In an announcement today, June 29, Comcast said it will spin off both NBCUniversal, along with it’s theme parks and its European media company Sky.

Spin Off

As part of the spin off, Comcast will create two publicly traded companies with the separation of NBCUniversal and Sky. The press release cited that the move would create “strong financial profiles” and “distinct strategic opportunities.” Last year, when Comcast was trying to buy Warner Bros., it intended to merge it with NBCUniversal. The company’s bid to buy Warner Bros. was unsuccessful.

In separating the entities, Comcast will pivot to focusing on its broadband and wireless functionalities.

NBCUniversal would still encompass the theme parks, Universal film and television studios, NBC, and Telemundo, per the release:

NBCUniversal is a premier global media and entertainment company, anchored by its growing theme parks division, Universal film and television studios, NBC and Telemundo networks, Peacock, and Bravo. In addition, NBCUniversal’s global portfolio will include Sky, our European media business. Together, these businesses will be powered by a portfolio of world-class intellectual property, a deep content library, extraordinary content creation capabilities, and exceptional strength across sports, news and entertainment. With iconic brands, valuable intellectual property, global distribution and leading creative talent, NBCUniversal will be strongly positioned to compete and grow in an evolving media landscape.

Mike Cavanagh will be the CEO of NBCUniversal, and Michael Angelakis (former CFO) will return as Comcast CEO. Because of regulatory approvals, the spin off will take approximately one year.

CNN posits that this move brings Comcast’s NBC, Peacock and Universal closer to a sale and that Comcast shares traded up over 20% in premarket trading this morning.

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