Comcast Corporation is to split its media and technology businesses into two separate companies.A tax-free spin-off will merge together media subsidiaries NBCUniversal and Sky, leaving Comcast to focus on its broadband and wireless services.Former executive vice president and chief financial officer Michael Angelakis will return to Comcast as CEO. The exec served at Comcast between 2007 and 2015 before leaving to lead private equity firm Atairos.Brian L. Roberts, chairman and co-CEO of Comcast Corporation, welcomed Angelakis back. “Michael’s deep knowledge of the business and passion for technology will serve us well as we continue to take bold actions in today's competitive environment," he said. "Our recent momentum is the launchpad to propel our advanced network, substantial customer base, and outstanding products to even greater success.”In his message, Roberts also highlighted the leadership of Comcast's Connectivity & Platforms (C&P) CEO Steve Croney, who joined the firm at the start of the year.Roberts is to remain leading Comcast in some capacity as he steps away from the top seat for Angelakis, while fellow CEO Mike Cavanagh flies solo on the NBCUniversal spin-out.On his new appointment, Angelakis 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 [Roberts, Croney] … and the entire organization. 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.”Comcast financials and futureComcast said it aims to complete the separation in approximately one year, while expecting to retain a 19.9 percent ownership stake in NBCUniversal for up to one year after completion.The company's Q1 2026 earnings saw its C&P business pull in $19.96 billion, down one percent year over year (YoY), while Residential Connectivity & Platforms profits fell almost two percent YoY to $17.3 billion.Domestic wireless service revenue saw a jump of 15 percent to $977 million in the quarter, with wireless equipment revenue rising 52.9 percent to $418 million. Its Business Services Connectivity, meanwhile, saw revenue rise 5.8 percent to $2.64 billion.Overall, Comcast banked $31.4 billion for the quarter, up 5.3 percent YoY.