The split creates two focused industry leaders — Comcast, keeping its broadband and wireless business, and NBCUniversal, taking the media, parks, and streaming portfolio.
Comcast Corporation announced its intention to separate into two independent publicly traded companies through a tax-free spin-off of NBCUniversal and Sky. Upon completion of the transaction, Comcast shareholders will own shares in both companies, creating two focused industry leaders, each with significant scale, strong financial profiles, and distinct strategic opportunities.
The proposed separation reflects Comcast’s track record of positioning its businesses to compete in rapidly changing markets. As technological innovation, consumer behavior, and competitive dynamics continue to reshape both media and communications, Comcast’s board and management team believe each company will be better positioned to pursue its own strategic priorities, invest for growth, and create long-term shareholder value as independent entities.
Brian L. Roberts will continue to be actively involved in the leadership of both Comcast and NBCUniversal, working in partnership with the CEOs of each company. Mike Cavanagh will serve as Chief Executive Officer of NBCUniversal, while Michael Angelakis, Comcast’s former Chief Financial Officer, will become Chief Executive Officer of Comcast following completion of the separation. In the interim, Angelakis will join as a Strategic Advisor.
Comcast, a leading technology company serving residential and business customers through its broadband, wireless, and entertainment platforms, will focus on delivering exceptional customer experiences backed by the nation’s largest converged network, which reaches more than 65 million homes and businesses. With one of the nation’s fastest-growing wireless businesses and the industry’s leading business services platform, Comcast is positioned for long-term growth as a standalone connectivity company.
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NBCUniversal will become a premier global media and entertainment company, anchored by its growing theme parks division, Universal film and television studios, NBC and Telemundo networks, Peacock, Bravo, and Sky, its European media business. The company will be powered by a portfolio of world-class intellectual property, a deep content library, and exceptional strength across sports, news, and entertainment.
“This is a very exciting day for our company,” said Brian L. Roberts, Chairman and Co-Chief Executive Officer of Comcast Corporation. “The transaction we are announcing will unlock a more entrepreneurial management approach and open up a multitude of new opportunities for each business. Mike Cavanagh will lead the new NBCUniversal media and entertainment company as CEO. His vision is for a unique, independent, focused company that will be home to some of the industry’s most valuable brands and assets across theme parks, film, television, streaming, sports and news. I am also incredibly pleased to welcome Michael Angelakis back as Comcast’s CEO. Michael’s deep knowledge of the business and passion for technology will serve us well as we continue to take bold actions in today’s competitive environment.”
“Both companies begin this next chapter from positions of strength,” said Mike Cavanagh, Co-Chief Executive Officer of Comcast Corporation. “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.”
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“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,” said Michael Angelakis. “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, subject to customary conditions including final approval by Comcast’s board of directors, receipt of tax opinions, regulatory approvals, and completion of financing arrangements. NBCUniversal will have the same dual-class share structure as Comcast. Comcast expects to retain a stake of up to 19.9% in NBCUniversal for up to one year after the spin, which it intends to monetize in a tax-efficient manner over time. Comcast intends to establish a strong investment-grade balance sheet for each business, providing both companies with significant financial flexibility to pursue their respective growth strategies.
