Comcast is partnering with its chief financial officer, Michael J. Angelakis, to create a $4.1 billion investment company “to hunt for growth at home and abroad as the U.S. cable market matures,”
the
Wall Street Journal
reported.
Angelakis will leave his post as Comcast’s CFO to become CEO of the new company, which does not yet have a name, the article said.
Comcast will contribute $4 billion. The new company’s management team will invest up to $100 million; Angelakis will contribute at least $40 million of that amount, the
Journal
report said. The new venture plans to make multibillion-dollar investments in later-stage companies, the article said.
Angelakis will be paid $8 million a year to be CEO of the new company and will also earn $100,000 per year as a senior adviser to Comcast, the article said. Comcast is searching for a new CFO, the report noted.
The mission statement of the new company is to invest in and operate “growth-oriented companies,” the article said. Comcast itself will still handle megadeals and has its own venture capital unit for investments in startups, the
Journal
report said. (Source:
Wall Street Journal
, April 1, 2015.)
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