The planned spin-off will also strategically position NBCUniversal with its broadcast and streaming media properties, including NBC entertainment, sports, news and Bravo – which all power Peacock – along with Telemundo, the theme parks business and film and television studios.

“This transaction positions both SpinCo and NBCUniversal to play offense in a changing media landscape,” added Mike Cavanagh, President of Comcast. “Taken together, the entirety of NBCUniversal will be on a new growth trajectory, fueled by our world-class content, technology, IP, properties and talent – all working in concert with each other as an integrated media company.”

Comcast said the move will enable it to be “well-positioned to continue to invest in its strategic core growth businesses across its Content & Experiences and Connectivity & Platforms businesses, including residential broadband, wireless, business services, streaming, studios and theme parks”. The transaction is expected to be accretive to revenue growth at Comcast and approximately neutral to Comcast’s leverage position. The company does not anticipate any change to its credit profile or ratings as a result of this transaction.Mark Lazarus, current Chairman of NBCUniversal Media Group, will serve as the company’s Chief Executive Officer, and Anand Kini, current Chief Financial Officer (CFO) of NBCUniversal and EVP of Corporate Strategy at Comcast, as its CFO and COO. Together they will lead the development of an independent strategy, while also establishing SpinCo as a potential partner and acquirer of other complementary media businesses.

“As a standalone company with these outstanding assets, we will be better positioned to serve our audiences and drive shareholder returns in this incredibly dynamic media environment across news, sports and entertainment,” said Lazarus. “We see a real opportunity to invest and build additional scale and I’m excited about the growth opportunities this transition will unlock. Our financial strength will also provide capacity for an attractive capital return policy while allowing for investment in the growth of these businesses.”

Over the last twelve months ended September 30th 2024, SpinCo generated approximately $7 billion in revenue. SpinCo will have the same dual-class share structure as Comcast.

Comcast is targeting to complete the spin-off in approximately one year, subject to the satisfaction of customary conditions, including obtaining final approval from the Comcast Board of Directors, satisfactory completion of SpinCo financing, receipt of tax opinions and receipt of any regulatory approvals.