Comcast has announced plans to separate its media and technology businesses into independent public companies, marking one of the biggest restructurings in the company's history as it seeks to sharpen its strategic focus.
The telecommunications and media company will spin off NBCUniversal from its broadband, wireless and connectivity businesses.
NBCUniversal will become an independent company owning Universal's film and television studios, NBC and Telemundo broadcast networks, streaming platform Peacock, pay television network Bravo, Universal theme parks and European pay television operator Sky.
Comcast will concentrate on its broadband, wireless and business services operations serving more than 65 million homes and businesses through its network infrastructure.
"This is a very exciting day for our company," Comcast Chairman and Co-Chief Executive Officer Brian Roberts said in a press release.
"The transaction we are announcing will unlock a more entrepreneurial management approach and open up a multitude of new opportunities for each business."
Comcast shareholders will own shares in both companies once the transaction is completed, which is expected to be in one year, subject to approvals and other conditions.
Comcast also expects to retain up to a 19.9% stake of NBCUniversal for up to one year after the spin-off.
The tax-free deal unwinds 15 years of consolidation that combined content and distribution operations that are now being pressured by the popularity of streaming and non-traditional digital platforms.
It follows Comcast’s decision in November 2024 to spin off cable channels including CNBC and MSNBC into a separate publicly traded company called Versant.
Telecommunications and media mergers became popular in the 2010s as carriers raced to pair distribution with content.
Comcast shares (NASDAQ: CMCSA) closed $1.05 (4.53%) higher at $24.22 on Monday (Tuesday AEST), capitalising the company at $86.52 billion.
