Comcast is splitting in two

Comcast has announced plans to separate itself into two publicly traded companies, spinning off its NBCUniversal and Sky broadcasting arms. The shake up aims to protect the media conglomerate’s profitable broadband and wireless brand, which will retain the “Comcast” company name, as its media and entertainment business — now collectively named “NBCUniversal” — faces increasing pressure from industry consolidation and streaming rivals.

The separation is expected to take approximately a year, with Comcast shareholders owning shares in both Comcast and NBCUniversal upon completion. While current Comcast CEO Brian L. Roberts will be “actively involved in the leadership” of both companies, co-CEO Mike Cavanagh has been selected to lead NBCUniversal, and Comcast’s former chief financial officer Michael Angelakis will become the Comcast CEO after the split.

If the agreement goes ahead, Sky Media — the British broadcaster that Comcast acquired in 2018 — alongside the company’s theme parks division, Universal film and television studios, NBC, Peacock, Bravo, and Telemundo networks will be housed under the new NBCUniversal entity. The new Comcast, meanwhile, is expected to keep serving customers through its unspecified “broadband, wireless, and entertainment platforms.”

“Both companies begin this next chapter from positions of strength. Comcast will continue to build on its leadership in connectivity, while NBCUniversal, together with Sky, will have the scale, brands, content and financial resources to compete as a premier global media and entertainment company,” Cavanagh said. “I’m personally thrilled to continue leading NBCUniversal into the future.”

Disclosure: Comcast is an investor in Vox Media, The Verge’s parent company.