Comcast’s media businesses, including NBC, Peacock and Universal, are moving one step closer to a sale.
On Monday morning Comcast said it is spinning off NBCUniversal as well as its European media arm, Sky, into a new publicly traded company.
The new company – housing the Universal movie studios and theme parks, Peacock streaming service, and brands like NBC, Telemundo and Bravo – will be well positioned for deep-pocketed buyers.
But the breakup will require regulatory approval first. Comcast said it expects to complete the spinoff in about a year.
Monday’s announcement sent Comcast shares up more than 20% in premarket trading. The company’s stock has struggled in recent years, reflecting Wall Street skepticism about its combination of content and distribution and its ability to compete with the likes of Netflix.
