Comcast’s (CMCSA) stock is up 20% on news that the company plans to spinoff its NBCUniversal media business into a separate publicly traded company.
The move comes as Comcast looks to better compete in a media landscape that’s dominated by streaming services rather than traditional broadcast television stations.
The separation will see Comcast spinout its NBCUniversal division that owns the network of NBC television stations, as well as Spanish-language Telemundo and the Bravo network.
The spinoff is expected to be completed within a year and Comcast shareholders will own stock in both Comcast and NBCUniversal, the company said in a statement.
Current Comcast CEO Mike Cavanagh will lead NBCUniversal once the spinoff is finalized, while Comcast’s former Chief Financial Officer (CFO) Michael Angelakis will run Comcast.
Comcast said it expects to retain a 20% ownership position in NBCUniversal for up to one year after the transaction is completed.
The action by Comcast comes after the company’s share price plummeted 30% in the last 12 months as people pivot away from the TV bundles and toward streaming services.
Earlier this year, Comcast spun off of its specialty cable TV stations and digital assets, which included CNBC and MS Now, into the separate public company Versant Media (VSNT).
The media sector has seen a wave of consolidations lately.
Earlier in 2026, Paramount Skydance (PSKY) struck a deal to buy Warner Bros. Discovery (WBD). And Fox (FOX) recently agreed to acquire Roku (ROKU) for $22 billion U.S.
Prior to today (June 29), Comcast’s stock had declined 58% over the last five years to trade at $23.17 U.S. per share.
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