comcast The company announced Monday that it plans to separate its media and technology businesses into two publicly traded companies through a tax-free spinoff of NBCUniversal and Sky to better align its strategic priorities.
The spinoff is expected to be completed within about a year and will result in Comcast shareholders owning shares of both Comcast and NBCUniversal, according to a company statement.
Comcast shares rose as much as 23% in premarket trading.
Comcast co-CEO Mike Kavanaugh will become CEO of NBCUniversal, and former Comcast chief financial officer Michael Angelakis will become Comcast’s CEO.
Brian L. Roberts, Comcast’s other co-CEO and chairman, will continue to be actively involved in the leadership of both Comcast and NBCUniversal.
“The transactions we have announced will unlock a more entrepreneurial approach to management and create many new opportunities for each business,” Roberts said.
“While Comcast continues to strengthen its leadership in connectivity, NBCUniversal, together with Sky, will have the scale, brand, content and financial resources to compete as a premier global media and entertainment company,” Cavanagh said.
Comcast said it plans to retain ownership of up to 19.9% of NBCUniversal for up to a year after the transaction closes and intends to monetize it tax-efficiently over time.
This is breaking news. Please refresh to check for updates.
