Comcast plans to split into two public companies by spinning off NBCUniversal and Sky
NEW YORK (AP) — Communications giant Comcast is planning to split itself into two: one media-centered business that would include brands like NBCUniversal and Sky and a separate company focused on broadband and wireless services.
In a Monday announcement, Comcast said the breakup will put both of these operations in a better position to pursue their own priorities and growth. The move arrives as communications companies continue to wrestle with years of cord-cutting, and shifting habits in how consumers now buy subscriptions for anything from their phone plans to streaming budgets more broadly.
“The world is changing faster than ever,” Comcast Chairman and co-CEO Brian Roberts said on a Monday call — adding that it “has become clear” the company’s technology and media businesses each “have compelling opportunities in front of them that are distinct in nature and best pursued with dedicated focus.”
Upon the spinoff’s completion, both businesses would become their own publicly-traded companies. Comcast said it expects to complete the process in about a year, pending regulatory approvals and a final greenlight from its board.
That means consumers shouldn’t feel immediate impacts. But a host of major brands currently sit under Comcast’s umbrella — from internet and wireless provider Xfinity to streaming platform Peacock, NBC News and Universal Studios. And analysts are eyeing what those businesses could look like farther down the road.
“In the short term, bundles, pricing, and distribution will likely hold,” said Mike Proulx, a vice president and research director at market research firm Forrester. For NBCUniversal — set to head the media-centered company Comcast is spinning off — the split in itself carries little effect on its current business, he noted, and is “more to do with what it becomes longer term.”
Proulx is bracing for future acquisitions in this space, adding that “Comcast is following a playbook we have already seen.” He pointed to Warner Bros. Discovery, which announced its own intention to split just last June — before becoming a takeover target that erupted into a messy tug-of-war between Netflix and Skydance-owned Paramount. Paramount eventually became victorious, and is now edging closer to closing its $81 billion buyout of Warner’s entire company.
Comcast executives have appeared to so far dismiss the possibility of heading toward a similar fate. When asked on Monday’s call whether investors should view the separation as a step toward “potential strategic transactions” for either business, Roberts said: “Absolutely not.”
His co-CEO Mike Cavanagh — who is set to become the chief executive of the NBCUniversal spinoff — echoed that sentiment. Cavanagh reiterated plans to “build and invest for growth” with more freedom as a standalone business.
Still, analysts like Proulx speculate that even if NBCUniversal doesn’t become a takeover target, “it’ll likely be the company doing the acquiring.”
“As it stands, traditional TV is dying, and Peacock alone isn’t enough to compete at scale against the biggest streaming services,” Proulx said via email. “One way or the other, NBCU’s entertainment business will look different within the next couple of years.”
Like other companies, Comcast in recent years has shifted its business emphasis away from traditional cable toward streaming and other sources of revenue, such as its movie studio, theme parks and home wireless and internet services.
NBCUniversal includes that theme parks division, Universal film and television studios, NBC and Telemundo networks, Peacock, and Bravo — and with the spinoff, European media business Sky will also be part of that portfolio led by Cavanagh.
Meanwhile, Philadelphia-based Comcast will continue providing internet services to residential and business customers. Comcast’s former Chief Financial Officer Michael Angelakis will become the CEO of that company following its separation.
Comcast has split off assets before. Monday’s move arrives just months after the company officially completed its separation of Versant Media Group — which, as first announced in November 2024, is the new home of networks like USA, Oxygen, E!, SYFY and Golf Channel, as well as CNBC and MSNBC (now MS NOW). Movie ticketing platform Fandango and the Rotten Tomatoes movie rating site were also included.
Once the latest split is complete, Comcast shareholders will own shares in both Comcast and NBCUniversal. Comcast expects to keep a stake of up to 19.9% ownership position in NBCUniversal for up to one year after the spinoff is complete.
Comcast jumped more than 6% as of midday trading following Monday’s announcement. Shares still are down over 10% since the start of 2026.
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