Comcast Corporation is set to break itself into two publicly traded companies, separating its media empire from its connectivity business as it seeks to sharpen its focus in an industry being reshaped by streaming and large-scale mergers.

NBCUniversal and Sky spun off as ex-CFO Michael Angelakis returns to become CEO

The company said it expects the split to be completed within a year, with Comcast’s shareholders owning shares in both companies.

Comcast is set to divide into two separate, publicly traded entities, spinning off its NBCUniversal and Sky media assets. This strategic move will create distinct companies: one…