Comcast said Monday it “plans to separate its media and technology businesses into two publicly traded companies” as it “looks to better compete in a media landscape increasingly characterized by pressure from streaming rivals and consolidation.” The separation, which “will happen via a tax-free spinoff of NBCUniversal and Sky,” is “expected to be completed in about one year.” Comcast co-CEO Mike Cavanagh “will become CEO of NBCUniversal,” while former Comcast CFO Michael Angelakis “will become CEO of Comcast.” Comcast’s other co-CEO and chair, Brian Roberts, will “continue to be actively involved in the leadership of both Comcast and NBCUniversal.” Comcast said it “expects to retain a stake of up to 19.9% ownership position in NBCUniversal for up to one year after the transaction is completed,” which it “intends to tax-efficiently monetize over time” (CNBC.com, 6/29).
The split “will help the two companies focus on separate strategic priorities as the telecommunications business diverges from entertainment.” NBCUniversal will “hold the theme parks division, Universal film and television studios, NBC and Telemundo networks, Peacock, and Bravo as well as the European media business, Sky.” The remaining Comcast will “hold the company’s broadband, wireless and cable TV business” (BLOOMBERG NEWS, 6/29).
