Comcast to split media, tech businesses

New York [US], June 30: Comcast Corporation plans to separate off its media and technology businesses into two separate publicly traded companies, the company announced on Monday. Following the news, the company's shares surged more than 20% in pre-market trading. The company intends to spin off NBCUniversal and Sky into a standalone media and entertainment company. Comcast will concentrate on broadband, wireless, and business services, while NBCUniversal will house the company's media and entertainment assets, including NBC, Telemundo, Peacock, Bravo, Universal Studios, theme parks, and Sky. Comcast said its chairman and co-chief executive officer Brian L Roberts will remain actively involved in both companies. Mike Cavanagh, currently Comcast's co-chief executive officer, will become chief executive officer of NBCUniversal, while former Comcast chief financial officer Michael Angelakis will return to lead Comcast as chief executive officer following the completion of the separation, the company said.
Source: Qatar Tribune