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.
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.