Comcast is throwing in the towel on a 15-year bid to achieve greater returns through vertical media integration, unveiling plans to spin off NBC Sports parent company NBCUniversal as a separate entity.
Under the dramatic plan rolled out early Monday, a newly separate and publicly traded NBCUniversal will house the NBC and Telemundo networks, Peacock, Bravo, the company’s theme parks and film and television studios, Bravo, and the European media business Sky.
Comcast, meanwhile, will return to its core operations of broadcast connectivity, cable distribution, wireless, and business services—largely what its profile was before acquiring majority control of NBCUniversal in 2011.
“It has become clear that our technology and media businesses each have compelling opportunities in front of them that are distinct in nature and are best pursued … with tailored investment priorities,” Comcast co-CEO and chair Brian Roberts said Monday morning in an investor call.
As Comcast refocuses itself, though, it will do so with another significant change: it will no longer be led by a Roberts family member. While Brian Roberts, the son of company founder Ralph Roberts, will be involved in the leadership of both entities, former Comcast CFO Michael Angelakis will become CEO of that company. Comcast co-CEO Mike Cavanagh, meanwhile, will become NBCUniversal CEO.
