Comcast to spin off NBCUniversal and Sky amid streaming competition
Comcast just announced it's spinning off NBCUniversal and Sky, aiming to stay competitive as streaming giants like Netflix shake up the industry.
The move came amid industry consolidation and sent Comcast's stock soaring over 20% right after the news dropped.
Cavanagh to lead NBCUniversal, Angelakis returns
Soon there'll be two separate public companies: one focused on Comcast's internet and wireless services, and another running NBCUniversal (think Peacock, Universal Studios, and theme parks) plus Sky's European media.
Mike Cavanagh will lead the new NBCUniversal company, while Michael Angelakis returns as Comcast CEO.
Shareholders get stock in both companies, and Comcast will keep a small stake in NBCUniversal for now.
Chairman and co-CEO Brian Roberts says this is all about "new opportunities" and future growth for both sides.