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Time Warner Cable CEO Robert Marcus only held his job for six weeks, but he will still reportedly get an $80 million severance package for leaving the company if Comcast’s purchase is approved.
Comcast announced plans to buy TWC for $45.2 billion in February. While the deal has been attacked by consumer advocates nervous about Comcast building a monopoly, it is expected that the deal will still get government approval.
Marcus only took TWC’s top job at the beginning of 2014 and two months later, he approved of the sale to Comcast. Now, the New York Times is reporting that he could still get $80 million if the deal goes through.
Reuters reports that the severance package was made public in a regulatory filing Thursday. It shows that Marcus would get $20 million in cash, a $2.5 million bonus if benchmarks are met and $56.5 million in equity.
Marcus’ huge payday isn’t rare in corporate America. In fact, huge severance packages have been nicknamed “golden parachutes.” For example, H.J. Heinz CEO William Johnson was awarded $56 million last year when Berkshire Hathaway and 3G Capital bought the company.
John A. Kanas received probably the largest severance package when he made $214 million when North Fork Bancorporation was sold to Capital One Financial in 2006.
Comcast’s acquisition of TWC will not be completely easy. Reuters reported earlier this week that Florida and other states will work with the Justice Department on its investigation into the deal to see if it violates antitrust laws.