Universal just made a massive change that could impact how you watch TV.

Universal Orlando

According to Deadline, Comcast is planning to formally separate the media businesses that include NBCUniversal and Sky from its technology business and create two separate companies. This is set to be completed in a year.

NBCUniversal will now include Sky, Universal film and TV studios, NBC, Telemundo networks, Peacock, Bravo, and the Universal theme parks division, and will be run by Comcast co-CEO, Mike Cavanagh. After the separation, Comcast’s former Chief Financial Officer, Michael Angelakis, will become the CEO of Comcast, but during the separation, he will serve as a strategic advisor.

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This announcement comes after Comcast put most of NBCUniversal’s cable network portfolio into its own company, Versant Media. The separate technology Comcast business will be focused on customer experience and “backed by the nation’s largest converged network, reaching more than 65 million homes and businesses, its intelligent fiber network architecture, and global technology platforms.”

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Comcast is set to keep up to 19.9% ownership in NBC Universal and Sky up to a year after the separation. This also comes after Sky’s plans to buy UK commercial broadcaster ITV for £1.6B. Currently, Comcast shareholders will own shares in both Comcast and NBCUniversal. The company says this move will create “two focused industry leaders, each with significant scale, strong financial profiles and distinct strategic opportunities.” Co-CEO Brian Roberts says this move will “unlock a more entrepreneurial management approach and open up a multitude of new opportunities for each business.”

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Cavanagh said, “Each organization will continue to be led by a management team with deep industry experience that will benefit from focused strategic priorities and the ability to pursue opportunities most relevant to their businesses.”

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The separation of the two is planned to take about a year, but Comcast did say that there “can be no assurance that the proposed transaction will be completed or, if completed, as to its terms or timing.” This move comes as technological innovation, customer behavior, and competitive dynamics continue to reshape both media and communications.”

Cavanagh also said, “I’m personally thrilled to continue leading NBCUniversal into the future. With our iconic brands and theme parks, leading franchises and incredible creative talent, we are well-positioned for long-term value creation.”

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