Good morning. Comcast Corporation announced on Monday that it plans to separate its media and technology businesses into two independent, publicly traded companies through a tax-free spin-off of NBCUniversal and Sky. Comcast’s former CFO is returning to take a top seat.
Mike Cavanagh, co-CEO of Comcast (No. 37 on the Fortune 500) alongside longtime leader Brian L. Roberts, will become CEO of NBCUniversal. Former vice chairman and finance chief Michael Angelakis will return as CEO of Comcast. Roberts will remain actively involved in both companies, working in partnership with the CEOs, according to the announcement. The board and management team said that growing competition in the telecom and media industries has increased the need for strategic flexibility. The transaction is expected to close in mid-2027.Angelakis joined Comcast in 2007 and stepped down as CFO in 2015 to launch Atairos, a strategic investment company formed in partnership with Comcast, where he became chairman and CEO. Atairos remains focused on long-term investments in growth companies.
“As our widely admired former CFO,” Angelakis’ “deep knowledge of the business and passion for technology” combined with the Comcast management team, will serve the company as it continues to take bold actions to stay competitive, Roberts said in a statement.
