30 per share equivalent for both tranches.
• Shares after transaction: Not disclosed in the provided filing details.
• Footnotes of note:
  • F1: Some instruments are "phantom stock" — economic equivalents to one Class A share that are deferred and settle in cash.
  • F2: Restricted stock units (RSUs) represent contingent rights to receive one Class A share (if applicable).
  • F3: The reporting person had previously elected to defer receipt and notionally reinvest deferred compensation.
• Trade type listed as "discretionary" — the filing designates these as discretionary transactions (i.e., executed under discretion).

Context

• These were derivative/deferred-compensation disposals that generally settle in cash (per F1), not a straightforward sale of issued Class A shares. Such transactions often reflect plan settlements, deferral elections, or reallocation of deferred investments rather than a direct expression of a trading view.
• No 10b5‑1 plan or other trading-plan specifics were indicated in the provided notes.