Comcast and NBCUniversal are separating into two independent, publicly traded companies. The corporation made the announcement Monday, saying the split is expected to be completed within one year.
The deal is structured as a tax-free spin-off. Mike Cavanagh will serve as CEO of the NBCUniversal/Sky company. Michael Angelakis, a former CFO, will take over as CEO of Comcast. Brian L. Roberts, who has led Comcast for decades, will remain involved with the leadership teams of both organizations.
According to The Wrap, Roberts said in a statement: "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. I very much look forward to helping guide our collective growth for this next chapter."
Cavanagh addressed the positioning of both companies going forward. "Both companies begin this next chapter from positions of strength. 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," he said. "Each organization will continue to be led by a management team with deep industry experience that will benefit from focused strategic priorities and the ability to pursue opportunities most relevant to their businesses. I'm personally thrilled to continue leading NBCUniversal into the future. With our iconic brands and theme parks, leading franchises and incredible creative talent, we are well-positioned for long-term value creation."
Angelakis, returning to the company after a prior stint, also commented. "I have had the privilege of working alongside Comcast's talented leadership team for many years, and I am excited to return to partner with Brian, Steve, Jason and the entire organization," he said. "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."
Comcast first announced its intention to acquire NBCUniversal in December 2009. The company completed a majority stake transaction in January 2011 and took full ownership in March 2013. The two entities have operated together for over a decade since.
Under the terms of the separation, Comcast intends to retain a 19.9 percent ownership stake in NBCUniversal for up to one year after the split is finalized. Both companies will use the same dual-class share structure going forward.
