Comcast has announced plans to spin off NBCUniversal and its European media business, Sky, into a new publicly traded company in what would be one of the biggest restructurings in the company’s history.
The proposed spinoff will separate Comcast’s media properties from its broadband and wireless businesses and is expected to take about a year while waiting for regulatory approval.
Under the plan, the new company will include NBCUniversal’s television networks, Universal Pictures, Universal theme parks, the Peacock streaming platform, Sky and brands including NBC, Telemundo and Bravo. Comcast will keep its broadband, wireless and technology businesses.
Comcast said the move is meant to give both companies a more strategic focus for their operations. “The separation will unlock a more entrepreneurial management approach and open up a multitude of new opportunities for each business,” Comcast Chairman and CEO Brian Roberts told investors during the announcement.
"The restructuring is aimed at positioning both companies for future growth, not to dismantle the businesses that have been built up over the last decade and a half," he added.
The move could also reshape Comcast’s position in an evolving media landscape, where companies have increasingly sought to streamline operations and focus on core businesses, industry analysts said. Some analysts said the standalone media company could become a more attractive takeover target in the future, though Comcast said the deal is not being done to prepare for a sale.
Mike Cavanagh, now Comcast’s co-chief executive, will become the chief executive of the new media company overseeing NBCUniversal and Sky.
Meanwhile, the media assets will be spun off, and former Comcast Chief Financial Officer Michael Angelakis will return to lead Comcast.
The Roberts family will keep voting control of both companies. Brian Roberts will remain hands-on with each business but will shift his focus to long-term growth opportunities created by the new corporate structure, according to an internal memo.
Roughly 15 years ago, Comcast controlled NBCUniversal, uniting content production with one of the country’s largest broadband providers. The planned split represents a major strategic shift as the company returns to a more telecommunications-focused business structure while positioning NBCUniversal and Sky as an independent media company.
The transaction is subject to regulatory approval and other customary closing conditions prior to its completion.
