Just months after transferring the majority of its cable TV business to Versant Media, Comcast is splitting up into two separate companies again. One will house its namesake cable and technology businesses, while the other will consist of NBCUniversal and Sky media businesses.
Under the proposed breakup announced Monday, Comcast intends to spin off NBCUniversal and Sky tax-free. After the transaction closes, Comcast shareholders will own stock in both Comcast and NBCUniversal.
The separation will create “two focused industry leaders, each with significant scale, strong financial profiles and clear strategic opportunities,” the media conglomerate said. Comcast aims to complete the separate agreement in mid-2027, but its standard disclaimer states that it “cannot guarantee that the proposed transaction will be completed, or if it is completed, the terms or timing thereof.”
Comcast acquired a 51% controlling interest in NBCU in a 2009 transaction (approved in 2011) and then acquired the remaining shares in the media company from General Electric in March 2013, taking full control. The original idea was to combine Comcast’s huge cable footprint with NBCU to create synergies between distribution and content.
Now, things have changed, according to Comcast.
“As technological innovation, consumer behavior, and competitive dynamics continue to reshape both media and communications, Comcast’s board and management believe that each company is well-positioned as an independent entity to pursue its own strategic priorities, invest for growth, and create long-term shareholder value,” Comcast said.
Comcast Chairman and Co-CEO Brian Roberts will continue to be “actively involved in the leadership of Comcast and NBCUniversal” and work with the CEOs of both companies.
Mike Kavanaugh, currently co-CEO of the parent company, will become CEO of NBCUniversal. Cable company Comcast will be led by Michael Angelakis, Comcast’s former chief financial officer and chairman and CEO of investment fund Atairos Group since 2015. Mr. Angelakis will become Comcast’s CEO upon completion of the separation, and will serve as a strategic advisor during that time.
Mike Cavanagh and Brian Roberts
Provided by Comcast
NBCU will have the same dual-class stock structure as Comcast. Mr. Roberts holds approximately one-third of Comcast’s voting power through ownership of Class B super-voting stock. Comcast plans to retain ownership of up to 19.9% of NBCUniversal for up to a year after the spin is completed, and “intends to monetize it in a tax-efficient manner over the long term.”
Roberts called it a “very exciting day for our company” in prepared comments about the plan.
“The transactions we are announcing will unlock a more entrepreneurial approach to management and bring many new opportunities to each of our businesses. I am very much looking forward to helping guide our collective growth into the next chapter,” Roberts said.
As of early 2026, Mr. Cavanagh was co-CEO of Comcast with Mr. Roberts, whose father, Ralph Roberts, founded the company. About Cavanagh, Brian Roberts said, “Mike is one of the best executives I have ever worked with and a trusted partner. His vision is to create the most valuable assets in the industry across theme parks, film, television, streaming, sports and news. “This new company will be well-positioned and poised to grow and partner across the media and entertainment ecosystem to pursue the significant opportunities that lie ahead.”
Kavanagh said both Comcast Cable and NBCU “start the next chapter from a position of strength.” “Comcast will continue to strengthen its leadership in connectivity, while NBCUniversal, together with Sky, will have the scale, brand, content and financial resources to compete as the world’s best media and entertainment company,” he said. “The organizations will continue to be led by management teams with deep industry experience and focused strategic priorities. “I am personally excited to continue leading NBCUniversal into the future. With our iconic brands and theme parks, leading franchises and great service, we are well-positioned for long-term value creation.”
michael angelakis
Provided by Atairos Group
In bringing Angelakis back to Comcast as an independent cable executive, Roberts said the executive has “deep business knowledge and a passion for technology,” adding, “Given Michael’s drive, track record, and tremendous respect both within and outside of our organization, we are very excited to be working closely with him again.”
“Comcast’s outstanding assets, entrepreneurial roots, deep customer relationships, and strong track record of innovation and technology leadership provide a strong foundation for the future. Together, we look forward to building on these strengths, executing aggressively, investing for growth, and pursuing new opportunities to create value for our customers, colleagues, and shareholders.”
The separation of Comcast Cable and NBCU/Sky is subject to “satisfaction of customary conditions,” including final approval by the Comcast board of directors, receipt of a tax opinion, regulatory approvals and completion of financing arrangements.
Comcast’s cable business sells broadband, wireless and entertainment services, serving more than 65 million homes and businesses across the United States.
NBCUniversal is comprised of the NBC and Telemundo broadcast networks, Peacock, Bravo, Universal Movie and Television Studios, and the Universal Theme Parks division. The spinoff NBCU will include Sky, Comcast’s European media business.
In January 2026, Comcast completed the separation of Versant (pronounced “verse-ant”), a business that includes CNBC, MS NOW (formerly MSNBC), USA Network, Golf Channel, Oxygen, E!, Syfy, Fandango, Rotten Tomatoes, GolfNow, GolfPass, and SportsEngine. Especially since Bravo was part of NBCU and its programming accounted for the majority of the Peacock streamer’s viewing.
