Comcast to spin off NBCUniversal and Sky into separate public company
Comcast announced it will split its media and technology units, creating a tax-free spin-off of NBCUniversal and Sky, with shareholders receiving shares in both entities.
Comcast said on Monday it will separate its media and technology businesses into two publicly traded companies through a tax-free spin-off of NBCUniversal and Sky. The restructuring is slated to be completed in about a year, and current shareholders will receive shares in both the new NBCUniversal entity and the remaining Comcast business.
The announcement sent Comcast stock up as much as 23% in pre-market trading. Co-CEO Mike Cavanagh will become chief executive of NBCUniversal, while former chief financial officer Michael Angelakis will take over as CEO of Comcast. Co-CEO and chair Brian L. Roberts said he will remain actively involved in the leadership of both companies.
"The transaction we are announcing will unlock a more entrepreneurial management approach and open up a multitude of new opportunities for each business," Roberts 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," Cavanagh added.
