Comcast to split into two companies, spinning off NBCUniversal and Sky

Comcast said Monday it would split itself into two publicly traded companies, carving off NBCUniversal and Sky in a tax-free spin-off that would leave shareholders owning stock in both businesses. The separation is expected to close in about a year and would formally divide Comcast’s media and entertainment assets from its broadband and wireless operations, a bet that the old conglomerate model can create more value once it is unwound.

Under the plan, Comcast co-CEO Mike Cavanagh will become chief executive of NBCUniversal, while former Comcast chief financial officer Michael Angelakis will take over as chief executive of Comcast. Brian L. Roberts, Comcast’s chairman and co-CEO, is expected to remain actively involved in leadership across both companies. NBCUniversal will keep NBC, Telemundo, Peacock, Bravo, Universal film and television studios, and theme parks, giving the new company a concentrated portfolio built around broadcast, streaming, studio production and consumer destinations.

The move extends a restructuring Comcast already began in January 2026, when it spun off most of NBCUniversal’s cable television networks and related digital assets into Versant. That separation handed Versant brands including USA Network, CNBC, MSNBC, E!, SYFY, Oxygen and Golf Channel, while Comcast kept the core broadcast, studio and streaming businesses. The latest split goes further, pushing the remaining entertainment assets away from the company’s broadband and wireless base.

Comcast’s strategy reflects how sharply the economics of the media business have changed. Broadband and wireless still provide the steadier subscription foundation, while the value of legacy cable channels has been eroded by cord-cutting and the shift toward streaming. By placing NBCUniversal and Sky on their own balance sheets, Comcast is signaling that the company’s media assets may be easier to value, manage and grow outside a larger telecom-and-media structure.

The restructuring also marks another reversal of the integrated empire Comcast built over the past 15 years. Comcast bought NBCUniversal in 2011 and later paid $39 billion to outbid 21st Century Fox for Sky in 2018 after a rare three-round auction. Now the company is concluding that the combination of U.S. broadcast assets, international pay TV, theme parks and broadband may be worth more apart than together, as investors press for clearer stories on growth, cash flow and capital allocation.