Marcus served in the role for just 44 days before Comcast announced plans to take over
Time Warner Cable CEO Robert Marcus, who served in the role for just 44 days before Comcast announced plans to take over his company, is eligible for an $80 million golden parachute in the acquisition, according to documents Comcast filed Thursday.
A Securities and Exchange Commission statement says Marcus could receive $56.5 million in equity, $20.5 million in cash, and $400,000 in benefits, among other payments. The payout is dependent on Comcast winning federal approval for the takeover, and TWC shareholders will have a chance to weigh in on the terms.
As Comcast noted in its statement, the payout is dependent on “multiple assumptions that may or may not actually occur.”
Under the proposed payout, Marcus would receive nearly $2 million for each day he served before presiding over the sale announcement. Of course, his job didn’t end with the takeover plans: He still needs to help Comcast shepherd the sale through, and run Time Warner Cable until the deal is done.