Light Reading

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        ADD A COMMENT
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.
Mitch Wagner
50%
50%
Mitch Wagner,
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
From The Founder
Then pick up your axe, put on your spandex trousers and get yourself down to Light Reading's Big Telecom Event (BTE). Kerrang!!!
LRTV Custom TV
Meeting the Demands of Bandwidth & Service Group Growth

5|1|15   |   5:35   |   (0) comments


Jorge Salinger, Comcast's Vice President of Access Architecture, explains how DOCSIS 3.1 and multi-service CCAP can meet the demands of the bandwidth and service group growth.
LRTV Custom TV
DOCSIS 3.1: Transforming Cable From Hardware-Defined Network to Software-Defined Network

4|29|15   |   03:48   |   (0) comments


John Chapman, Cisco's CTO of Cable Access Business Unit and Cisco Fellow, explains how DOCSIS 3.1 can transform cable HFC network to a more agile software-defined network.
LRTV Huawei Video Resource Center
Predicting Traffic Patterns for Quality Mobile Broadband

4|29|15   |   6:45   |   (0) comments


Accessing information ubiquitously creates complexity and creates heavy traffic onto the network, especially at large-scale events like sporting events or festivals. In this video, Huawei's Mohammad Hussain speaks to experts about how to predict traffic and improve user experience during periods of heavy traffic.
Between the CEOs
Ciena CEO: The Web-Scale Revolution

4|28|15   |   10:32   |   (3) comments


Light Reading CEO and founder Steve Saunders goes head-to-head with long-time Ciena CEO Gary Smith to discuss the impact of the web-scale players, the New IP and 'white box' networks.
LRTV Documentaries
Cox Eyes Cloud-Based Home Networks

4|27|15   |   05:30   |   (0) comments


Cox's Jeff Finkelstein explains how moving services to the cloud will let cable deliver services faster and eliminate constant hardware replacements.
LRTV Documentaries
CableLabs' Clarke Updates Cable Virtualization

4|23|15   |   05:41   |   (1) comment


Former BT exec now leading CableLabs' NFV and SDN efforts explains key role of open source and updates efforts to virtualize the home network.
LRTV Interviews
Ericsson's CTO Talks Transformation: Pt. II

4|23|15   |   08:19   |   (1) comment


In the second installment of an in-depth two-part interview, Ericsson's CTO Ulf Ewaldsson talks to Light Reading CEO and founder Steve Saunders about cultural change, network slicing and technology advances.
LRTV Interviews
Ericsson's CTO Talks Transformation: Pt. I

4|23|15   |   09:27   |   (3) comments


In the first installment of an in-depth two-part interview, Ericsson's CTO Ulf Ewaldsson talks to Light Reading CEO and founder Steve Saunders about the incredible transformation underway in the communications networking industry.
LRTV Documentaries
LTE Paves the Way for the 5G Revolution

4|20|15   |   4:20   |   (0) comments


Håkan Andersson, head of 5G product strategy of the Radio Business Unit at Ericsson, discusses the role of LTE, the US and other industry verticals in building a true 5G ecosystem.
LRTV Documentaries
The 3GPP's Road to 5G Standardization

4|17|15   |   4:43   |   (0) comments


Satoshi Nagata, chairman of the 3GPP's TSG-RAN group and a manager at NTT Docomo, explains the standardization process for 5G, as well as the biggest challenges and opportunities.
LRTV Documentaries
AlcaLu CTO Makes the Case for a New 5G Air Interface

4|16|15   |   3:54   |   (0) comments


Michael Peeters, CTO of wireless at Alcatel-Lucent, explains why 5G will require a new air interface to meet its diverse performance targets.
LRTV Documentaries
AlcaLu + Nokia: The New Uber-Vendor

4|15|15   |   2:42   |   (4) comments


Heavy Reading Senior Analyst Gabriel Brown discusses the technological and competitive opportunities and challenges if a merger between Alcatel-Lucent and Nokia comes to pass.
Upcoming Live Events
May 6, 2015, Georgia World Congress, Atlanta, GA
May 12, 2015, Grand Hyatt, Denver, CO
May 13-14, 2015, The Westin Peachtree, Atlanta, GA
June 8, 2015, Chicago, IL
June 9, 2015, Chicago, IL
June 9-10, 2015, Chicago, IL
June 10, 2015, Chicago, IL
September 29-30, 2015, The Westin Grand Müchen, Munich, Germany
October 6, 2015, Westin Peachtree Plaza, Atlanta, GA
November 11-12, 2015, The Westin Peachtree Plaza, Atlanta, GA
All Upcoming Live Events
Infographics
A study run by Insights in Marketing and commissioned by Meredith shows the devices, channels and ways in which women are consuming content.
Hot Topics
Eurobites: Nokia Quashes Handsets Rumor
Paul Rainford, Assistant Editor, Europe, 4/28/2015
Verizon Builds Key Vendors Into SDN Strategy
Carol Wilson, Editor-at-large, 4/28/2015
Why Is Verizon Fighting With Programmers?
Alan Breznick, Cable/Video Practice Leader, 4/28/2015
Astellia Highlights Customer Care Disconnect
Ray Le Maistre, Editor-in-chief, 4/29/2015
T-Mobile Beats Sprint on Subs, Eyes Verizon on Network
Sarah Thomas, Editorial Operations Director, 4/28/2015
Like Us on Facebook
Twitter Feed
Webinar Archive
BETWEEN THE CEOs - Executive Interviews
Light Reading CEO and founder Steve Saunders goes head-to-head with long-time Ciena CEO Gary Smith to discuss the impact of the web-scale players, the New IP and 'white box' networks.
Many leading communications companies can claim to have undergone significant periods of reinvention during their histories, but none have been through more major ...
Cats with Phones