Comcast Extends Mike Cavanagh’s Contract, Grants $35M In Stock Awards As Exec Set To Become Co-CEO

Comcast has entered into a new employment agreement with Michael Cavanagh in connection with his upcoming appointment as co-chief executive officer alongside Brian Roberts starting January 2. The contract secures Cavanagh’s employment through January 1, 2029, the company said in an SEC filing.

Cavanagh will be entitled to an annual base salary of $2.75 million and his annual performance-based cash bonus target will continue to be 300% of his base salary. Cavanagh also received an award of performance-based restricted stock units valued at approximately $35 million.

 The number of shares was determined by using a five-day volume weighted-average price of Class A common stock for the period ending the day before the record date for the planned Versant spin-off, an initiative he spearheaded. The performance award will cliff vest after a three-year period upon satisfaction of both time-based and performance-based conditions.

The NBCUniversal parent will officially spin off Versant Media Media Group into a standalone public company that will begin trading on the Nasdaq Jan. 5 under the stock symbol VSNT. It houses NBCU cable networks (except Bravo) and digital assets like Fandango and Rotten Tomatoes. Comcast announced plans about a year ago to separate out its cable assets from its core broadband business and the rest of NBCU. It set Mark Lazarus as CEO with a new leadership team.

Versant said at its first investor day earlier this month that it expects to generate $6.6 billion in revenue, $2.2 billion in EBITDA (earnings before interest, taxes, depreciation and amortization) and $1.4 billion in free cash flow for 2025. It will launch with $3 billion in gross debt, $750 million in cash and $1.5 billion in total liquidity.

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