Comcast announced plans to separate into two separate companies through a tax-free spin-off of NBCUniversal and Sky.

Comcast announced a tax-free spin-off of the majority of its NBCUniversal cable TV networks, including MSNBC, CNBC, USA, Oxygen, E!, Syfy, and Golf Channel, into a new, publicly traded company. This new venture generated approximately $7 billion in revenue in the 12 months ending September 30. The spin-off is structured as a tax-free transaction for existing shareholders and is expected to take about a year to complete. Comcast Chairman and CEO Brian Roberts will hold a one-third voting stake in the new entity without serving on its board.

Comcast will retain key NBCUniversal assets deemed crucial for the growth of its Peacock streaming service. These include the NBC broadcast network, NBC News, NBC Sports, Universal film and television studios, the Bravo network, and the expanding theme park business. The company is betting that these core assets, combined with a strong balance sheet, will be better positioned for future growth despite the loss of profits from the spun-off cable networks.

The new cable venture is expected to be led by Mark Lazarus, currently the chairman of NBCUniversal's media group, as CEO, with Anand Kini, NBCUniversal’s CFO, serving as CFO and operating chief. This new company, temporarily dubbed "SpinCo," will have significant cash flow and financial flexibility, potentially positioning it for acquisitions of other media assets. Analysts suggest this move signals a broader shift in the media industry, with Comcast being the first major company to hive off nearly its entire traditional cable business due to cord-cutting and the rise of streaming.

Comcast President Mike Cavanagh indicated that the new company would be a "partner and acquirer" of other media assets. This spin-off comes amid broader leadership changes within Comcast's media division, with Matt Strauss appointed chairman of NBCUniversal Media, Cesar Conde continuing as chairman of NBCUniversal News Group, and Donna Langley becoming chairman of NBCUniversal Entertainment. These changes aim to streamline operations and provide greater control over content spending and marketing across the entertainment portfolio.