Comcast said Monday it plans to separate into two independent publicly traded companies through a tax-free spin-off of NBCUniversal and Sky. “Upon completion of the transaction, Comcast shareholders will own shares in both Comcast and NBCUniversal, creating two industry-leading companies, each with significant scale, strong financial profiles and distinct strategic opportunities,” she said.
“The proposed separation reflects Comcast’s track record of positioning its business to compete and win in rapidly changing markets,” it said. “As technological innovation, consumer behavior and competitive dynamics continue to reshape both media and communications, Comcast’s Board of Directors and management team believe that each company will be better positioned to pursue its own strategic priorities, invest for growth and create long-term shareholder value as independent entities.”
The company said that Brian L. Roberts will continue to be “actively involved” in the leadership of Comcast and NBCUniversal, working in partnership with the CEOs of both companies. Current co-CEO Mike Kavanagh will serve as CEO of NBCUniversal, while former Comcast CFO Michael Angelakis will become CEO of Comcast, following the completion of the separation and will join in the meantime as a strategic advisor.
NBCUniversal is anchored by its growing theme parks division, Universal film and television studios, the NBC and Telemundo networks, the streaming service Peacock and the Bravo cable network. In addition, the NBCUniversal portfolio will include Sky, its European media subsidiary.
The group previously spun off Versant Media, home to most of its cable networks, in another move to create a more focused business.
“This is a very exciting day for our company,” said Brian L. Roberts, Chairman and Co-CEO of Comcast. “The transaction we are announcing will usher in a more entrepreneurial approach to management and open many new opportunities for each company. I very much look forward to helping guide our collective growth for this next chapter.”
He added: “Mike Kavanagh will lead the new NBCUniversal media and entertainment company as CEO. Mike is one of the best executives I have ever worked with and a trusted partner. His vision is for a unique, independent and focused company that will be home to some of the industry’s most valuable brands and assets across theme parks, film, television, streaming, sports and news. This new company will be well-positioned to pursue the significant opportunities that lie ahead, to partner across the media and entertainment ecosystem, and will be poised to grow.”
“Both companies are starting this next chapter from positions of strength,” Kavanagh said. “Comcast will continue to build on their communications leadership, while NBCUniversal, along with Sky, will have the scale, brands, content and financial resources to compete as a global media and entertainment leader. Each organization will continue to be led by a management team with deep industry experience who will benefit from focused strategic priorities and the ability to pursue the opportunities most relevant to their businesses. I am personally pleased to continue to lead NBCUniversal into the future. Through our iconic brands and theme With our leading theme parks and franchises and amazing creative talent, we’re well-positioned to create value over the long term.
