Comcast CFO Forms New Investment Company31 Mar, 2015 By: Erik Gruenwedel
Michael Angelakis becomes CEO of new venture with more than $4 billion in seed money from cable operator.
Comcast Corp. March 31 announced it has entered an agreement with CFO Michael Angelakis to head a new company focusing on investing in and operating separate companies, both domestically and internationally. Comcast is seeding the unnamed venture with $4 billion in funding.
Angelakis, who is investing $40 million of his own money in the venture, is vacating his CFO position. Comcast is searching for a successor, while Angelakis will continue as a senior advisor to Comcast.
Since joining Comcast in 2007, the CFO has played roles in the No. 1 cable operator’s acquisition of NBC Universal and pending Time Warner Cable purchase.
With over-the-top video services proliferating globally, spearheaded by subscription streaming pioneer Netflix — a major Comcast competitor — the cabler eyes the new company as a beachhead to third-party ventures, including digital services and related media opportunities.
“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,” Brian Roberts, chairman and CEO of Comcast, said in a statement.