Comcast said Monday it plans to separate its media and technology businesses through a tax-free spinoff of NBCUniversal and Sky into a standalone company, marking one of the biggest restructuring moves in its history. The announcement sent Comcast shares higher in premarket trading as investors reacted to the proposed breakup.
“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,” said Brian L. Roberts, Chairman and Co-Chief Executive Officer of Comcast.
He added that Mike Cavanagh will lead the new NBCUniversal media and entertainment company as CEO. Meanwhile, former CEO Michael Angelakis will join as Comcast CEO.
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“Both companies begin this next chapter from positions of strength. 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. 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,” Cavanaugh said.
Meanwhile, Angelakis said “I have had the privilege of working alongside Comcast’s talented leadership team for many years, and I am excited to return to partner with Brian, Steve, Jason and the entire organization. Comcast’s exceptional assets, entrepreneurial roots, deep customer relationships and strong track record of innovation and technological leadership provide a powerful foundation for the future. Together, we will build on those strengths, execute aggressively, invest for growth, and pursue new opportunities to create value for our customers, colleagues and shareholders.”
The separation is expected to be completed through a tax-free spin-off to Comcast shareholders in approximately one year, satisfaction of customary conditions.
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Comcast said it expects to retain “up to 19.9% ownership” stake in NBCUniversal for up to a year after the spinoff. The media company will have the same dual-class share structure and Comcast plans to “monetize” its post-spinoff holding in a “tax-efficient manner over time.”
Comcast’s shares rose to $29.23 in premarket trading early Monday.
The decision to spin off NBCUniversal comes half a year after Comcast spun off its cable networks, under a new company called Versant Media. This spin-off plan was originally announced in 2024, and officially approved by the company’s board last year. Versant, which began operating at the start of this year, now owns and operates cable networks including CNBC, USA Network, MSNOW (formerly MSNBC), Syfy and others.