Comcast is splitting into two publicly traded companies by spinning off NBCUniversal and European media business Sky, an "amicable divorce" that unwinds 15 years of consolidation aimed at combining content and distribution. This move is designed to separate Comcast's cash-generating broadband arm from its media and entertainment business, which faces pressure from streaming rivals and industry consolidation. Shareholders will own stock in both new companies after the tax-free separation, expected to close in about a year. Comcast plans to retain up to a 19.9% stake in NBCUniversal for up to a year post-spinoff, which it intends to monetize over time.
The new Comcast will focus on its connectivity business, including cable, wireless, and business services, which generated $70.7 billion last year, over half of total revenue. This entity will be led by Michael Angelakis, former CFO, returning as CEO. The new NBCUniversal, led by current Comcast Co-CEO Mike Cavanagh, will encompass Universal theme parks, film and TV studios (such as Universal Pictures, DreamWorks Animation, and Focus Features, which generated $11.29 billion last year), the NBC and Telemundo networks, the Peacock streaming service, and Sky. The media business accounted for 21% of revenue with sales of $27.09 billion in 2025, and theme parks added another $9.84 billion. The split comes as Comcast's cable TV subscribers have halved from a peak of 20 million a decade ago, though it still has nearly 30 million broadband internet subscribers.
Analysts view this separation as a way to unlock value for both companies, allowing them to better address competitive pressures. Ross Benes, a senior analyst at eMarketer, suggested that NBCUniversal could become an attractive takeover target, particularly for Netflix, although Comcast executives played down immediate M&A prospects. This move reflects a broader trend among legacy media groups to simplify and adapt to the streaming era, as seen with AT&T's prior divestitures of WarnerMedia and DirecTV. The separation aims to provide greater focus, speed, and strategic flexibility for each business, acknowledging that connectivity and media are no longer moving at the same speed. Comcast's shares rallied nearly 8% on the news.
