By Angela Chen
Comcast Corp. said Chief Financial Officer Michael J. Angelakis
will leave his post to lead a new investment company funded by the
cable and media giant.
The Philadelphia-based company will invest $4 billion to create
the new investment company. The venture will have total capital
commitments of $4.1 billion, including at least $40 million from
Mr. Angelakis and the rest from other senior members of Comcast's
management team.
Mr. Angelakis has experience with making acquisitions. He helped
engineer Comcast's deals for NBCUniversal and Time Warner Cable,
and his background includes a stint in private equity.
Mr. Angelakis's goal will be "to pursue new areas of growth and
diversification for Comcast" domestically and internationally, the
company said in a news release. The new company will have an
exclusive 10-year partnership with Comcast as the sole outside
investor.
Comcast is searching for a chief financial officer to succeed
Mr. Angelakis, who will become a senior adviser when replaced.
Shares of Comcast, inactive premarket, have been down about 2%
this year through Monday's close.
Write to Angela Chen at angela.chen@wsj.com
Subscribe to WSJ: http://online.wsj.com?mod=djnwires