Comcast to split its cable business from media through NBCUniversal and 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 rose more than 20% in premarket trading on Monday.
The latest U.S. media industry shake-up follows years of cord-cutting as legacy players chase scale to better compete with Netflix while Paramount Skydance’s $110 billion deal for Warner Bros Discovery is set to boost competition.
