Comcast Shares Jump Most Since 2008 On Plans To Separate Units
Comcast shares jumped the most in nearly two decades on news that it plans to split NBCUniversal and Sky into a separate publicly traded company through a tax-free spin-off. The transaction, expected to close in about one year, would leave Comcast shareholders owning stakes in both. Comcast would remain centered around broadband, wireless, business services, and entertainment platforms, backed by a network that reaches more than 65 million homes and businesses. NBCUniversal, which will also include Sky, will house Universal’s film and TV studios, NBC, Telemundo, Peacock, Bravo, sports, news, and the company’s theme parks business. Comcast said the standalone media company will have the scale, content library, and intellectual property needed to compete with leading streaming platforms. Mike Cavanagh will become CEO of NBCUniversal, and former Comcast CFO Michael Angelakis will return as CEO of Comcast. Comcast expects to retain up to a 19.9% stake in NBCUniversal for up to one year after the spin-off and plans to monetize that position over time in a tax-efficient manner. The company said both businesses are expected …






