By Sahil Patel
Comcast is launching a $4 billion investment firm, which will be led by outgoing CFO Michael Angelakis.
“This is a time of tremendous change and opportunity in our core technology and media industries, as well as in adjacent business areas,” Comcast CEO Brian Roberts said in a statement. “We believe the ability to establish entrepreneurial ventures that partner with and participate in the growth of innovative companies can be an important driver of strategic and financial value creation for our company.”
As part of a 10-year deal with Comcast, the media giant will serve as the sole outside investor of the new firm. The company will also have the right to approve “certain” proposed investments as well as first rights to the firm’s assets.
Angelakis himself is investing $40 million. Additional funds will also come from other “senior members” of the company’s management team, who will own non-voting preferred shares.
Overall, the investment company will have $4.1 billion to work with, with a focus on investing in and operating “growth-oriented” companies across media and technology in both the US and abroad.
As a result of Angelakis’ planned departure, Comcast will also begin searching for a new CFO, with the Angelakis staying on in the interim to help through the transition period.