Comcast plans to spin off NBCUniversal and Sky into a separate media company
Summary
Comcast plans to split into two separate public companies: one for media, including NBCUniversal and Sky, and one for internet and wireless services. This change aims to help each company focus on its own growth and priorities. The separation is expected to finish in about a year, pending approvals.Key Facts
- Comcast will create two publicly traded companies: a media company and a broadband/wireless company.
- The media company will include NBCUniversal (which has theme parks, film studios, and TV networks) and the European media company Sky.
- Comcast’s internet services will stay with the broadband and wireless company.
- Comcast co-CEO Mike Cavanagh will become CEO of the new media company, NBCUniversal.
- Michael Angelakis, former CFO, will become CEO of Comcast’s broadband and wireless company after the split.
- Comcast Chairman Brian Roberts will remain involved in leading both companies.
- Shareholders will get shares in both companies once the separation is done.
- The split still needs approval from the board and regulators and is expected to be completed in about a year.
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