Comcast to spin off NBCUniversal and Sky into separate publicly traded company; shares jump 23%
By
Elsa Ohlen
Summary
Comcast announced plans to spin off NBCUniversal and Sky into a separate publicly traded company via a tax-free transaction, expected to close in about one year. The move aims to help Comcast better compete in a media landscape pressured by streaming rivals and industry consolidation. Comcast shareholders will own shares in both entities. The news sent Comcast shares surging up to 26% in premarket trading.
Source
bskyComcast to spin off NBCUniversal and Sky into separate publicly traded company; shares jump 23%cnbc.comKey quotes
· 3 pulledComcast said Monday it plans to separate its media and technology businesses into two publicly traded companies as it looks to better compete in a media landscape increasingly characterized by pressure from streaming rivals and consolidation.
The separation, which will happen via a tax-free spin-off of NBCUniversal and Sky, is expected to be completed in about one year, and Comcast shareholders will own shares in both Comcast and NBCUniversal, the company said in a statement.
Comcast shares jumped as much as 26% in premarket trading.
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