Comcast to Break Off NBCUniversal and Universal Theme Parks into Standalone Entertainment Company

Comcast Separates Media and Entertainment Assets into Standalone Company

In a monumental shift for the entertainment and theme park landscape, Comcast Corporation has officially announced its intention to separate its media and technology businesses into two independent, publicly traded companies.

The tax-free spinoff will effectively break off NBCUniversal—including the Universal Destinations & Experiences theme parks division—into a standalone public powerhouse.

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The restructuring is designed to position both companies to move with greater agility and strategic focus in a rapidly changing market. Once the transaction is finalized, Comcast shareholders will own shares in both independent entities:

• The New NBCUniversal: This standalone entertainment giant will be anchored by its highly profitable global theme parks division (Universal Studios Hollywood, Universal Orlando Resort, Universal Studios Japan, and Universal Studios Beijing), along with the Universal film and television studios, NBC, Telemundo, Peacock, Bravo, and European media business Sky.
• Comcast: The remaining core company will sharpen its focus on its leading technology and connectivity platforms, delivering broadband, wireless, and global technology infrastructure across its massive network of more than 65 million homes and businesses.

Longtime leadership will continue to guide both ships. Comcast Chairman Brian L. Roberts will remain actively involved in the leadership of both companies.

Mike Cavanagh will step in as the Chief Executive Officer of the independent NBCUniversal media and entertainment company. Meanwhile, former Comcast Chief Financial Officer Michael Angelakis is returning to the fold to step up as the CEO of the streamlined Comcast technology company.

“This is a very exciting day for our company,” Brian L. Roberts said in the official announcement. “The transaction we are announcing will unlock a more entrepreneurial management approach and open up a multitude of new opportunities for each business.”

For Universal Destinations & Experiences, going independent opens up massive potential. With a dedicated focus on entertainment and world-class intellectual property, the new NBCUniversal will have the direct financial flexibility and scale to aggressively pursue future theme park expansions, new resort concepts, and innovative guest experiences.

The tax-free spinoff is currently expected to take approximately one year to complete, subject to regulatory approvals, financing arrangements, and final approval from Comcast’s Board of Directors.

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