Light Reading
Comcast proposes up to $135 million in 'golden parachute compensation' for senior Time Warner Cable executives if the merger of the two companies is successfully completed.

TWC Execs' Prize? A Cool $135M

Mari Silbey
3/21/2014
100%
0%

Glenn Britt may have left Time Warner Cable just a few months too soon. That's because new TWC Chairman and CEO Rob Marcus could be in for a very big payday if Comcast succeeds in buying out the company, according to a Securities and Exchange Commission document that Comcast filed Thursday.

If Marcus doesn't stay on at the new combined entity, he could be entitled to nearly $80 million in cash, equity, and other benefits, according to the Securities and Exchange Commission (SEC) filing. Add in the proposed payouts to Time Warner Cable Inc. (NYSE: TWC) CFO Arthur Minson, CTO Mike LaJoie, and business services chief Phil Meeks and the "golden parachute compensation" for the four members of the TWC executive team could total $134,964,288. For simplicity's sake, let's round that up to a cool $135 million.

To be fair, Comcast Corp. (Nasdaq: CMCSA, CMCSK) notes in the SEC filing that its dollar figures are "estimated based on multiple assumptions that may or may not actually occur." At this point, however, the MSO has already said that current Comcast Cable President and CEO Cable Neil Smit would be in charge of the newly merged company if the acquisition closes, and there's only room for so many cooks in the kitchen. The SEC document has Minson receiving just over $27 million in compensation, LaJoie getting $16.3 million, and Phil Meeks taking home $11.7 million.

Of course, there are still hurdles ahead before Comcast can make good on its plan to buy Time Warner Cable for $45 billion, plus another $24 billion in assumed debt. Shareholders have to vote on the deal, and regulators have to give their blessing.

Multiple states, including Florida, are joining with the Antitrust Division of the U.S. Department of Justice for its antitrust review according to Reuters, and the Federal Communications Commission (FCC) must also approve the merger. Plus, the Senate Committee on the Judiciary will hold a hearing to examine the impact of a deal on consumers on April 2.

Related posts:

— Mari Silbey, special to Light Reading

(3)  | 
Comment  | 
Print  | 
Newest First  |  Oldest First  |  Threaded View
danielcawrey
50%
50%
danielcawrey,
User Rank: Light Sabre
3/23/2014 | 4:00:43 PM
Re: $80M
Who says cable is a dying business? Not these guys. With that kind of money, there must be an assumption that somehow piping video into homes the old way somehow has futuristic prospects. 

Well, they at least still have live sports. And broadband, always the broadband. 
kq4ym
50%
50%
kq4ym,
User Rank: Light Sabre
3/23/2014 | 1:54:59 PM
Re: $80M
While there's a lot of opposition to the mergers, I'll bet (a wager of somewhat less than $135M) that the giant companies will eventually get the go ahead. With stakes that high for bonus money, there's bound so be some heavy duty lobbying to make it a go.
FakeMitchWagner
50%
50%
FakeMitchWagner,
User Rank: Lightning
3/21/2014 | 5:19:24 PM
$80M
I'd like to get a few million dollars to quit my job. 

I was once offered ten dollars to leave a party. Not the same. 
Flash Poll
LRTV Huawei Video Resource Center
The Inaugural Optical Innovation Forum in Nice

9|2|14   |     |   (0) comments


More than 170 attendees from network operators, service providers, analyst firms, and component companies from around the world convened in Nice in June for the inaugural Optical Innovation Forum, co-produced by Huawei and Light Reading.
Wagner’s Ring
Data Centers Drive Telcos Into the Future

8|28|14   |   2:20   |   (2) comments


Data centers are at the heart of key trends driving telecom -- network virtualization, the drive for increased agility, and the need to compete with OTT providers.
LRTV Custom TV
Why SPs Should Consider Cisco's EPN

8|27|14   |   5:40   |   (0) comments


Sultan Dawood from Cisco discusses Cisco's EPN, which enables SPs to build agile and programmable networks delivering new network virtualized services using Cisco's Evolved Services Platform (ESP).
LRTV Huawei Video Resource Center
Huawei’s Showcase @ Big Telecom Event 2014

