Key facts
- Comcast plans to spin off NBCUniversal and Sky into two separate, publicly traded companies.
- The new NBCUniversal entity will include television, film, theme parks, Peacock streaming, and Sky.
- Comcast will retain its broadband and wireless network business.
- Mike Cavanagh will become CEO of NBCUniversal, and Michael Angelakis will lead Comcast.
- Brian Roberts will remain involved in leadership for both entities.
Comcast is planning to spin off its media and technology businesses, NBCUniversal and Sky, into two separate, publicly traded companies. The remaining Comcast entity will focus on its broadband and wireless network business, serving 65 million customers across the US. This strategic move is intended to simplify the business, improve investor appeal, and facilitate future partnerships and dealmaking for the two standalone companies. Comcast expects to retain a stake of up to 19.9 percent in NBCUniversal for up to one year post-spin-off. Brian Roberts, Comcast's current chair and chief executive, will continue to be actively involved in leading both companies following a management reshuffle. Mike Cavanagh will become CEO of NBCUniversal, while Michael Angelakis will lead the remaining Comcast business. The company is also reportedly nearing a deal to acquire ITV's broadcasting business for approximately £1.6 billion.