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Comcast Corp. said it plans to split its media and technology businesses, spinning off NBCUniversal and Sky into a separate publicly traded company.
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Comcast shareholders will have stakes in both companies, the company said in a statement on Monday. The separation is expected to take place in a year, and requires board and regulatory approvals. NBCUniversal will have the same dual-class share structure as Comcast.
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The split will help the two companies focus on separate strategic priorities as the telecommunications business diverges from entertainment. NBCUniversal will hold the theme parks division, Universal film and television studios, NBC and Telemundo networks, Peacock, and Bravo as well as the European media business, Sky. The remaining Comcast will hold the company’s broadband, wireless and cable TV business.
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Mike Cavanagh will be the chief executive officer of NBCUniversal, and Comcast’s former chief financial officer Michael Angelakis will be chief executive of Comcast. Comcast will keep a stake of up to 19.9 per cent in NBCUniversal for as much as a year after the spinoff is complete. Chairman Brian Roberts will “continue to be actively involved in the leadership” of both companies, Comcast said in the statement.
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Comcast shares rose more than 20 per cent in premarket trading before markets opened in New York. They closed at US$23.17 on Friday and have lost 22 per cent so far this year.
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