Comcast Plans Company Split as Competition Escalates

Comcast plans to separate its media and connectivity businesses, dismantling an earlier bet on combined entertainment and distribution in the face of intensifying competitive pressure. The cable and entertainment company, home to “Saturday Night Live,” “Law & Order” and Bravo, aims to complete a tax-free spinoff of NBCUniversal and Sky, establishing a pure-play media company. The stand-alone NBCUniversal will be led by Mike Cavanagh, who is currently Comcast’s co-chief executive, while former Chief Financial Officer Michael Angelakis will return to run Comcast. The deal will transform a titan of the connectivity and entertainment industries that has used its scale as a flywheel for franchises like Minions, Fast & Furious and Wicked and to help fund new business ventures. The health and size of Comcast’s core connectivity business allowed it to invest in major sports rights deals and build its streaming business, Peacock.