Comcast will be left with a broadband and wireless networking business that will reach 65 million customers across the United States.
The move is aimed at simplifying and improving the attractiveness of the business to investors, according to people close to the move. Some investors favor a more stable broadband business, while others want access to a “pure” media pool.
The split will also simplify future partnerships and deals for the two independent companies, the person said. Last year, Comcast was among the suitors to buy WBD in an acquisition battle that Paramount Skydance ultimately won.
Comcast said it would establish a strong investment-grade balance sheet for each company, providing both “significant financial flexibility to pursue their respective growth strategies.”
The company is expected to announce a deal to acquire ITV’s broadcasting business in the coming weeks for around £1.6bn, according to several people familiar with the situation, bolstering UK media operations ahead of the split.
Comcast expects to retain a stake of up to 19.9 percent in NBCUniversal until a year after the spinoff is completed, which it intends to eventually sell in a tax-efficient manner.
Brian Roberts, Comcast’s president and CEO, will remain “actively involved” in the leadership of both companies following a shakeup in the management team, Comcast said. Comcast co-CEO Mike Cavanagh will become NBCUniversal CEO, while former Comcast CFO Michael Angelakis will lead Comcast.
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