CMCSA.O) Chief Financial Officer Michael Angelakis will leave his position to head a new investment arm with up to $4.1 billion to invest in growth-oriented companies, Comcast said on Tuesday.
The largest U.S. cable operator will shell out $4 billion and Angelakis will invest at least $40 million with the rest coming from senior members of a team he will appoint.
Philadelphia-based Comcast, which already has a venture capital arm through Comcast Ventures, said the new company would begin operations in 2015 or early 2016.
Comcast Ventures makes investments in startups in the range of $2 million to $15 million. Investments include online publisher Vox Media and e-commerce startup Birchbox.
Investments made by Angelakis’ team would be in a range larger than Comcast Ventures but smaller than billion-dollar deals such as $45 billion purchase of Time Warner Cable, according to a source close to Comcast.
The new investment arm will likely identify late-stage startups and aim at “investing in and operating” them, the source said.
Technology, telecom and media companies such as Google Inc (GOOGL.O) , Verizon (VZ.N) and Intel Corp (INTC.O) have investment arms that have invested in up-and-coming startups from healthcare to online entertainment.
Industries that Comcast is looking to invest in have not been decided, the source said.
Angelakis, whose resignation will be effective upon the earlier of the date on which Comcast’s new CFO commences employment or June 30, 2016, will also work with Comcast as senior adviser.
Angelakis will receive annual compensation of $8 million in his role as the CEO, Comcast said in a regulatory filing. He will also receive $100,000 for his role as senior adviser.
Comcast shares edged down 0.2 percent to close at $56.47 on Nasdaq.
(Reporting By Lehar Maan and Devika Krishna Kumar in Bengaluru and Malathi Nayak in New York- Editing by Maju Samuel and Grant McCool)
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