Comcast Shares Jump 6% After NBCUniversal, Sky Spin-off Plan
Updated
Updated · CNBC · Jun 29
Comcast Shares Jump 6% After NBCUniversal, Sky Spin-off Plan
3 articles · Updated · CNBC · Jun 29
Summary
Comcast climbed 6% after unveiling plans to spin off NBCUniversal and Sky into a separate media company.
The separation is expected to close in about one year, with Comcast co-CEO Mike Cavanagh set to lead NBCUniversal and former CFO Michael Angelakis to become chief of the telecom company.
The move stood out in a volatile session for media and telecom names, while Verizon fell 7% after projecting $700 million to $800 million in second-quarter losses tied to assets held for sale.
The restructuring signals Comcast's push to split its cable and telecom operations from its media assets as investors reassess sector valuations.