Comcast Splits Its Cable and Media Businesses

Comcast Corporation (NASDAQ: CMCSA) announced it is spinning off its NBCUniversal media and entertainment business from its established Xfinity-branded cable and wireless business. Comcast will focus on its cable network that delivers converged broadband and wireless services. At the end of 1Q26, Comcast reported its cable network passed more than 59 million homes and had over 30 million residential broadband connections along with 9.7 million wireless lines. For the quarter, its Total Connectivity & Platforms cable segment generated revenue of $20 billion, down one percent year-over-year.

NBCUniversal’s operations comprise its theme parks division, Universal film and television studios, NBC and Telemundo networks, Peacock, Bravo and Sky in Europe. Grouped under its Total Content & Experiences segment, the business unit’s 1Q26 revenue was $11.9 billion, up 40 percent over $8.5 billion in 1Q25. 

Brian L. Roberts, Comcast Corporation Chairman and Co-CEO, will continue to be actively involved in the leadership of Comcast and NBCUniversal, working in partnership with the CEOs of both companies. Mike Cavanagh, currently Co-CEO, Comcast Corporation will be the CEO of NBCUniversal. Comcast’s former Chief Financial Officer Michael Angelakis will become the CEO of Comcast, following completion of the separation. In the interim, Angelakis will join as a Strategic Advisor.

The company expects the separation to be completed through a tax-free spin-off to Comcast shareholders in approximately one year, subject to the satisfaction of customary conditions. The conditions include final approval by Comcast’s Board of Directors, receipt of tax opinions, regulatory approvals and completion of financing arrangements.

The company says NBCUniversal will have the same dual-class share structure as Comcast. Comcast expects to retain a stake of up to 19.9 percent ownership position in NBCUniversal for up to one year after the completion of the spin, which it intends to monetize in a tax-efficient manner over time.

Comcast’s goal is to establish a strong investment grade balance sheet for each business, providing Comcast and NBCUniversal with significant financial flexibility to pursue their respective growth strategies.

The company cautions, however, that “there can be no assurance that the proposed transaction will be completed or, if completed, as to its terms or timing.”

By John Celentano, Inside Towers Business Editor