Comcast has entered into an agreement with the Company’s Vice Chairman and Chief Financial Officer, Michael J. Angelakis, to establish a new, strategic company that will focus on investing in and operating growth-oriented companies, both domestically and internationally.
“This is a time of tremendous change and opportunity in our core technology and media industries, as well as in adjacent business areas. We believe the ability to establish entrepreneurial ventures that partner with and participate in the growth of innovative companies can be an important driver of strategic and financial value creation for our company,” said Brian L. Roberts, Chairman and Chief Executive Officer of Comcast.
“As Comcast approaches the completion of the Time Warner Cable merger and related transactions, and the integration plans are well advanced, Michael is ready and excited to turn his attention to the next phase of his career and relationship with Comcast,” Roberts added.
Angelakis will serve as the Chief Executive Officer of the new company which will have total capital commitments of up to $4.1 billion, of which $4 billion will be invested by Comcast, at least $40 million will be invested personally by Angelakis, with the remainder coming from other senior members of the new company’s management team. This new company will have an exclusive, 10-year partnership with Comcast as sole outside investor.
Comcast will immediately commence a search for a successor Chief Financial Officer, and following the appointment of the new CFO, Angelakis will then serve as a Senior Advisor to Comcast. Angelakis will assist with the transition to the new CFO and begin the integration process for the Time Warner Cable and related transactions.
“As we enter the final phase of the Time Warner Cable transaction, this is a great time to begin a transition and I am excited to start this new, entrepreneurial company,” said Angelakis. “Our industry is dynamic and I am very excited and optimistic about the many opportunities available to Comcast. Comcast is a remarkably well-positioned company and it has been an honor to serve as the Company’s Vice Chairman and CFO. I look forward to closing the Time Warner Cable and related transactions and commencing the integration process. As part of our new company, I am very pleased to continue the partnership with my current colleagues and to contribute to Comcast’s future growth and success.”
Angelakis is the Deputy Chairman of the Federal Reserve Bank of Philadelphia and is a Trustee of Babson College. Prior to joining Comcast, Angelakis was a Managing Director and Member of the Investment and Management Committees at Providence Equity Partners.