Media and cable giant Comcast is to separate into two independently publicly traded companies through a spin-off of NBCUniversal and Sky.
Comcast said the new publicly listed company would be called NBCUniversal and will combine NBCUniversal’s theme parks, film and television studios with its streaming service Peacock and its European media business Sky.
This would leave Comcast focused on broadband, wireless networks and telecommunications infrastructure.
Comcast shareholders will own shares in both Comcast and NBCUniversal. The company said the move in a rapidly changing market would create two focused companies with scale and distinct strategic opportunities.
Mike Cavanagh, the current Co-Chief Executive of Comcast, will become Chief Executive of NBCUniversal. Michael Angelakis, the former Chief Financial Officer of Comcast, will return as its Chief Executive.
Brian L. Roberts, the Chairman and Co-Chief Executive Officer of Comcast, will continue to be “actively involved in the leadership of Comcast and NBCUniversal, working in partnership with the CEOs of both companies”, said the company.
The tax-free spin-off of media businesses expected to be completed in about a year.
Roberts said: “This is a very exciting day for our company. The transaction we are announcing will unlock a more entrepreneurial management approach and open up a multitude of new opportunities for each business. I very much look forward to helping guide our collective growth for this next chapter.”
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