Comcast, CFO Pledge $4.1 Billion to Fund New Investment and Operating Company

Comcast Corporation and CFO Michael Angelakis are pooling together $4.1 billion to launch a new investment and operating company. Angelakis -- who has personally pledged $40 million to the forming venture -- will become CEO of the new firm and be replaced as chief financial officer of Comcast. The big cable provider is funding the new company to the tune of $4 billion. The remainder will come from other senior members of the new company’s management team. The newly formed group will have an exclusive, 10-year partnership with Comcast as sole outside investor. “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 CEO 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.” He continued: “In the past, Comcast has made substantial investments in companies like QVC, Comcast Cellular and SpectrumCo, which have generated tremendous strategic and shareholder value. I couldn’t be more excited about the future and Michael’s role in building this new company.” Comcast will immediately begin a search for a successor chief financial officer. Following that eventual appointment, Angelakis will 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.