Comcast, Its CFO Michael Angelakis To Create A New, Strategic Company

(RTTNews) - Comcast Corp. (CMCSK, CMCSA) said it has entered into an agreement with the company's Vice Chairman and Chief Financial Officer, Michael Angelakis, to establish a new, strategic company that would focus on investing in and operating growth-oriented companies, both domestically and internationally.

Angelakis will serve as the Chief Executive Officer of the new company and bring his strengths of investing in and operating companies, with benefits accruing to Comcast shareholders.

The new company will have total capital commitments of up to $4.1 billion, of which $4.0 billion will be invested by Comcast, at least $40 million will be invested personally by Angelakis, with the remainder coming from other senior members of the new company's management team.

This new company will have an exclusive, 10-year partnership with Comcast as sole outside investor.

Comcast will immediately commence a search for a successor Chief Financial Officer, and following the appointment of the new CFO, Angelakis will then serve as a Senior Advisor to Comcast. Angelakis will assist with the transition to the new CFO and begin the integration process for the Time Warner Cable and related transactions.