Comcast to spin off NBCUniversal and Sky into separate company [View all]
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Source: NBC News
Comcast will focus on providing broadcast and wireless services to business and residential customers. The company’s stock surged more than 22% in premarket trading following the announcement.
The move comes during a period of head-spinning change for the American media industry as it grapples with the decline of linear broadcasting, the rise of streaming and growing competition from nontraditional digital platforms. It follows Comcast’s decision in November 2024 to spin off a suite of cable channels, including CNBC and MSNBC (now known as MS NOW) into a separate publicly traded company called Versant.
“It’s time to split, they have better futures on their own,” Rich Greenfield, a partner and analyst at LightShed Partners, told CNBC. He said he believes Comcast and NBCUniversal’s core businesses are no longer compatible. “Those days are over,” he said.
The corporate breakup raises a series of complex questions, including whether NBCUniversal will seek to acquire other media brands — or become an acquisition target itself.
Read more: https://www.nbcnews.com/business/business-news/comcast-spinoff-nbcuniversal-sky-split-two-companies-rcna352188
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