Dallas, Texas 05/27/2014 (FINANCIALSTRENDS) – Comcast Corporation (NASDAQ:CMCSA) and Charter Communications announced that the former Insight Communications co-founder and Chief Executive Officer & 40-year cable-industry veteran- Michael S. Willner has now agreed to serve as the President & the Chief Executive Officer at “SpinCo,”. The latter is the new cable-company that is to be spun-off from CMCSA on completion of the merger between the company and TWC & the Comcast – Charter transactions. Willner will now oversee operations at SpinCo, which will serve around 2.5M customers across Alabama, Kentucky, Indiana, Michigan, Tennessee, Minnesota, & Wisconsin.
The Company Board
SpinCo will also have a 9-member Body, 3 whom will then be appointed by Charter, and will include Charter President & CEO, Tom Rutledge. He will serve as the board’s non-executive Chairman. CMCSA will appoint 3 of the remaining 6 members of the company board & will also select 3 more from the list that will be provided by Charter. The 6 board members will all be independent of Charter & Comcast. In addition to this, ,Charter will also have the services agreement with SpinCo, that will help both the companies achieve much greater scale as well as regional efficiencies.
Quarterly Dividend
Comcast Corporation (NASDAQ:CMCSA) is a front-running cable, entertainment & communications company. It announced that the BOD has declared a quarterly-dividend of $0.225/ share on the company’s common-stock. This quarterly dividend is now payable on 23 July 2014 to the shareholders who are of record at the close of business on 2 July 2014.Willner was the co-founder & the CEO at Insight Communications from 1985- 2012 which was when Insight had been sold off to Time Warner Cable. Under his leadership, Insight Communications also became 1 of the most highly-regarded operating companies in that industry. He started his career in the year 1974 from Vision Cable Communications.
