Comcast has unveiled plans to break itself into two distinct, independently traded companies by spinning off NBCUniversal and Sky.
The company announced Monday that its board and management believe both businesses will be better positioned to chase their own strategic goals, invest in growth, and deliver long-term value to shareholders as separate entities.
This latest announcement follows a move Comcast made in November 2024, when it said it would spin off several cable networks — including USA, Oxygen, E!, SYFY, Golf Channel, CNBC, and MSNBC — into a new standalone company. Movie ticketing platform Fandango and the Rotten Tomatoes film review website were also part of that planned separation.
In recent years, Comcast and other cable providers have been moving away from traditional cable television and focusing more on streaming services, film studios, theme parks, and wireless and internet offerings.
NBCUniversal, a media and entertainment giant, includes a theme parks division, Universal film and television studios, the NBC and Telemundo broadcast networks, the Peacock streaming service, and Bravo. Going forward, its portfolio will also include the European media business Sky.
Comcast, headquartered in Philadelphia, will remain focused on delivering internet services to both residential and business customers.
Comcast co-CEO Mike Cavanagh is set to take over as CEO of NBCUniversal. Meanwhile, Comcast’s former Chief Financial Officer Michael Angelakis will step into the role of Comcast CEO once the separation is finalized. Until that time, he will serve in an advisory capacity.
Comcast Chairman and co-CEO Brian Roberts will remain actively engaged in leading both Comcast and NBCUniversal, working alongside the CEOs of each company.
“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 said in a prepared statement.
When the transaction is finalized, current Comcast shareholders will hold shares in both companies. The process is expected to wrap up in roughly one year, though it still requires final board approval and must clear regulatory hurdles.
Comcast has indicated it plans to retain up to a 19.9% ownership stake in NBCUniversal for as long as one year following the completion of the spinoff.
Comcast shares jumped 24% in premarket trading following the announcement.
