Comcast on Monday announced plans to spin off NBCUniversal, which includes its theme parks, film and television studios.
Once complete, Comcast will become two independent publicly traded companies, Comcast and NBCUniversal.
NBCUniversal includes Universal Orlando Resort, home to Epic Universe; Universal Studios Hollywood; the new Universal Kids Resort in Frisco, Texas; and theme parks in Japan, China and Singapore. In addition to the theme parks and film and television studios, NBCUniversal is also home to networks NBC and Telemundo, as well as Peacock and Bravo. Sky, Comcast's European media business, will also be part of the tax-free spinoff and will operate under the NBCUniversal portfolio.
"The transaction we are announcing will unlock a more entrepreneurial management approach and open up a multitude of new opportunities for each business," Brian Roberts, chairman and co-CEO of Comcast Corporation, said in a statement. "I very much look forward to helping guide our collective growth for this next chapter."
The spinoff is expected to be completed in about a year, Comcast said, subject to regulatory and final board approvals. Comcast will take an ownership stake up to 19.9% in NBCUniversal for up to a year after the spinoff.
Comcast said the spinoff comes at a time of changing "technological innovation, consumer behavior and competitive dynamics" reshaping media and communications and separating the two companies will better position each for growth.
Mike Cavanagh, currently the co-CEO of Comcast, will be NBCUniversal's CEO following the spinoff, while former Comcast CFO Michael Angelakis will be CEO of Comcast. Roberts will continue to be involved with both companies, working with their CEOs.
"I'm personally thrilled to continue leading NBCUniversal into the future," Cavanagh said. "With our iconic brands and theme parks, leading franchises and incredible creative talent, we are well-positioned for long-term value creation."