Comcast announced it will break into two publicly traded companies.
The company will separate NBC Universal and Sky from its broadband and wireless business, NBC News reported.
NBCUniversal will include the theme parks, Universal, film studios, television Studios, NBC, Telemundo, Peacock, Bravo, and Sky.
Comcast will cover the broadband, wireless, and cable television services, The Wall Street Journal reported.
The split will take about a year, with Comcast keeping about 19% stake in NBCUniversal for up to a year after the moves are completed.
“Upon completion of the transaction, Comcast shareholders will own shares in both Comcast and NBCUniversal, creating two focused industry leaders, each with significant scale, strong financial profiles and distinct strategic opportunities,” Comcast said in a statement to NBC News.
Comcast Co-CEO, Mike Cavanagh, will be the head of NBCUniversal, while Comcast will be run by former chief financial officer, Michael Angelakis.
Comcast has already spun off former MSNBC, currently called MS Now, CNBC, USA and Syfy into a new company, Versant, The Wall Street Journal reported.
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