Comcast To Split NBCUniversal And Sky From Its Internet And Wireless Companies
Image Source: WKMG
Comcast is planning a split to remove NBCUniversal and Sky from its internet to form two companies. The split should be complete in a year. Earlier, Comcast made the decision to move most of NBCU’s cable networks into a separate company called Versant Media. In this new split, NBCUniversal will be home to Sky and run by Mike Cavanagh, the co-CEO of Comcast. The other company will retain the name Comcast and will be run by the company’s former Chief Financial Officer, Michael Angelakis. While the split is being processed, Angelakis will serve as a strategic advisor. The other co-CEO of Comcast will continue to be actively involved and working with both Cavanaugh and Angelakis to help the company move forward.
In the split, NBCUniversal will host Sky, Universal Film and TV Studios, NBC, Telemundo Networks, and the streaming platforms Bravo and Peacock. Comcast will focus on bringing internet service to their consumers. Shareholders of the current Comcast company will own shares in both companies after the split. According to Comcast, this will create “two focused industry leaders, each with significant scale, strong financial profiles and distinct strategic opportunities." Cavanagh shared his sentiments, “Both companies begin this next chapter from positions of strength. 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 concluded that both companies are set for long-term growth and “value creation.”
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