Comcast Corporation and Michael J. Angelakis to Create a New, Strategic Company
March 31 2015 - 6:30AM
Business Wire
Comcast Corporation announced today that it has entered into an
agreement with the Company’s Vice Chairman and Chief Financial
Officer, Michael J. Angelakis, to establish a new, strategic
company that will focus on investing in and operating
growth-oriented companies, both domestically and
internationally.
Michael J. Angelakis (Photo: Comcast
Corporation)
“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.
“As Comcast approaches the completion of the Time Warner Cable
merger and related transactions, and the integration plans are well
advanced, Michael is ready and excited to turn his attention to the
next phase of his career and relationship with Comcast,” Mr.
Roberts added.
Mr. 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. He will
lead this new company with a mandate and the resources to pursue
new areas of growth and diversification for Comcast.
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 Mr. 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,
Mr. Angelakis will then serve as a Senior Advisor to Comcast. Mr.
Angelakis will assist with the transition to the new CFO and begin
the integration process for the Time Warner Cable and related
transactions.
“I am thrilled that Michael will be leading this new initiative.
His broad and deep experience in a variety of leadership roles
within different industries will be a tremendous asset to the new
company. He is an extraordinary leader and strategic partner, and
has helped transform Comcast into the media and technology company
that we are today,” said Mr. Roberts. “His work to structure the
NBCUniversal and Time Warner Cable transactions has been invaluable
in laying the successful financial groundwork for Comcast. In the
past, Comcast has made substantial investments in companies like
QVC, Comcast Cellular and SpectrumCo, which have generated
tremendous strategic and shareholder value. I couldn’t be more
excited about the future and Michael’s role in building this new
company.”
“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 Mr.
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."
Mr. Angelakis is the Deputy Chairman of the Federal Reserve Bank
of Philadelphia and is a Trustee of Babson College. Prior to
joining Comcast, Mr. Angelakis was a Managing Director and Member
of the Investment and Management Committees at Providence Equity
Partners, one of the leading, global private equity firms investing
in technology, media and communications companies. Before joining
Providence Equity Partners in 1999, Mr. Angelakis was President and
Chief Executive Officer of State Cable TV Corporation and Aurora
Telecommunications. He also served as a Vice President of
Manufacturers Hanover Trust Company in New York, where he oversaw
one of the bank’s media and communications portfolios.
Additionally, Mr. Angelakis spent several years in London
developing Manufacturers Hanover’s acquisition finance and merchant
banking activities throughout Western Europe.
A more detailed description of the arrangements between Mr.
Angelakis and Comcast is set forth in Comcast’s Current Report on
Form 8-K to be filed with the Securities and Exchange Commission.
The binding agreement for the arrangements will be attached to that
filing.
About Comcast Corporation:
Comcast Corporation (Nasdaq: CMCSA, CMCSK) is a global media and
technology company with two primary businesses, Comcast Cable and
NBCUniversal. Comcast Cable is the nation’s largest video,
high-speed Internet and phone provider to residential customers
under the XFINITY brand and also provides these services to
businesses. NBCUniversal operates news, entertainment and sports
cable networks, the NBC and Telemundo broadcast networks,
television production operations, television station groups,
Universal Pictures and Universal Parks and Resorts. Visit
www.comcastcorporation.com for more information.
Photos/Multimedia Gallery Available:
http://www.businesswire.com/multimedia/home/20150331005231/en/
Comcast CorporationMedia Contact:John Demming,
215-286-8011John_Demming@comcast.comorInvestor Contact:Jason
Armstrong, 215-286-7972Jason_Armstrong@comcast.com
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