Comcast plans to split into two public companies

According to the company's press release, the transaction, expected to be completed in about one year and subject to regulatory and board approvals, will create two standalone companies: Comcast, which will focus on broadband, wireless, and business connectivity services, and NBCUniversal, which will combine the company's media, entertainment, and international television assets, including Sky.

Following the separation, existing Comcast shareholders will own shares in both companies.

NBCUniversal will bring together Universal's film and television studios, the NBC and Telemundo networks, the Peacock streaming service, Bravo, the company's expanding theme parks business, and the European broadcaster Sky. Comcast said the new company will have the scale and financial flexibility to compete in a rapidly evolving global media landscape.

Meanwhile, Comcast will continue to focus on broadband, wireless, and enterprise services, leveraging its nationwide network infrastructure and technology platforms to drive future growth.

Brian L. Roberts will remain actively involved in both businesses after the separation. Mike Cavanagh, Comcast's current Co-Chief Executive Officer, will become Chief Executive Officer of NBCUniversal, while former Comcast Chief Financial Officer Michael Angelakis will return as Chief Executive Officer of Comcast. Angelakis will initially serve as a strategic advisor until the transaction is complete.

"This is a very exciting day for our company," Roberts said, describing the spin-off as an opportunity to unlock a more entrepreneurial management approach and to create new growth opportunities for both businesses.

Cavanagh said the separation would allow each company to pursue focused strategic priorities while building on positions of strength.

"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," he said.

Angelakis said Comcast's technology leadership, customer relationships, and innovation would provide a strong foundation for future growth.

The spin-off is expected to be tax-free for shareholders. Comcast said it plans to retain up to a 19.9% stake in NBCUniversal for up to one year after the separation, then gradually monetize the holding in a tax-efficient manner.

Each company is expected to maintain an investment-grade balance sheet, providing both businesses with financial flexibility to pursue independent growth strategies.

The transaction remains subject to customary closing conditions, including final approval by Comcast's board of directors, tax opinions, regulatory clearances, and financing arrangements. Comcast noted that there is no guarantee that the proposed separation will be completed or proceed on the anticipated timetable.

Earlier, Qazinform News Agency reported that Paramount Skydance planned to combine Paramount+ and HBO Max into a single streaming service following its $110 billion acquisition of Warner Bros. Discovery.