Comcast will be left with a broadband and wireless network business reaching 65 million customers across the US.
The move is intended to simplify and improve the business’s appeal to investors, according to people close to the move. Some investors favor the steadier broadband business while others want access to a “pure play” media group.
The split will also make future partnerships and dealmaking simpler for the two standalone companies, the person said. Last year, Comcast was among the suitors to buy WBD in an acquisition battle that was eventually won by Paramount Skydance.
Comcast said it would establish a strong investment-grade balance sheet for each company, providing both with “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 next few weeks for about £1.6 billion, according to multiple people familiar with the situation, which will bolster the UK media operations ahead of the split.
Comcast expects to retain a stake of up to 19.9 percent in NBCUniversal for up to one year after the completion of the spin-off, which it intends to sell in a tax-efficient manner over time.
Brian Roberts, Comcast’s chair and chief executive, will continue to be “actively involved” in leading both companies following a reshuffle in the management team, Comcast said. Mike Cavanagh, Comcast’s co-chief executive, will become CEO of NBCUniversal, while Comcast’s former finance chief Michael Angelakis will lead Comcast.
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