More than 15 years ago, Comcast took its first steps toward acquiring NBCUniversal. The company now plans to separate its media business from the broadband and TV pipes and separate NBCU and Sky as separate entities.
So what has changed over the years? Comcast co-CEO Mike Cavanagh, who will become NBCU’s chief executive after the separation, sought to explain the evolution of the company’s management team’s thinking on a call with Wall Street analysts Monday morning.
“It’s no surprise that both the media and communications industries have become more competitive and the pace of change continues to accelerate,” said Cavanagh, who originally joined Comcast in 2015 as CFO.
“Therefore, we do not expect these circumstances to change anytime soon. Therefore, while we previously believed that operating these businesses as one company justified the benefits of scale and diversification, we have now simply changed that mind. “I think what’s special at this point is that we have a strong balance sheet and significant capital resources, and I think that will allow us to plan.” Both companies have uniquely strong investment-grade balance sheets that enable them to pursue future growth and value creation, which will be seen in each new company. ”
Brian Roberts, chairman and co-chief executive officer, told analysts that the split is “not about separating what we’ve built together. It’s about positioning our two great businesses to be more focused, agile, and positioned to take full advantage of future opportunities moving forward.”
Asked whether investors should view the planned split as a step towards a potential “strategic transaction” between the two companies in the long term, a merger or acquisition, Roberts said: “Absolutely not.”
“This is the right move to put each company in the strongest position to create value, fully monetize its assets, and aggressively pursue its own organic growth strategy,” Roberts said. Cavanagh jumped in and added that NBCUniversal and Sky’s plan is to “build and invest in businesses for growth. We have great ambitions to pursue opportunities that keep us ahead of evolving consumer behavior and viewer demand, and we now have the freedom to explore adjacent businesses that we have the right to be a part of.”
Comcast stock rose 9% in morning trading Monday, but is still far from its 52-week high and is down year-to-date.
Comcast has launched a new venture. In January 2026, we completed the separation of Versant Media, a business that includes CNBC, MS NOW (formerly MSNBC), USA Network, Fandango, and more.
Separately, in December 2025, Comcast officially joined the bid to integrate Warner Bros. The “headline price” for Comcast’s streaming and studio business with certain related businesses is $35.43 per WBD share. Comcast lost out to Netflix, which itself subsequently outbid David Ellison’s Paramount Skydance in a $111 billion deal to fully merge with WBD.
Roberts said on Monday’s call that there are three fundamental questions as Comcast’s board considers separating its cable connectivity business from NBCU and Sky.
One is whether these companies have enough weight to stand on their own and stand on their own as separate companies. Second, do we have a clear and viable capital allocation path for investment? And third, is now the right time? “And the answer we came back to was ‘yes’ on all counts,” Roberts said.
“These two businesses are exceptional, each with unique scale and the financial strength needed to succeed as independent companies,” Roberts said. “Our philosophy has always been to invest for growth, and we’ve done that over the years, and that’s really strengthened these businesses and created tremendous value.” Among the points detailed by Roberts, he said Comcast is building a “massive streaming business” with Peacock and is on track to reach profitability in the second quarter of 2026, less than six years after its initial launch.
Commenting on why Sky and NBCU are partnering, Cavanagh said: “At its core, Sky is a premium media and entertainment business with one of the strongest consumer brands, a leader in news, entertainment and sport, and a strong position in the attractive European market. “The partnership between Sky and NBCUniversal increases the scale and global profile of our media and entertainment companies, increases investment opportunities in entertainment, sports and news content, and enables the sharing of innovation and technological advantages that we see all the time.”
The separation of Comcast Cable and NBCU-Sky is expected to occur in mid-2027.
Michael Angelakis, former chief financial officer of Comcast and chairman and CEO of investment fund Atairos Group since 2015, has been named CEO of Comcast following the separation. He will join Comcast on an interim basis as a strategic advisor.
Above photo: Mike Kavanagh (left), Brian Roberts
