Comcast to spin off NBCUniversal and Sky; shares jump 17% on the news

On June 29, 2026, Comcast announced it will spin off its remaining media business — NBCUniversal and Sky — into a new publicly traded company via a tax-free spinoff expected to complete in about a year, with shareholders owning shares in both companies. Co-CEO and chairman Brian Roberts said the technology and media businesses have opportunities 'distinct in nature and best pursued with dedicated focus, strategic flexibility, and tailored investment priorities.'

The leadership reshuffles with the map: co-CEO Mike Cavanagh becomes NBCUniversal's CEO; former CFO Michael Angelakis returns as CEO of Comcast, which keeps the cable, wireless and business-services arm. The media company takes Universal's theme parks, film and TV studios, the NBC and Telemundo networks, Peacock, Bravo and Sky. Comcast shares, down 30% over the prior 12 months, jumped as much as 17% before closing up about 4.5%.

The move is the second act of a retreat from the conglomeration Comcast spent 2009–2013 building when it bought NBC Universal from GE. Earlier in 2026 it completed spinning off its cable networks and digital assets — CNBC and MS NOW among them — into Versant Media. Cavanagh framed the split against an industry consolidating for scale: Paramount Skydance had just won DOJ approval for a $110bn Warner Bros. Discovery deal, and Fox agreed to buy Roku for $22bn.

Shares jumped as much as 17%, closing up 4.5%; follows Versant's completed cable spinoff; Comcast may keep 19.9% of NBCUniversal for a year.

The two halves had stopped needing each other: streaming pressure hit media valuations while broadband stayed the cash engine, and the stock carried the mismatch.

Separation gives each company 'tailored investment priorities' — content and parks spending no longer compete with network capex inside one budget.

It follows through on the Versant spinoff earlier in 2026, completing the split of what the 2009–2013 deal assembled.

Doing it from a position of choice, rather than under activist pressure like many media breakups, let Comcast set the structure: tax-free, shareholder-both-sides, staged over a year.

When two businesses inside one stock need different investors and different capital stories, the market eventually prices the mismatch — better to separate on your own clock than at someone else's.

Completion is expected in about a year, subject to board and regulatory approvals. Share repurchases are paused during the process; dividend policy for each company is to be detailed before completion. Comcast may retain up to 19.9% of NBCUniversal for up to one year post-close, to be monetized tax-efficiently.