Comcast is split into two parts

Comcast announced plans to He separated himself into two publicly traded companies, separating its broadcast arms NBCUniversal and Sky. The change is aimed at protecting the media conglomerate’s lucrative broadband and wireless brand, which will retain the Comcast name, as its media and entertainment business – now collectively called NBCUniversal – faces increasing pressure from… Industry consolidation And streaming competitors.

The separation is expected to take approximately a year, with Comcast shareholders owning shares in both Comcast and NBCUniversal upon completion. While current Comcast CEO Brian L. Roberts will “actively co-lead” the two companies, co-CEO Mike Cavanagh has been tapped to lead NBCUniversal, and former Comcast CFO Michael Angelakis will become Comcast’s CEO following the split.

If the agreement goes ahead, Sky Media — the BBC that Comcast acquired in 2018 — would be placed along with the company’s theme parks division, Universal film and television studios, and the NBC, Peacock, Bravo and Telemundo networks under the new NBCUniversal entity. Meanwhile, the new Comcast is expected to continue serving customers through unspecified “broadband, wireless and entertainment platforms.”

“Both companies are beginning this next chapter from positions of strength. Comcast will continue to build on its communications leadership, while NBCUniversal, along with Sky, will have the scale, brands, content and financial resources to compete as a global leader in media and entertainment,” Kavanagh said. “I personally am thrilled to continue leading NBCUniversal into the future.”