Comcast to Spin Off NBCUniversal, Peacock, Universal Parks and Sky in Tax-Free Deal
- Comcast announced June 29 it will separate its media and entertainment assets — NBC and Telemundo networks, film/TV studios, Peacock, Universal theme parks and Sky — into a standalone publicly traded company in a tax-free spin to shareholders, expected to close in about a year (MarketWatch).
- Mike Cavanagh, co-CEO of Comcast, will lead the new NBCUniversal; former CFO Michael Angelakis returns as CEO of the slimmed-down Comcast, which keeps broadband, wireless and business connectivity serving 65M+ homes and businesses; Brian Roberts stays chairman of both.
- Comcast will retain up to a 19.9% stake in the new NBCUniversal for up to one year post-close; MarketWatch flags history of media spinoffs as mixed for shareholders.