Comcast is to formally separate its media business encompassing NBCUniversal and Sky from its technology biz, which will be called Independent Comcast.
Following the example of the likes of Warner Bros. Discovery, the tax-free spin-off should complete in about a year.
The NBCUniversal business will house Sky and be run by Mike Cavanagh. Comcast’s former Chief Financial Officer Michael Angelakis will become the CEO of Comcast, following completion of the separation and in the interim will join as a Strategic Advisor.
Comcast said chief Brian L. Roberts will continue to be actively involved in the leadership of Comcast and NBCUniversal, working in partnership with the CEOs of both companies.
Comcast expects to retain a stake of up to 19.9% ownership position in NBCUniversal and Sky for up to one year after the completion of the spin.
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