NEW YORK — Comcast plans to divide its business into two publicly traded companies, spinning off NBCUniversal and Sky into a separate entity.
The company said Monday that its board and management believe the move will allow each business to focus more clearly on its own strategy, invest in future growth and deliver stronger long-term value for shareholders.
NBCUniversal’s media and entertainment assets include its theme parks division, Universal’s film and television studios, the NBC and Telemundo broadcast networks, Peacock and Bravo. The new company’s portfolio will also include European media group Sky.
Philadelphia-based Comcast will remain focused on providing internet and connectivity services to residential and business customers.
Comcast co-CEO Mike Cavanagh is set to lead NBCUniversal as chief executive. Michael Angelakis, Comcast’s former chief financial officer, will become CEO of Comcast once the separation is completed. Until then, Angelakis will serve as a strategic adviser.
Comcast Chairman and co-CEO Brian Roberts will remain actively involved in guiding both companies, working alongside the CEOs of Comcast and NBCUniversal.
“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,” Cavanagh said in a statement.
After the transaction closes, Comcast shareholders will hold shares in both Comcast and NBCUniversal. The separation is expected to take about a year to complete and remains subject to final approval by Comcast’s board, as well as regulatory clearance.
Comcast expects to keep a stake of up to 19.9% ownership position in NBCUniversal for up to one year after the spinoff is complete.
In premarket trading, Comcast shares surged 24%.
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