Comcast Says It's Splitting Its Media and Tech Businesses. The Stock Is Soaring

Comcast’s plan to split its media and technology businesses is driving a surge in the company’s stock as investors reprice the separation. Shares of Comcast (CMCSA) were up more than 9% after the company said NBCUniversal, covering NBC, Telemundo, Sky, the Peacock streaming service, plus the Universal film studio and theme parks, will be spun off around this time next year. After the separation, Comcast will focus on providing internet and wireless cell service under its Comcast and Xfinity brands, while retaining a 19.9% stake in NBCUniversal. Brian Roberts will serve as co-CEO until the split; at that point, co-CEO Mike Cavanagh would take over NBCUniversal, and former CFO Michael Angelakis would return as Comcast’s new CEO. The company plans a Monday morning call, with more details expected on July 23 when earnings are released. The move follows a prior cable spin-off of Versant, while the market also watches potential telecom M&A activity.