Comcast to Spin Off NBCUniversal in Major Corporate Shake-Up

Comcast announced plans on Monday to spin off NBCUniversal and its European broadcaster Sky into a separate publicly traded company in a sweeping corporate restructuring.

The proposed split would separate Comcast’s media portfolio, including NBC, Peacock, Universal’s film studio and theme parks, Telemundo, Bravo, and Sky, from its broadband and wireless business.

The move, which still requires regulatory approval, is expected to be completed in about a year.

Comcast said in a statement that the new business “will be poised for growth” as an independent company. The company’s chairman and CEO Brian Roberts said the separation “will unlock a more entrepreneurial management approach and open up a multitude of new opportunities for each business.”

Mike Cavanagh, Comcast’s current co-CEO, will become chief executive of the new company, which will include NBCUniversal and Sky. Former Comcast chief financial officer Michael Angelakis will return to lead the remaining Comcast business once the separation is complete.

The Roberts family, founders and controlling shareholders, will retain control of both companies. According to a memo to employees, Roberts “will remain actively involved with both companies, working closely with Mike and Michael where he will focus on the new areas of growth, creativity and opportunity that this new structure will create.”

Shares of Comcast rose more than 20% in premarket trading following the announcement.

The announcement follows Comcast’s January spinoff of most of its cable television channels, including CNBC and MS NOW.

New: The Mediaite One-Sheet "Newsletter of Newsletters"
Your daily summary and analysis of what the many, many media newsletters are saying and reporting. Subscribe now!