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.