Comcast to Spin-Off NBCUniversal and Sky into a Separate Public Company

Comcast Corporation announced its plan to separate its media and technology businesses into two independent, publicly traded companies. The separation will be executed through a tax-free spin-off of its NBCUniversal and Sky businesses. Following the transaction, Comcast shareholders will own shares in both the new Comcast (technology/connectivity) and the new NBCUniversal (media/entertainment).

Key Details

• Transaction Structure: The separation will be a tax-free spin-off of NBCUniversal and Sky, expected to be completed in approximately one year, subject to customary conditions.
• Leadership Plan: Mike Cavanagh will serve as CEO of the new NBCUniversal. Former Comcast CFO Michael Angelakis will return to become CEO of Comcast.
• Resulting Entities: The new Comcast will focus on broadband, wireless, and entertainment platforms. The newly independent NBCUniversal will be a global media company comprising theme parks, film/TV studios, networks like NBC, and Sky.
• Retained Stake: Comcast expects to retain an ownership stake of up to 19.9% in NBCUniversal for up to one year following the completion of the spin-off, which it intends to monetize over time.