Cable Technology Feature Article
Comings and Goings: SpinCo Gets Its CFO
By Lavanya Rathnam, TMCnet Contributing Writer
SpinCo is a new company, spinned off Comcast (News - Alert) as a way to meet the requirements laid down by regulators. Comcast announced its plan to acquire Time Warner (News - Alert) Cable for an estimated $45.2 billion, and as a part of its deal, it agreed to divest three million of its subscribers, to appease the regulators. These customers would be sold to Charter for a sum of $7.3 billion if the merger is approved. Along with this exchange, SpinCo would be created. These measures were undertaken to ensure that no company had more than 30 percent of market share.
Matt Siegel has been appointed as its CFO to help as SpinCo takes shape,. Matt is currently the Senior Vice President and Treasurer of Time Warner Cable. In this position, he was in charge of Investment Management, Real Estate, Supply Chain Management and Risk Management. He has been with the company since May 2008, and prior to it, he worked with Time Warner Inc as its Vice President and Assistant Treasurer since 2001. Before joining Time Warner, Siegal was the Senior Vice President of Finance and Treasurer at Insight Communications, a multi-system cable operator located in the Midwest and New York. In these positions, Siegal was in-charge of corporate finance and domestic operations. With this appointment, Comcast and Charter are confident that Matt's experience in the industry would help develop SpinCo successfully.
Other than experience, Siegal also has the education in the same field. He graduated from the Wharton School at The University of Pennsylvania with a Bachelor’s Degree in Economics and completed his MBA in Finance from University of Chicago's Graduate Business School. This educational background gives him the educational background needed to head SpinCo's finances.
Going forward, this appointment is likely to make difference to the success of the company.