Comcast is making a big change in its senior management team as chief financial officer Michael Angelakis is set to launch a technology and media investment firm with $4 billion in backing from Comcast.
“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,” said Brian L. Roberts, Chairman and Chief Executive Officer of Comcast.
Comcast said Angelakis’ firm would have a 10-year advisory deal with the cable giant which will be its sole investor. Angelakis will invest $40 million, and others who are joining he firm will bring its financial backing at launch to $4.1 billion. The company will focus on investing in and operating “growth-oriented” companies in the U.S. and abroad.
Comcast said it would mount a search for a new CFO and that Angelakis would remain in place through the transition period. Comcast said the agreement with Angelakis came together now that the company is winding up the federal review process on its pending merger with Time Warner Cable.
“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. Comcast is a remarkably well-positioned company and it has been an honor to serve as the Company’s Vice Chairman and CFO. I look forward to closing the Time Warner Cable and related transactions and commencing the integration process. As part of our new company, I am very pleased to continue the partnership with my current colleagues and to contribute to Comcast’s future growth and success.”
Angelakis joined Comcast in 2007 from private equity titan Providence Equity Partners, where he was managing director.