• US giant Comcast is splitting into two separately listed businesses
• One will keep the Comcast name, continue to offer broadband and wireless services in the US and be led by former CFO Michael Angelakis
• NBCUniversal will be a media and entertainment giant comprising the TV, film and theme park operations 
• News of the split sent Comcast’s pre-split value to more than $90bn

US communications and media giant Comcast has announced plans to split into two separate publicly-listed companies next year, one of which will focus on its broadband and wireless communications services in the US and retain the current corporate name, while the media operations will take the NBCUniversal name. 

After completion of the split, current investors will hold shares in both Comcast – which will provide broadband and mobile services to 65 million US homes – and NBCUniversal, which will comprise the TV, film, streaming and theme park business units, including the Sky operations in Europe.

Shareholders clearly like the deal: Comcast’s stock is currently trading at $25.28 on the Nasdaq exchange, up by 9.1% in early Monday trading, giving Comcast a market value of almost $90bn.

Following the split, the standalone US comms and networking company will be led by Comcast’s former CFO Michael Angelakis: He is currently chairman and CEO of investment firm Atairos, a company he founded, but will become a strategic advisor to Comcast until the split is complete.

Angelakis stated: “Comcast's exceptional assets, entrepreneurial roots, deep customer relationships and strong track record of innovation and technological leadership provide a powerful foundation for the future. Together, we will build on those strengths, execute aggressively, invest for growth, and pursue new opportunities to create value for our customers, colleagues and shareholders.”

The NBCUniversal business, which will include the Universal film and TV studios, TV network NBC, streaming service Peacock, Bravo and Sky, will be led by current co-CEO Mike Cavanagh, while Brian Roberts, who is currently chairman and also co-CEO of the group, will “continue to be involved in the leadership” of both companies in a yet-to-be-named role.

As a group, Comcast reported revenues of $123bn in 2025, with adjusted EBITDA of $37bn. Around $46bn of the 2025 revenues were attributed to the company’s Connectivity and Platforms division (up 4.2% year on year) while its domestic wireless business posted its “best year ever” according to the company’s financial filing, with 1.5 million net line additions.

Explaining the reasoning behind the split, Comcast said it will “focus on delivering exceptional customer experiences backed by the nation's largest converged network”.

Roberts said: “This is a very exciting day for our company. The transaction we are announcing will unlock a more entrepreneurial management approach and open up a multitude of new opportunities for each business.”

The separation will be completed as a tax-free spinoff to Comcast shareholders, the company said, and is expected to take around a year to close, subject to shareholder approval.

- James Pearce, Editor, TelecomTV