Comcast to split cable business from media in NBCUniversal, Sky spinoff
Comcast will split into two publicly traded companies through a spinoff of NBCUniversal and Sky, separating its cash-generating broadband arm from a media and entertainment business under pressure from streaming rivals and industry consolidation. Shares of the company surged 22% in premarket trading on Monday. They were down more than 17% this year through Friday’s close, after two straight annual declines.
The proposed separation unwinds 15 years of consolidation that brought together content and distribution, with both feeling the strain from the rapid rise of streaming, and sets up the two companies for more deals.
