Comcast soars 20% after announcing it will spin off NBCUniversal and Sky from cable business.
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Comcast soars 20% after announcing it will spin off NBCUniversal and Sky from cable business. Published Mon, Jun 29 20266:05 AM EDT Updated 13 Min Ago Key Points * Comcast plans to spin off its NBCUniversal and Sky businesses into a new publicly traded company, just months after completing its separation of the Versant brands. * Comcast co-CEO Mike Cavanagh will become CEO of NBCUniversal, while Comcast's former CFO Michael Angelakis will become CEO of Comcast. * The company's share price has plummeted over the past 12 months amid significant challenges facing the media industry, driven by the shift away from the TV bundle and toward streaming. Comcast said Monday it plans to spin off its remaining media business into a new publicly traded company as it looks to better compete in a media landscape increasingly characterized by pressure from streaming rivals and consolidation. The separation, which will happen via a tax-free spinoff of NBCUniversal and Sky, is expected to be completed in about a year, the company said in a statement. Comcast shareholders will own shares in both Comcast and NBCUniversal, it said. "As we look ahead, it has become clear that our technology and media businesses each have compelling opportunities in front of them that are distinct in nature and best pursued with dedicated focus, strategic flexibility, and tailored investment priorities,"...
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