Comcast to Split into Two Public Companies, Spinning Off NBCUniversal and Sky
The media conglomerate announced plans to separate its media and communications businesses to allow each to pursue independent growth strategies.
Comcast plans to separate its media and communications businesses into two distinct publicly traded companies, a move intended to allow each entity to better pursue its strategic priorities and foster growth. The company announced Monday that it will spin off NBCUniversal and Sky, its European media business, into a new entity.
NBCUniversal encompasses a portfolio including theme parks, Universal film and television studios, the NBC and Telemundo broadcast networks, the Peacock streaming service, and Bravo. Following the separation, Comcast shareholders will own stakes in both the new Comcast company and the spun-off NBCUniversal.
The separation is anticipated to be completed within approximately one year, pending final approval from Comcast's board of directors and necessary regulatory clearances. Comcast intends to retain an ownership stake of up to 19.9% in NBCUniversal for a period of up to one year after the spinoff concludes.
Comcast, headquartered in Philadelphia, will continue to operate its core internet services for residential and business customers as a standalone company. The announcement on Monday led to a surge in Comcast's stock, with shares climbing 24% in premarket trading.