PHILADELPHIA—Just a few months after spinning off its cable networks into Versant, Comcast has announced new plans to split into two independent publicly traded companies via a tax-free spinoff of NBCUniversal and Sky.
Comcast expects to spin off to be completed in about one year, by mid-2027.
Upon completion of the transaction, current Comcast stockholders will own shares in two separate companies: Comcast, comprising the U.S. cable and connectivity business, and NBCUniversal, holding its media and entertainment assets including NBC, Peacock, Universal Pictures, the Universal theme parks and European pay TV operator Sky.
The deal ends a decades-long attempt at horizontal integration between the broadband/cable businesses and programming and media businesses.
“The transaction we are announcing will unlock a more entrepreneurial management approach and open up a multitude of new opportunities for each business,” Comcast Chairman and CEO Brian Roberts said. “I very much look forward to helping guide our collective growth for this next chapter.”
Current Comcast co-CEO Mike Cavanagh will be CEO of the standalone NBCUniversal. Michael Angelakis, former Comcast chief financial officer, will become CEO of Comcast following completion of the split, rejoining the company in the interim as strategic adviser. Roberts said he will continue to be actively involved in both companies.
“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 statement. “Each organization will continue to be led by a management team with deep industry experience that will benefit from focused strategic priorities and the ability to pursue opportunities most relevant to their businesses. I’m personally thrilled to continue leading NBCUniversal into the future. With our iconic brands and theme parks, leading franchises and incredible creative talent, we are well-positioned for long-term value creation.”
When completed, Comcast will serve residential and business customers through its broadband, wireless and entertainment platforms, reaching more than 65 million homes and businesses with its intelligent fiber network architecture and global technology platforms.
NBCUniversal will include its growing theme parks division, Universal film and television studios, NBC and Telemundo networks, Peacock, and Bravo. In addition, NBCUniversal’s global portfolio will include Sky, its European media business.
More to come as reaction becomes available.
