Comcast is splitting in two

Comcast has announced its plans isolation in two publicly traded companies, spinning off its broadcast assets for NBCUniversal and Sky. The shake-up aims to protect the profitable brand of the media conglomerate and wireless, which retains the company name “Comcast”, as its media and entertainment business – now called “NBCUniversal” – faces pressure including companies and competitors are streaming.

The separation is expected to take about a year, with Comcast’s owners holding stakes in both Comcast and NBCUniversal once completed. Although the CEO of Comcast Brian L. Roberts “will actively participate in the leadership” of both companies, Co-CEO Mike Cavanagh has been appointed to lead NBCUniversal, and Comcast’s chief financial officer Michael Angelakis will be CEO of Comcast after the split.

If the deal goes through, Sky Media – the British broadcaster that Comcast acquired in 2018 – along with part of the company’s brand parks, Universal film and television studios, NBC, Peacock, Bravo and Telemundo networks will be kept under the new NBCUniversal organization. The new Comcast, meanwhile, is expected to continue serving customers through its unspecified “broadband, wireless, and entertainment” sites.

“Both companies are starting this next chapter from strong positions. Comcast will continue to build on its leadership in integration, while NBCUniversal, together with Sky, will have the scale, brands, content and finances to compete as the first international company for broadcasting and entertainment,” said Cavanagh. “I am excited to continue to lead NBCUniversal into the future.”