Comcast 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.
Angelakis will serve as the chief executive officer of the new company with the aim of pursuing new areas of growth and diversification for Comcast.
The new company will have total capital commitments of up to USD 4.1 billion, of which USD 4.0 billion will be invested by Comcast, at least USD 40 million will be invested personally by Angelakis, and the remainder coming from other senior members of the new company's management team. This new company will have an exclusive ten-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.
Angelakis is the deputy chairman of the Federal Reserve Bank of Philadelphia and is a Trustee of Babson College. Prior to joining Comcast, Angelakis was a managing director and member of the Investment and Management Committees at Providence Equity Partners, a global private equity firm. Before joining Providence Equity Partners in 1999, Angelakis was president and chief executive officer of State Cable TV and Aurora Telecommunications. He also served as a vice president of Manufacturers Hanover Trust in New York, where he oversaw one of the bank's media and communications portfolio. Additionally, Angelakis spent several years in London developing Manufacturers Hanover's acquisition finance and merchant banking activities throughout Western Europe.
