Comcast plans to split off from NBCUniversal into an independent publicly traded company, the company said Monday, ending a 15-year partnership as it adapts to the rapidly changing media landscape.
The company said its board and management team believe the split will better position both businesses to pursue their own strategic priorities, invest for growth and create long-term shareholder value as independent entities.
Brian Roberts, Comcast chairman and co-CEO, will “continue to be actively involved in the leadership” of both Comcast and NBCUniversal, “working in partnership with the CEOs of both companies,” the company said.
The standalone NBCUniversal will include the theme park division, Universal film and television studios, NBC Telemundo networks, Bravo and the streaming service Peacock. Its portfolio will also include Sky, a European media company.
Comcast will redirect its focus on delivering broadband, wireless and entertainment platforms to its 65 million homes and businesses.
“This is a very exciting day for our company,” said Roberts in a statement. “The transaction we are announcing will unlock a more entrepreneurial management approach and open up a multitude of new opportunities for each business. I very much look forward to helping guide our collective growth for this next chapter.”
“This new company will be well-positioned to pursue the significant opportunities that lie ahead, to partner across the media and entertainment ecosystem, and will be poised to grow,” he added.
Following the separation, which is expected to take a year to complete, Comcast shareholders will own shares in both companies. It said the deal would create “two focused industry leaders, each with significant scale, strong financial profiles and distinct strategic opportunities.”
Comcast acquired NBCUniversal in 2011 from then-owner General Electric for $6.2 billion. Two years later, in 2013, Comcast paid $16.7 billion to complete the buyout.
“Both companies begin this next chapter from positions of strength,” said Mike Cavanagh, Comcast co-CEO. “Comcast will continue to build on its leadership in connectivity, while NBCUniversal, together with Sky, will have the scale, brands, content and financial resources to compete as a premier global media and entertainment company.”
He continued, “Each organization will continue to be led by a management team with deep industry experience that will benefit from focused strategic priorities and the ability to pursue opportunities most relevant to their businesses.”
The move from Comcast is the latest in a fast-changing media industry. Meanwhile, Paramount Skydance works toward closing a $110 billion deal to acquire Warner Bros. Discovery, as Fox is in the process of acquiring Roku in a $22 billion deal.