Under the new agreement customers of each Internet provider will be able access the other's Wi-Fi networks in various countries. Liberty Global customers will be able to use Comcast's 3 million Xfinity Wi-Fi hotspots in the U.S., while Comcast customer will be able to use Liberty Global's Wi-Free and WifiSpots in Belgium, the Netherlands, Ireland, Poland, Switzerland, and other European countries.
The shared service will start in 2014 with a broader rollout in 2015.
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"We are delighted to join forces with Comcast to begin building worldwide Wi-Fi connectivity and we hope that this will create interest from other cable operators to join us," Liberty executive vice president and CTO Balan Nair said in a statement.
TheStreet Ratings team rates LIBERTY GLOBAL PLC as a Hold with a ratings score of C-. TheStreet Ratings Team has this to say about their recommendation:
"We rate LIBERTY GLOBAL PLC (LBTYA) a HOLD. The primary factors that have impacted our rating are mixed -- some indicating strength, some showing weaknesses, with little evidence to justify the expectation of either a positive or negative performance for this stock relative to most other stocks. The company's strengths can be seen in multiple areas, such as its robust revenue growth, good cash flow from operations and expanding profit margins. However, as a counter to these strengths, we also find weaknesses including deteriorating net income, generally higher debt management risk and disappointing return on equity."