Michael Angelakis will lead the as yet-unnamed new company as CEO. Comcast is in the process of searching for a new CFO.
“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,” stated Brian L. Roberts, chairman/chief executive officer of Comcast.
The new company will have total capital commitments of up to $4.1 billion -- $4 billion will be invested by Comcast, and at least $40 million will be invested personally by Angelakis. The Angelakis-led company will have an exclusive, 10-year partnership with Comcast as sole outside investor.
Angelakis has been working closely on the Comcast deal to acquire Time Warner Cable, which is nearing completion.
“As we enter the final phase of the Time Warner Cable transaction, this is a great time to begin a transition, and I am excited to start this new, entrepreneurial company,” said Angelakis. “Our industry is dynamic, and I am very excited and optimistic about the many opportunities available to Comcast.”