June 29: Comcast has announced plans to split its media and entertainment business, NBCUniversal, into a separate publicly traded company, marking one of the biggest restructurings in the global media industry in recent years. The move will separate Comcast’s broadband and connectivity operations from its entertainment assets as the company adapts to the rapidly changing media landscape shaped by streaming competition and industry consolidation.
Under the proposed tax-free spinoff, Comcast will retain its cable, broadband, wireless and business services operations, while the new NBCUniversal company will house the group’s entertainment portfolio, including NBC, Peacock, Universal Pictures, DreamWorks Animation, Focus Features, Universal theme parks, and European broadcaster Sky. The separation is expected to be completed within a year, with existing Comcast shareholders receiving shares in both companies.
The decision effectively unwinds more than a decade of vertical integration that began in 2011, when Comcast acquired NBCUniversal in a landmark deal valued at nearly $40 billion. Since then, the traditional cable television business has come under mounting pressure from streaming platforms such as Netflix, while broadband growth has slowed amid increasing competition from wireless and fibre internet providers.
Comcast Chairman and CEO Brian Roberts said the separation would allow both businesses to operate with greater strategic flexibility and pursue independent growth opportunities. Roberts, who controls roughly one-third of Comcast’s voting power through super-voting shares, will continue to play an active leadership role in both companies following the split.
As part of the restructuring, Mike Cavanagh will lead the newly independent NBCUniversal, while former Comcast Chief Financial Officer Michael Angelakis will return as CEO of Comcast’s connectivity-focused business. Comcast also plans to retain a stake of up to 19.9% in NBCUniversal for up to one year after the spinoff before gradually monetising its remaining holding.
The announcement was welcomed by investors, with Comcast shares rising nearly 8% following the news. Market analysts believe the move could make NBCUniversal a more attractive acquisition target in the future, although Comcast executives downplayed the possibility of pursuing or entertaining merger and acquisition discussions after the separation.
NBCUniversal generated approximately $27.09 billion in media revenue during 2025, while its studio business contributed $11.29 billion and its theme parks business generated $9.84 billion. Meanwhile, Comcast’s connectivity business remained the company’s largest revenue driver, generating $70.7 billion last year.
The planned split represents one of the final major reversals of the telecom-media integration strategy that dominated the 2010s, as companies increasingly separate infrastructure businesses from content operations to better compete in an evolving digital entertainment market.
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