Comcast has confirmed its intention to separate into two independent publicly traded companies. Following completion of the separation, the two companies will independently operate as Comcast and NBCUniversal.
What You Need to Know
- Comcast plans to divide into two independent public firms: Comcast and NBCUniversal.
- The standalone NBCUniversal will control theme parks, film/TV studios, networks, Peacock, Bravo, and Europe’s Sky.
- The remaining Comcast will become a pure technology company overseeing broadband and mobile.
According to Comcast, the creation of two different companies will better position each one to focus on its own area of expertise.
NBCUniversal, for example, will operate as global media and entertainment company, overseeing theme parks, films, television and streaming.
This means the new NBCUniversal company will also oversee Universal film and television studios, NBC and Telemundo networks, Peacock, and Bravo.
NBCUniversal’s portfolio will also include Sky, Comcast’s media business operating in Europe.
Mike Cavanagh, Co-Chief Executive Officer of Comcast, will assume the role of Chief Executive Officer of NBCUniversal.
“I’m personally thrilled to continue leading NBCUniversal into the future. With our iconic brands and theme parks, leading franchises and incredible creative talent, we are well-positioned for long-term value creation,” said Cavanagh.
The new Comcast company will solely operate as a technology company, overseeing the current company’s broadband, mobile and entertainment platforms.
Comcast’s former Chief Financial Officer Michael Angelakis is returning to the company and due to assume the role of Chief Executive Officer of Comcast following completion of the separation.
“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 Angelakis.
Brian L. Roberts, Chairman and Co-Chief Executive Officer of Comcast, will continue to be involved and plans to work with the CEOs of both companies.
“This is a very exciting day for our company. The transaction we are announcing will unlock a more entrepreneurial management approach and open up a multitude of new opportunities for each business. I very much look forward to helping guide our collective growth for this next chapter,” said Roberts.
Comcast said it expects the spin-off to take one year to complete.
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