Comcast announced plans to spin off NBCUniversal and Sky into a separate publicly traded company. This tax-free transaction is expected to be completed within a year. Comcast shareholders will retain ownership in both entities. Comcast's core business will focus on broadband, wireless, business services, and entertainment platforms. The new standalone media company, NBCUniversal, will encompass Universal's studios, NBC, Telemundo, Peacock, Bravo, sports, news, and theme parks. This separation aims to position NBCUniversal to compete effectively with major streaming services. Mike Cavanagh will lead NBCUniversal as CEO, while Michael Angelakis will return as CEO of Comcast. Comcast intends to hold a minority stake in NBCUniversal initially, planning to monetize it tax-efficiently over time. The company anticipates both businesses will maintain strong financial health. Comcast's stock surged significantly in pre-market trading following the announcement.