Comcast Corp. Chief Executive Brian Roberts said Tuesday the cable giant is aiming to launch a wireless service by mid-2017, creating a new line of business that could help the company better retain customers in a fiercely competitive market.

Speaking at the Goldman Sachs Communacopia investor conference Tuesday morning, Mr. Roberts said the product will take advantage of Comcast's 15 million Wi-Fi hot spots and use leased airwaves from Verizon Communications Inc. Comcast has a deal with Verizon dating back to 2011 that allows the cable company to sell wireless service using the telecom carrier's network at set terms and pricing.

Mr. Roberts said that because Comcast has a "good fair relationship" to sell on a wholesale basis, "we won't have to make the kind of investment" needed otherwise, such as cell towers and other infrastructure.

"We believe there will be a big payback with reduced churn, more stickiness and better satisfaction," Mr. Roberts said.

Mr. Roberts said Comcast will market the wireless service inside its existing footprint, to existing and potential Comcast cable customers, as opposed to nationwide. The company is interested in upselling customers to a bigger bundle of services.

Comcast has explored entering wireless for several years. For at least a year, the company has been seriously weighing its options, engaging in discussions with Verizon and testing potential services.

Write to Shalini Ramachandran at shalini.ramachandran@wsj.com

(END) Dow Jones Newswires

September 20, 2016 10:05 ET (14:05 GMT)

Copyright (c) 2016 Dow Jones & Company, Inc.
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