Comcast Corp. shareholders on Thursday approved a plan to convert nonvoting K shares into regular common stock.
All nonvoting K shares will be reclassified on a one-to-one basis as class A common stock after Wall Street trading closes on Friday. Class A shares have one share/one vote rights in Comcast corporate-governance issues. Comcast has said there was no need for the two stock classes.
The Roberts family preserved its 33 percent control of the cable and media conglomerate through super-voting class B shares. Comcast CEO Brian Roberts is son of co-founder Ralph Roberts.