Marcien Jenckes Named President of Charter and Comcast’s New Joint Venture to Develop and Offer a Next Generation Streaming Platform

Rhea-AI Summary

Charter Communications (CHTR) and Comcast Corporation (CMCSA) have announced Marcien Jenckes as the head of their new streaming platform joint venture. This initiative aims to develop a next-generation streaming platform with branded 4K devices and smart TVs. Comcast will contribute its Flex streaming platform and XClass TV business, while Charter will invest $900 million over multiple years. Jenckes is expected to leverage his extensive experience in the media industry to lead this project. The joint venture is independent of both companies' broadband and cable video businesses.

Positive

• Joint venture aims to create a competitive streaming platform.
• Charter to invest $900 million, indicating strong financial commitment.
• Marcien Jenckes brings significant experience from Comcast to lead the initiative.

Negative

• None.

STAMFORD, Conn. & PHILADELPHIA--(BUSINESS WIRE)-- Charter Communications, Inc. (NASDAQ: CHTR) and Comcast Corporation (NASDAQ: CMCSA) today announced that Marcien Jenckes has been selected to lead their recently announced streaming platform joint venture. After closing, in this new role, Jenckes will focus on leading the team and developing the business and monetization models.

(Photo: Business Wire)

The recently announced joint venture will develop and offer a next-generation streaming platform on a variety of branded 4K streaming devices and smart TVs, providing consumers with a world-class user experience and navigation, all the top apps, and more choice in the streaming marketplace. Comcast will license Flex, its aggregated streaming platform and hardware to the joint venture, contribute the XClass TV retail business, and contribute Xumo, an ad-supported streaming service it acquired in 2020. Charter will make an initial contribution of $900 million, funded over multiple years.

“Marcien has been an outstanding leader within our company for over a decade,” said Dave Watson, CEO of Comcast Cable. “His blend of experience as an entrepreneur, as an expert in improving customers’ entertainment experience, and an innovator in the rapidly changing advertising environment, makes him uniquely qualified to helm this partnership with Charter.”

“Marcien has emerged as a leading voice within the media industry,” said Tom Rutledge, Charter Chairman and CEO. “He has a future-focused view of the landscape, understands the importance of this partnership and is a great choice to lead the joint venture.”

Jenckes has served as President of Advertising for Comcast Cable since 2017. Prior to this role, he was responsible for Comcast Cable’s residential lines of business, including video and Internet. He led the strategy, development, and deployment of innovative technologies and services across all categories to provide great experiences for tens of millions of customers.

In 2019, Jenckes spearheaded On Addressable, along with Charter and Cox, designed to bring additional scale and momentum to addressable television advertising. He also pioneered Blockgraph, first incubated within Comcast’s FreeWheel, an advertising technology company serving the video and television ecosystem, before spinning out as a joint venture between Comcast, Charter and Paramount (formerly ViacomCBS), to help marketers use audience insights for TV and premium video advertising.

Before joining Comcast, Jenckes was an entrepreneur, involved with a host of digital advertising and media syndication start-ups including Grab Networks and Voxant. He also held a variety of leadership roles at AOL Inc., where he launched AOL’s free web services, including the free AOL.com portal. Prior to AOL, Marcien worked as a consultant for McKinsey & Company in their media and telecom practice.

The closing of the joint venture is subject to customary closing conditions. This joint venture does not involve the broadband or cable video businesses of either Comcast or Charter which will remain independent.

About Charter

Charter Communications, Inc. (NASDAQ:CHTR) is a leading broadband connectivity company and cable operator serving more than 32 million customers in 41 states through its Spectrum brand. Over an advanced communications network, the company offers a full range of state-of-the-art residential and business services including Spectrum Internet®, TV, Mobile and Voice.

For small and medium-sized companies, Spectrum Business® delivers the same suite of broadband products and services coupled with special features and applications to enhance productivity, while for larger businesses and government entities, Spectrum Enterprise provides highly customized, fiber-based solutions. Spectrum Reach® delivers tailored advertising and production for the modern media landscape. The company also distributes award-winning news coverage, sports and high-quality original programming to its customers through Spectrum Networks and Spectrum Originals. More information about Charter can be found at corporate.charter.com.

About Comcast Corporation

Comcast Corporation (Nasdaq: CMCSA) is a global media and technology company that connects people to moments that matter. We are principally focused on connectivity, aggregation, and streaming with 57 million customer relationships across the United States and Europe. We deliver broadband, wireless, and video through our Xfinity, Comcast Business, and Sky brands; create, distribute, and stream leading entertainment, sports, and news through Universal Filmed Entertainment Group, Universal Studio Group, Sky Studios, the NBC and Telemundo broadcast networks, multiple cable networks, Peacock, NBCUniversal News Group, NBC Sports, Sky News, and Sky Sports; and provide memorable experiences at Universal Parks and Resorts in the United States and Asia. Visit www.comcastcorporation.com for more information.

View source version on businesswire.com: https://www.businesswire.com/news/home/20220512005158/en/

Daniel Friedman

Daniel_Friedman@Comcast.com

Source: Comcast Corporation

FAQ

What is the purpose of the Charter and Comcast joint venture?

The joint venture aims to develop a next-generation streaming platform with branded 4K devices and smart TVs.

Who is leading the joint venture between Charter and Comcast?

Marcien Jenckes has been appointed to lead the joint venture.

What will Comcast contribute to the joint venture?

Comcast will contribute its Flex streaming platform, the XClass TV business, and the Xumo ad-supported streaming service.

How much is Charter investing in the joint venture?

Charter will invest $900 million over multiple years.

What businesses are excluded from the Charter and Comcast joint venture?

The joint venture does not involve the broadband or cable video businesses of either Charter or Comcast.