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Media and entertainment company NBCUniversal includes a theme
parks division, Universal film and television studios, NBC and
Telemundo networks, Peacock, and Bravo. Its portfolio will now
European media business Sky.
Comcast, based in Philadelphia, will continue providing internet
services to residential and business customers.
Comcast co-CEO Mike Cavanagh will become the CEO of NBCUniversal.
Comcast’s former Chief Financial Officer Michael Angelakis will
become the CEO of Comcast, following completion of the
separation. In the interim, he will serve as a strategic
adviser.
Comcast Chairman and co-CEO Brian Roberts will continue to be
actively involved in the leadership of Comcast and NBCUniversal,
working in partnership with the CEOs of both companies.
“Comcast will continue to build on its leadership in
connectivity, while NBCUniversal, together with Sky, will have
the scale, brands, content and financial resources to compete as
a premier global media and entertainment company,” Cavanagh said
in a statement.
Once the transaction is complete, Comcast shareholders will own
shares in both Comcast and NBCUniversal. The separation is
expected to be completed in about a year. It still needs final
approval from Comcast's board and is subject to regulatory
approvals.
Comcast expects to keep a stake of up to 19.9% ownership
position in NBCUniversal for up to one year after the spinoff is
complete.
In premarket trading, Comcast shares surged 24%.
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