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Comcast to form company to invest $4.1B in growth firms

Comcast
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Comcast said Tuesday it will form a new strategic company to invest in and operate "growth-oriented companies" in the United States and abroad.

Michael J. Angelakis, Comcast vice chairman and CFO, will serve as the company's chief executive and will be a financing partner.

Comcast will commit $4 billion to the venture, while Angelakis will invest at least $40 million. The remaining capital in the $4.1 billion venture will come from senior management members at the new company, which will serve as the exclusive outside investor with Comcast for 10 years.

"This is a time of tremendous change and opportunity in our core technology and media industries, as well as in adjacent business areas," Comcast Chairman and 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."

Angelakis will serve as a senior advisor to Comcast following the appointment of his replacement as CFO and will continue to advise Comcast on its pending integration with Time Warner Cable. Angelakis is also the deputy chairman of the Federal Reserve Bank of Philadelphia.

DISCLOSURE: Comcast is the parent company of NBCUniversal, which owns CNBC.