Comcast is spinning off NBCUniversal and its European arm Sky into a new publicly traded company, sending its shares soaring more than 20 per cent.
Comcast is shaking up its corporate structure. According to CNN, the company is spinning off NBCUniversal and its European media arm, Sky, into a new publicly traded company housing NBC, Telemundo, Bravo, Peacock, Universal’s movie studios and its theme parks — creating one of the world’s largest content-focused media businesses.
The move marks a major shift for Comcast, 15 years after it acquired NBCUniversal in a blockbuster deal. Once complete, Comcast will focus on broadband and wireless, while the new entity concentrates on content creation and distribution.
Investors cheered the news, sending Comcast shares more than 20 per cent higher in premarket trading, after years of pressure from streaming rivals like Netflix.
CNN reports the deal needs regulatory approval, with completion expected within about a year, amid broader consolidation across the global media industry.
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