Comcast has announced plans to split into two publicly traded companies by spinning off NBCUniversal and Sky, a move that will separate its media and entertainment assets from its broadband and wireless business and marks one of the most significant corporate restructurings in the media industry this year. The company’s stock surged more than 22% in pre-market trading following the announcement.
The newly spun-off NBCUniversal will include the company’s theme parks division, Universal film and television studios, NBC and Telemundo networks, Peacock, Bravo, and Sky, the British broadcaster Comcast purchased in 2018, according to NBC Los Angeles. Comcast will continue with its broadband, wireless, and entertainment platforms.
The separation is expected to be completed in approximately one year, though Comcast expects to retain a stake of up to 19.9% in NBCUniversal for up to a year after the spinoff is completed. Current investors will have shares in both new companies upon completion of the transaction.
“Comcast’s board and management team believe each company will be better positioned to pursue its own strategic priorities, invest for growth and create long-term shareholder value as independent entities,” the company said in a statement.
Mike Cavanagh, Comcast’s co-CEO, will run the new NBCUniversal. Comcast will be led by the returning Michael Angelakis, a former chief financial officer. Comcast Chairman and co-CEO Brian Roberts will continue to be actively involved in the leadership of both companies, working in partnership with the CEOs of both, according to NBC Los Angeles.
“Both companies begin this next chapter from positions of strength,” Cavanagh said. “Comcast will continue to build on its leadership in connectivity, while NBCUniversal, together with Sky, will have the scale, brands, content and financial resources to compete as a premier global media and entertainment company.”
The move follows the earlier spin-off of cable networks previously owned by Comcast, including MSNBC (now MS Now) and CNBC, into a separate company called Versant. The new spin-off also comes after Paramount Skydance agreed to acquire Warner Bros. Discovery for $110 billion, a deal the Justice Department approved earlier in June, as NBC News reported. Fox Corp. has also announced a $22 billion acquisition of streaming platform Roku.
The restructuring reflects a broader trend of media conglomerates separating their content and distribution businesses as the streaming landscape matures and competition intensifies. By splitting its connectivity business from its content operations, Comcast is betting that focused, independent companies will be better positioned to pursue strategic priorities and navigate the rapidly evolving media landscape. The separation also gives each entity clearer financial profiles, potentially making them more attractive to different classes of investors.
