Comcast to Create New Investment Company, Led By CFO Angelakis

Comcast Corp. said Chief Financial Officer Michael J. Angelakis will leave his post to lead a new investment company funded by the cable and media giant.

The Philadelphia-based company will invest $4 billion to create the new investment company. The venture will have total capital commitments of $4.1 billion, including at least $40 million from Mr. Angelakis and the rest from other senior members of Comcast's management team.

Mr. Angelakis has experience with making acquisitions. He helped engineer Comcast's deals for NBCUniversal and Time Warner Cable, and his background includes a stint in private equity.

Mr. Angelakis's goal will be "to pursue new areas of growth and diversification for Comcast" domestically and internationally, the company said in a news release. The new company will have an exclusive 10-year partnership with Comcast as the sole outside investor.

Comcast is searching for a chief financial officer to succeed Mr. Angelakis, who will become a senior adviser when replaced.

Shares of Comcast, inactive premarket, have been down about 2% this year through Monday's close.

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