PHILADELPHIA, June 29, 2026, 07:01 (EDT)
- Comcast NASDAQ:CMCSA plans a tax-free spinoff of NBCUniversal and Sky into a second public company within about a year.
- First-quarter data show the media-and-experiences arm had $11.94 billion of revenue but only $331 million of adjusted EBITDA, against $7.91 billion at Connectivity & Platforms.
- Comcast expects to keep up to 19.9% of NBCUniversal for up to one year after the spin, then sell the stake over time.
- Shares were more than 25% higher in U.S. premarket trading, Sky News reported, citing LSEG data.
Comcast NASDAQ:CMCSA said it will spin off NBCUniversal and Sky into a separately listed company, giving shareholders two public stocks but also leaving the new media group with the weaker profit profile in Comcast’s latest segment data.
The planned split separates Comcast’s broadband, wireless and business services arm from NBCUniversal’s studios, theme parks, Peacock, NBC, Telemundo, Bravo and Sky. The transaction is expected to close in about one year and still needs board, tax, regulatory and financing approvals.
| What shareholders would own | Comcast after spin | NBCUniversal after spin |
|---|---|---|
| Main business | Broadband, wireless, business services, entertainment platforms | NBCUniversal, Sky, studios, theme parks, Peacock, NBC, Telemundo, Bravo |
| Named CEO after close | Michael Angelakis | Mike Cavanagh |
| Comcast retained stake | N/A | Up to 19.9% for up to one year |
| Share structure | Existing Comcast structure | Same dual-class share structure as Comcast |
| Stated balance-sheet plan | Investment-grade | Investment-grade |
The core investor issue is not just that Comcast is breaking up. It is where the profit sits. In the first quarter, Connectivity & Platforms produced about 24 times the adjusted EBITDA of Content & Experiences, even though the media-and-experiences arm had faster revenue growth.
| Q1 2026 segment | Revenue | Revenue change | Adjusted EBITDA | EBITDA change | EBITDA margin |
|---|---|---|---|---|---|
| Connectivity & Platforms | $19.96 bln | -1.0% | $7.91 bln | -4.3% | 39.6% |
| Content & Experiences | $11.94 bln | +39.7% | $331 mln | -46.0% | 2.8% |
Inside the future NBCUniversal/Sky group, the profit base was uneven. Media revenue jumped with the Olympics and Super Bowl, but the media unit lost money on an adjusted EBITDA basis. Studios and theme parks carried the quarter.
| Content & Experiences, Q1 2026 | Revenue | Adjusted EBITDA |
|---|---|---|
| Media | $7.28 bln | -$426 mln |
| Studios | $3.43 bln | $555 mln |
| Theme Parks | $2.33 bln | $551 mln |
| Headquarters & Other | $15 mln | -$208 mln |
| Eliminations | -$1.11 bln | -$140 mln |
Peacock adds the cleanest growth story, but also the cost question. Comcast said Peacock had 46 million paid subscribers, revenue rose 71% and revenue passed $2 billion for the first time in the first quarter. It also posted a $432 million adjusted EBITDA loss, wider than a $215 million loss a year earlier.
Brian Roberts, Comcast’s chairman and co-chief executive, said the deal would “unlock a more entrepreneurial management approach.” Cavanagh said the two companies start from “positions of strength” and that NBCUniversal with Sky has “scale, brands, content and financial resources.” Angelakis called Comcast’s assets a “powerful foundation for the future.” Comcast
The retained NBCUniversal stake gives Comcast a second lever after the spin. Comcast said it plans to monetize the stake in a tax-efficient way over time, which means investors in the new media stock will have to price a known future selldown by the former parent.
The plan follows Comcast’s January completion of Versant NASDAQ:VSNT, the separated cable-network company that began regular-way Nasdaq trading on Jan. 5. Comcast shareholders received one Versant share for every 25 Comcast shares held on the record date, and Versant took brands including CNBC, MS NOW, USA Network, Golf Channel, Oxygen, E!, SYFY, Fandango and Rotten Tomatoes.
Sky gives the new NBCUniversal a live European deal angle. Sky, owned by Comcast, has been in talks to buy ITV’s (LON:ITV) media and entertainment operations in a £1.6 billion deal and has pledged £2 billion of spending over five years on ITV Studios content, the Guardian reported on Sunday. The report said any deal could draw scrutiny from the UK Competition and Markets Authority and Ofcom.
Comcast said it will host an investor call on the transaction at 8:30 a.m. Eastern time. Materials are due to be posted on its investor relations site.
