1. (Bloomberg) -- Comcast Corp. is creating a new company with Chief Financial
Officer Michael J. Angelakis that will focus on investments in growth
businesses aroundthe world.
The new firm will have capital commitments of as much as $4.1 billion, with
$4 billion coming from Philadelphia-based Comcast. Angelakis, 50, who
joined the largest U.S. cable company in 2007, will invest at least $40 million
personally, according to a statement today.
Technology giants like Cisco Systems Inc., Intel Corp. and Google Inc. have
used venture funds to reap financial returns while also incubating startups
focusedon promising new technologies and businesses. In this case, Angelakis
may have sought a career move at the same time Comcast was looking for
investment opportunities, said Andrew Hamerling, a money manager at
Wavelength Asset Management LLC, which owns shares in Comcast and Time
Warner Cable.
The CFO, who will remain a senior adviser when a successoris found, is taking
a new role while Comcast still awaits regulatory approval for its $45.2 billion
plan to buy Time Warner Cable Inc. Angelakis will assist with the transition to
the new finance chief and begin the integration process for the Time Warner
Cable deal.
“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 new firm will make much larger investments than Comcast’s existing
venture capital arm, Comcast Ventures, which typically spends as much as $15
million on early-stage companies, said a person familiar with a plan who asked

2. not to be identified because the matter is private. Angelakis will look for later-
stage businesses both in the U.S. and internationally, the person said.
The shares fell 0.3 percent to $56.47 at the close in New York. They’d dropped
2.4 percent through Monday, as the Standard & Poor’s 500 Index gained 1.3
percent.
Exclusive Partnership
The new company will have an exclusive, 10-year partnership with Comcast as
sole outside investor.
Angelakis, who is deputy chairman of the Federal Reserve Bank of
Philadelphia, will get annual compensation of $8 million as chief executive
officer of the new company, and $100,000 as Comcast’s senior adviser,
according to a filing. Before joining Comcast as co-CFO eight years ago, he was
a managing director at Providence Equity Partners, a private equity firm
investing in technology, media and communications businesses.
“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 ourcompany,” Comcast Chief
Executive Officer Brian L. Roberts said in the statement.
Angelakis is moving on as the pay-TV industry goes through disruption. With
more video programming being offered through online services like Netflix
and Amazon, the numberof Americans signing up for traditional packages of
dozens of channels is slowing. And companies including Dish Network Corp.
are furtherthreatening the model with cheaper Web offers.

3. Comcast, which also owns NBC broadcast network, cable networks like USA,
the Universal film studio and a stake in Hulu, has meanwhile been ramping up
its broadband offerings to fuel sales growth.