Comcast to Divide Into Separate Media and Broadband Entities, Spinning Off NBCUniversal and Sky
Comcast said it will split into two publicly traded companies, separating its media assets—including NBCUniversal and Sky—from its broadband and wireless operations, with the transaction expected to close within a year.
Comcast announced plans to create two independent, publicly traded companies by separating its media and entertainment holdings from its broadband and wireless businesses. The media side will comprise NBCUniversal, which includes Universal film and television studios, the NBC and Telemundo networks, the Peacock streaming service, Bravo, the company's theme parks, and the Sky broadcaster acquired in 2018. The remaining company will focus on broadband, wireless and related entertainment platforms.
The split is slated to be completed in roughly twelve months, and Comcast intends to retain up to a 19.9% stake in NBCUniversal for up to a year after the separation. > "Upon completion of the transaction, Comcast shareholders will own shares in both Comcast and NBCUniversal, creating two focused industry leaders, each with significant scale, strong financial profiles and distinct strategic opportunities," the company said in a statement. > "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," it added.
Mike Cavanagh, co-CEO of Comcast, will lead the newly formed NBCUniversal, while Michael Angelakis, a former chief financial officer, will return to head the broadband-focused Comcast. Chairman and co-CEO Brian Roberts will remain actively involved in the leadership of both entities, working with their respective CEOs.
