Comcast announced Monday that it plans to split into two publicly traded companies by spinning off NBCUniversal and Sky. The move will separate Comcast’s media and entertainment assets from its broadband and wireless business. The company’s stock surged more than 22% in pre-market trading fol lowing the announcement. The newly spun-off NBCUniversal will include the company’s theme parks division, Universal film and television studios, NBC and Telemundo networks, Peacock, Bravo, and Sky — the British broadcaster bought in 2018. Comcast meanwhile will continue with its “broadband, wireless and entertainment platforms.” The separation is expected to be completed in about a year, though Comcast expects to retain a stake of up to 19.9% in NBCUniversal for up to a year after the spinoff is completed. Current investors will have shares in both new companies, Comcast, the parent company of NBC News, said in a statement.. “Upon completion of the transaction, Comcast shareholders will own shares in both Comcast and NBCUniversal, creating two focused industry leaders, each with significant scale, strong financial profiles and distinct strategic opportunities,” it said. “Comcast’s board and management team believe each company will be better positioned to pursue its own strategic priorities, invest for growth and create long-term shareholder value as independent entities,” the statement added. Mike Cavanagh, Comcast’s co-CEO, will run the new NBCUniversal. Comcast will be led by the returning Michael Angelakis, a former chief financial officer. Comcast Chairman and co-CEO Brian Roberts will “continue to be actively involved in the leadership” of both Comcast and NBCUniversal, “working in partnership with the CEOs of both companies,” the company said in the statement. “Both companies begin this next chapter from positions of strength,” Cavanagh said. “Comcast will continue to build on its leadership in connectivity, while NBCUniversal, together with Sky, will have the scale, brands, content and financial resources to compete as a premier global media and entertainment company.” The move follows the spin-off of other cable networks previously owned by Comcast, including MSNBC (now MS Now) and CNBC, into a new separate company, Versant. The new spin-off would be the latest shake-up in the industry following Paramount Skydance agreeing to buy Warner Bros. Discovery for $110 billion. The Justice Department signed off on that merger earlier this month. ___________ Steve Kopack and Reuters contributed. Comcast is the parent company of this NBC station. ...read more read less