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Comcast and CFO Angelakis to form new $4.1 billion company

Staff writer ▼ | March 31, 2015
Comcast Corporation has entered into an agreement with its vice chairman and chief financial officer, Michael J. Angelakis, to establish a new company that will focus on investing.
Expanding   Comcast: "This is a time of tremendous change"
"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," Mr. Roberts added.

Mr. Angelakis will serve as the chief executive officer of the new company and bring his strengths of investing in and operating companies. He will lead this new company with a mandate and the resources to pursue new areas of growth and diversification for Comcast.

The new company 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 Mr. 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, Mr. Angelakis will then serve as a Senior Advisor to Comcast.