Comcast (NASDAQ: CMCSA) will invest $4 billion in a new strategic investment spinoff, with Michael Angelakis stepping down from his CFO position to run it.
It's unclear how the new operation will differ--or be related--to Comcast's existing venture capital effort, Comcast Ventures. Comcast has yet to comment on that.
Angelakis will invest $40 million of his personal wealth into the new venture, announced Tuesday, March 31. Comcast says the new firm will invest in "growth-oriented companies, both domestically and internationally.
Comcast will begin the search for a new chief financial officer, with Angelakis staying on in a senior advisory role.
"Michael is highly respected on Wall Street for both his financial and strategic capabilities," said Paul Sweeney, an analyst at Bloomberg Intelligence. "The financial backing from Comcast appears to be a very attractive opportunity for him."
The spinoff will have an exclusive 10-year partnership agreement with Comcast, which will serve as its sole investor. Angelakis will be paid $8 million a year as CEO of the new company, according to a regulatory filing, and an additional $100,000 for his role as Comcast senior adviser.
Angelakis "is an extraordinary leader and strategic partner, and has helped transform Comcast into the media and technology company that we are today," said Brian Roberts, CEO of Comcast Corp., in a statement. "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."
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