Comcast will split NBCUniversal and cable operations into two companies

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Comcast Cable Spinoff Employee Response: Skepticism but also optimism

Comcast, just months after divesting most of its cable TV business to Versant Media, is now splitting itself again into two separate companies: one housing its namesake cable and technology businesses, and the other comprising the NBCUniversal and Sky media businesses.

Under the proposed separation, which was announced Monday, Comcast plans to create a tax-free spinoff of NBCUniversal and Sky. After the transaction is completed, Comcast shareholders will own shares in both Comcast and NBCUniversal.

The split will create “two focused market leaders, each with significant scale, strong financial profiles and clear strategic opportunities,” the media conglomerate said. Comcast is targeting mid-2027 to close the separate transaction, but the standard disclaimer noted that there can be “no assurance that the proposed transaction will be completed or, if completed, as to the terms or timing thereof.”

Comcast purchased a controlling 51% stake in NBCU in a 2009 deal (approved in 2011), before acquiring the remaining stake in the media company from General Electric in March 2013 to take full control. The original idea was to combine Comcast’s massive cable footprint with NBCU to create synergies between distribution and content.

According to Comcast, the landscape has now changed.

“As technological innovation, consumer behavior and competitive dynamics continue to reshape both media and communications, Comcast’s board of directors and management team believe each company will be better positioned to pursue its own strategic priorities, invest in growth and create long-term shareholder value as independent entities,” Comcast said.

Brian Roberts, chairman and co-CEO of Comcast, will “remain actively involved in the leadership of Comcast and NBCUniversal,” working with the CEOs of both companies.

Mike Cavanagh, currently co-CEO of the parent company, will become CEO of NBCUniversal. The cable company Comcast will be led by Michael Angelakis, the former CFO of Comcast who has been chairman and CEO of investment fund Atairos Group since 2015. Angelakis will become CEO of Comcast upon completion of the separation and will serve as a strategic advisor in the meantime.

There’s more to come.