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Comcast to separate media and tech wings; stock jumps 23%
CNBC • • business
Key Points:
- Comcast announced plans to separate its media and technology businesses into two publicly traded companies through a tax-free spin-off of NBCUniversal and Sky, aiming to better align with its strategic priorities.
- The spin-off is expected to be completed in about one year, with Comcast shareholders retaining ownership in both Comcast and NBCUniversal.
- Following the separation, Comcast co-CEO Mike Cavanagh will become CEO of NBCUniversal, while former CFO Michael Angelakis will take over as CEO of Comcast.
- Comcast co-CEO and chair Brian L. Roberts will remain actively involved in the leadership of both companies.
- The company expects the transaction to foster a more entrepreneurial management approach and create new opportunities, with Comcast focusing on connectivity and NBCUniversal, alongside Sky, competing as a global media and entertainment leader.
