Comcast to Spin Off NBCUniversal into Separate Public Company

Comcast said on Monday it will spin off its NBCUniversal entertainment and news operations into a new publicly traded company. The proposed entity would include broadcast networks NBC and Telemundo, NBC News, cable channel Bravo, streaming service Peacock, Universal film and television studios, Universal theme parks and the Sky television service in the United Kingdom.

The parent company will keep its core distribution businesses—pay-TV, broadband internet and wireless services—and will hold about a 19% stake in the new NBCUniversal company, which is expected to be completed next year.

The move follows a similar divestiture last year when Comcast separated most of its cable-channel portfolio into a unit called Versant. At the investor call, CEO Brian L. Roberts said the split is intended to give each business a clearer capital-allocation path and the ability to pursue independent growth strategies.

"We asked ourselves three basic questions… and the answer we came back with was yes to all counts," Roberts said.

Analysts noted that the separation could make NBCUniversal an acquisition target as media companies continue to consolidate around content and distribution. The company’s Sky subsidiary provides a foothold in Europe, while NBCUniversal’s upcoming broadcast of the 2028 Summer Olympics could increase its appeal.

Comcast will retain leadership continuity, with Roberts remaining chairman and chief executive of the parent, while NBCUniversal chief executive Mike Cavanagh will continue to run the spun-off unit. Former Comcast CFO Michael Angelakis is slated to return as CEO of Comcast after the transaction.

Roberts emphasized that the split is not intended to set up a future sale.

"Absolutely not. This is the right move to put each company in the strongest position to create value, fully monetize its assets, and aggressively pursue its own organic growth strategies," he said.

The announcement sent Comcast’s shares up more than 7% in midday trading, though the stock remains below its 52-week high.