Comcast announced plans to separate its media and entertainment businesses from its telecom operations through a tax-free spin-off of NBCUniversal and Sky.
The company made the announcement on Monday, stating that NBCUniversal, which includes NBC, Telemundo, Peacock, Universal Studios, theme parks, and Sky, will become a standalone publicly traded entity. Comcast will retain its Xfinity broadband, wireless, and cable services along with business operations.
Current Comcast shareholders will receive stock in both the new media company and the remaining Comcast entity. The separation is expected to be completed within a year, pending board, regulatory, and other approvals.
Brian L. Roberts, Comcast's chairman and co-CEO, said in a statement that the move will unlock entrepreneurial management and new opportunities. Mike Cavanagh will become CEO of NBCUniversal, while Michael Angelakis will lead Comcast.
The announcement follows Comcast's January spin-off of cable networks into Versant. Comcast said the split will position each business to compete in changing markets.
