Comcast to invest $4 billion in CFO's new firm
Roberts seeks Michael Angelakis successor
Comcast CFO Michael Angelakis will be CEO of a new investment company "that will focus on investing in and operating growth-oriented companies, both domestically and internationally," Comcast boss Brian Roberts said today in this statement. Comcast will invest up to $4 billion in Angelakis' venture. Angelakis, a veteran investor who was a principal at Providence Equity Partners, will invest another $40 million. UPDATE: Read Bob Fernandez's story in the Inquirer here.
For now, Angelakis "will remain in his current role as CFO and making sure there is a smooth transition when a new replacement is found," spokesman John Demming told me. "He is going to be fully engaged in his current role and will continue his day-to-day work, close the Time Warner Cable transaction after regulatory approval is received, and begin the integration process with Time Warner Cable and the related transactions. After a new CFO is appointed, he will become a Senior Advisor to Comcast. He is also going to help Brian recruit a new CFO."
Roberts credited Angelakis with laying groundwork for Comcast's planned purchase of Time Warner Cable. The company's moves into programming (including NBC Universal) and Internet and smartphone-based services creates many opportunities for start-ups and partner companies, and Comcast and senior officials have a history of investing in those firms and other emerging tech companies, both through affilates such as Comcast Ventures, and directly. Comcast's founding CFO, Julian Brodsky, made millions through well-timed investments in Internet Capital Group during the dot.com bubble and has remained active as an investor.
Comcast is building a second high-rise tower in Center City that the company says will be home to engineering and technology development teams, and the company has been hiring software engineers. Comcast will own Angelakis' new company for 10 years.