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.
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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.
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