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

Comcast said Monday it will split into two publicly traded companies, separating its broadband and wireless business from NBCUniversal, Sky and the rest of its media assets in one of the company’s biggest restructurings in years.

The plan would leave Comcast focused on connectivity while the new media company would house NBCUniversal and Sky, along with NBC, Telemundo, Peacock, Universal Studios, Bravo and the company’s theme parks. Comcast said shareholders would own stock in both companies once the separation is complete.

The deal is expected to take about a year and still needs approval from Comcast’s board and regulators. Comcast also said it plans to retain up to a 19.9% stake in NBCUniversal for up to a year after the spin-off.

Why Comcast is doing it

Comcast framed the move as a way to give each business more focus and flexibility. The company’s broadband and wireless operations have different economics, growth prospects and capital needs from its media businesses, and the separation is meant to make those differences clearer to investors.

Brian L. Roberts said the split is intended to let each business operate with more emphasis on its own strategy. The underlying market logic is that investors may value the connectivity business and the media company more highly if they are separated rather than kept under one corporate umbrella.

The announcement comes after Comcast already separated most of its cable networks and related digital assets into Versant earlier in 2026, further shrinking the set of businesses that remain inside the parent company.

What is changing

Under the plan, Comcast would keep the broadband and wireless operations under the Comcast name. The new media company would be the home for NBCUniversal, Sky and the rest of Comcast’s entertainment and news assets.

That would include NBC, Telemundo, Peacock, Universal Studios, Bravo and theme parks, giving the new company a broad mix of broadcast, streaming, film, local news and destination businesses. The separation would turn what was once an integrated cable-media group into two more specialized public companies.

The structure also reflects years of pressure on traditional cable and media companies as customers move away from legacy pay-TV bundles and toward streaming and broadband-only packages. Comcast is effectively making a bet that the two businesses are better positioned apart than together.

Leadership and ownership

The company said Mike Cavanagh is slated to lead the new media company as chief executive, while Michael Angelakis is slated to become CEO of the remaining Comcast business.

That leadership split reinforces the idea that Comcast is treating the two companies as distinct operating businesses rather than adjacent divisions. It also gives investors a clearer picture of who will run each side of the separation once it becomes effective.

Comcast said shareholders will receive stock in both companies after the separation. It has not yet laid out the full capital structure, but that will be one of the most closely watched details once the company provides more guidance on debt allocation, cash and dividends.

What it could mean for Sky and NBCUniversal

The separation raises particular questions around Sky, which Comcast acquired in 2018 and which would move into the new media company. Sky News has long been a sensitive issue because the channel has historically relied on support from Comcast and NBCUniversal.

That makes the funding outlook for Sky News one of the biggest open questions around the transaction. Comcast has not yet spelled out what long-term commitment it will make to the channel after the split.

The new NBCUniversal may also become more attractive to outside investors or future acquirers once it stands on its own. The company has not signaled any sale process, but the separation could make the asset easier to value and potentially easier to pursue in a future deal.

What happens next

The next milestones are board approval, regulatory review and more detailed disclosures about how assets, debt and cash will be split between the two companies. Those terms will shape how Wall Street values each business after the separation.

Investors will also watch for management presentations that clarify dividend policy and any long-term support for Sky News. Comcast’s near-term message is that the restructuring is about focus and flexibility, but the market will want to know how much financial linkage remains after the spin-off.

For now, the plan marks a major turn away from Comcast’s old integrated model. If completed as described, it would leave the company centered on broadband and wireless, while NBCUniversal and Sky would become part of a separate publicly traded media business.