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.