8|26|14   |   2.56   |   (0) comments


SoftCOM is Huawei's framework for telecom business and network transformation. Haofei Liu, Solution Marketing Manager, Carrier Business Group, Huawei, showcases Huawei's SoftCOM architecture in this video.
LRTV Huawei Video Resource Center
Huawei @ BTE 2014: Director of Integrated Solutions on SoftCOM & NFV Monetization

8|26|14   |   4.43   |   (0) comments


Libin Dai, Director of Integrated Solutions, Carrier Business Group, discusses Huawei's SoftCOM and NFV monetization. Huawei believes that NFV monetization should be service-driven rather than network-driven, and that operators should have network transformation, service transformation and a compatible and collaborative ecosystem in place in order to deploy NFV.
LRTV Huawei Video Resource Center
Huawei @ BTE 2014: Director of US NFV Lab on CloudEdge & the Future of NFV

8|26|14   |   4.06   |   (0) comments


Sean Chen, Director of US NFV Lab at Huawei, discusses Huawei's new approach to NFV in open collaboration. Huawei believes that through Proof of Concept tests, it could help operators learn and communicate with the industry more effectively. Sean believes that successful implementation of NFV should have its values reaching to end users and discusses how Huawei's ...
LRTV Huawei Video Resource Center
Huawei's Highlights @ Big Telecom Event 2014

8|26|14   |   3.34   |   (0) comments


At the Big Telecom Event in Chicago Huawei showcases its high-level strategy, the SoftCOM architecture, which helps operators reduce the cost of ownership of their network infrastructure and generate additional revenue in the ICT service environment. Huawei showcases over 30 pilot programs from across the globe, focusing on the industry-leading commercial ...
LRTV Custom TV
VeEX – Live from the Show

8|21|14   |   5:58   |   (0) comments


An overview of VeEX Test and Measurement solutions including TX300S multi-service test set with VeExpress cloud-based management system, UX400 universal modular platform supporting 100G testing, and the redesigned RXT modular platform.
LRTV Custom TV
Transitioning CE 2.0 Networks Into the SDN & NFV Era With Telco Systems

8|19|14   |   5:19   |   (0) comments


Telco Systems' Ariel Efrati (CEO) and Moshe Shimon (VP of Product Management) discuss virtualization and how the company's new Open Metro Edge solution utilizes the SDN and NFV concepts to accelerate and orchestrate service delivery through its innovative product portfolio and software applications.
LRTV Custom TV
NFV Myths: Is NFV Still Several Years Away?

8|11|14   |   1:13   |   (0) comments


Some say that NFV (network functions virtualization) is still several years away from being implemented on mobile operator networks. This isn't the case. Operators can get started on their paths to NFV now, as this short video from Skyfire shows.
LRTV Custom TV
A New Security Paradigm in SDN/NFV

7|28|14   |   02:54   |   (0) comments


Paul Shaneck, Global Director Network Solutions for Symantec, discusses the evolving virtualized network, explaining how Symantec is leading the security discussion as it relates to SDN and NFV, and helping to ensure the network is protected and compliant.
LRTV Documentaries
Sprint's Network Evolution

7|24|14   |   14:59   |   (0) comments


Sprint's Jay Bluhm gives a keynote speech at the Big Telecom Event (BTE) about Sprint's network and services evolution strategy, including Spark.
Upcoming Live Events!!
September 16, 2014, Santa Clara, CA
September 16, 2014, Santa Clara, CA
September 23, 2014, Denver, CO
October 29, 2014, New York City
November 6, 2014, Santa Clara
November 11, 2014, Atlanta, GA
December 9-10, 2014, Reykjavik, Iceland
June 9-10, 2015, Chicago, IL
Infographics
A survey conducted by Vasona Networks suggests that 72% of mobile users expect good performance all the time, and they'll blame the network operator when it's not up to par.
Today's Cartoon
Hot Topics
Rogers, Shaw Take Aim at Netflix
Mari Silbey, Independent Technology Editor, 8/26/2014
Utilities to Pump $11.2B Into Smart Grid – Study
Jason Meyers, Senior Editor, Utility Communications/IoT, 8/26/2014
Verizon Launches QR Code Security Solution
Carol Wilson, Editor-at-large, 8/26/2014
Nokia's Maps Land on Samsung Devices
Sarah Reedy, Senior Editor, 8/29/2014
Verizon to Launch HD VoLTE in 'Coming Weeks'
Sarah Reedy, Senior Editor, 8/26/2014
Like Us on Facebook
Twitter Feed