Comcast spins off NBCUniversal as it exits media entirely

Aaronp/bauer-griffin/Getty Images

Months after splitting off many of its cable networks into a separate entity, Comcast is breaking itself apart again. It plans to spin out NBCUniversal as its own publicly traded company. In other words, it's getting out of the media and entertainment business.

NBC, Telemundo, Peacock, Bravo, Universal TV and film studios, theme parks and Sky (Comcast's European media business) will all be housed under NBCUniversal. Comcast will hang onto Xfinity and remain a cable, internet, landline and wireless provider. It'll also maintain its business services.

"The proposed separation reflects Comcast's track record of positioning its businesses to compete and win in rapidly changing markets," Comcast said in a press release. "As technological innovation, consumer behavior and competitive dynamics continue to reshape both media and communications, Comcast's Board and management team believe each company will be better positioned to pursue its own strategic priorities, invest for growth and create long-term shareholder value as independent entities."

NBCUniversal is slated to become a standalone company within the next year or so, pending final approval from Comcast's board, regulatory approval and other closing conditions. Current Comcast shareholders will own stock in both companies.

Just over a year ago, Warner Bros. Discovery said it would spin out its cable networks into an entity that was going to be saddled with the bulk of its debt. The likes of HBO Max, DC and the Warner Bros. film, television and game studios were slated to be part of a separate company that would perhaps be more attractive to a potential buyer. However, after a bidding war with Netflix, Paramount is set to buy all of Warner Bros. Discovery (including the cable networks) for $110 billion, pending approval from regulators.