Philadelphia-based Comcast to spin off NBCUniversal, Sky
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Comcast, headquartered in Philadelphia, announced on Monday that it will split into two publicly traded companies by spinning off its NBCUniversal and Sky media assets. The move will create a standalone media and entertainment company, including NBC and Telemundo networks, Universal film and television studios, theme parks, Peacock, Bravo, and the European pay-TV group Sky. The remaining Comcast entity will focus on broadband, wireless, and other connectivity services. The separation, structured as a tax-free spin-off, is expected to occur within about a year, pending board and regulatory approvals. Comcast plans to retain up to a 19.9% stake in NBCUniversal for up to a year after completion.
More context
Timeline
- Earlier this year Comcast divests most cable television operations
- Monday Comcast announces two-company split publicly
- Monday Board outlines tax-free spin-off structure
- Over coming months Pursues needed regulatory and board approvals
- Within about one year Completes NBCUniversal and Sky separation
- Post-separation Comcast focuses broadband and wireless services
- Post-separation NBCUniversal-Sky operates independent media group
- Up to one year Comcast retains 19.9 percent NBCUniversal stake
Why it matters
This split could affect your TV and internet services. Comcast's focus will shift to broadband and wireless. NBCUniversal and Sky will be a standalone media group. Keep an eye on any changes to your subscriptions or bills.
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