NEW YORK – Comcast is establishing a firm with $4.1 billion in capital commitments to invest in fast-growing companies.
Continue Reading Below
Michael Angelakis, Comcast's chief financial officer, will be the company's CEO.
"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," said Comcast Chairman and CEO Brian Roberts, in a printed statement Tuesday.
Comcast will invest $4 billion in the venture, and at least $40 million will be invested personally by Angelakis. The remainder will come from other senior members of the new company's management team. The company will have an exclusive, 10-year partnership with Comcast as sole outside investor.
The cable company has begun a search for Angelakis' successor.
Comcast Corp., based in Philadelphia, is in the midst of a $45 billion deal to acquire Time Warner Cable.