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Tags: Comcast | Growth Firms | New Company | CFO Angelakis

Comcast to Establish Strategic Investment Company

Tuesday, 31 March 2015 06:24 AM EDT

Comcast is establishing a firm with $4.1 billion in capital commitments to invest in fast-growing companies.

Michael Angelakis, Comcast's chief financial officer, will be the company's CEO.

"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 Comcast Chairman and CEO Brian Roberts, in a printed statement Tuesday.

Comcast will invest $4 billion in the venture, and at least $40 million will be invested personally by Angelakis. The remainder will come from other senior members of the new company's management team. The company will have an exclusive, 10-year partnership with Comcast as sole outside investor.

The cable company has begun a search for Angelakis' successor.

Comcast Corp., based in Philadelphia, is in the midst of a $45 billion deal to acquire Time Warner Cable.

© Copyright 2024 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Comcast Corp., the largest U.S. cable operator, said it would form a new company with its chief financial officer, Michael Angelakis, to invest in and focus on operating growth-oriented companies both in the United States and international markets.Comcast said Angelakis...
Comcast, Growth Firms, New Company, CFO Angelakis
Tuesday, 31 March 2015 06:24 AM
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