Comcast to spin off NBCUniversal and Sky into separate company

Comcast is planning to separate its media and entertainment arm including NBCUniversal and Sky from its mobile and broadband business in a bid to reverse a sharp decline in its share price.

The company expects the tax-free spinoff of the two businesses to complete in about one year, subject to regulatory approvals and other customary closing conditions.

The move aims to separate its sprawling media empire, NBCUniversal, from its core technology and telecommunications business, which will retain the Comcast name.

The NBCUniversal business, which includes the streaming service Peacock and the TV network NBC, will be run by Mike Cavanagh, who is now co-chief executive of Comcast.