Comcast plans to split off NBCUniversal and Sky

Comcast said on June 29 that it plans to split into two publicly traded companies, separating its media and entertainment assets from its core broadband and wireless business in a tax-free spin-off expected to close within about a year.

The move would put NBCUniversal and Sky into a new company while Comcast keeps its connectivity businesses, including broadband, wireless and business services. Comcast said shareholders would receive stock in both companies.

The company said the new media business is expected to be led by Mike Cavanagh, Comcast’s co-CEO. Brian L. Roberts remains tied to the core Comcast business as the company reshapes itself around connectivity.

What Moves Where

The new media company is expected to include NBCUniversal, Sky, Universal Studios, NBC, Peacock, Bravo, Telemundo and the theme parks business, according to reporting on the plan.

Comcast’s remaining company would focus on distribution and services, the side of the business that provides internet access, wireless service and related offerings to consumers and businesses.

The separation is the latest step in Comcast’s long-running effort to unwind the old cable-plus-content model. Comcast acquired NBCUniversal in 2011 and later bought Sky in 2018, building a structure that combined broadband infrastructure with major media assets.

Earlier in 2026, Comcast already spun off its cable channels into Versant, leaving NBCUniversal as its main remaining media holding before this latest change.

Why Comcast Is Doing It

The split could reset how investors value Comcast by separating a growth-heavy connectivity company from media assets exposed to advertising, streaming and entertainment spending pressures.

It also creates a standalone media company with its own financing and strategic priorities. Comcast said it may retain up to a 19.9% stake in the new company for up to a year after the separation closes, leaving open questions about how and when it will exit that position.

Comcast has not yet disclosed every legal and operating detail, including the final name of the new media company or exactly how Sky will be organized inside it. The company also still needs the approvals required to complete the transaction.

The transaction fits a broader industry trend in which distribution businesses and legacy media libraries are being separated rather than housed together. For Comcast, it marks a clear shift toward treating broadband and media as businesses that may be better run apart than together.

What Comes Next

Comcast said the separation is expected to close within about a year, but the company still has to complete the spin-off process and secure any required approvals.

Investors will be watching for more detail on leadership, governance, capital structure and Comcast’s retained stake. They will also look for further disclosure on how NBCUniversal and Sky will be organized and financed once the new company is formed.