Sky owner Comcast has unveiled plans to split into two companies, with one focusing on its media empire and the other on technology.
The US firm said the move will create an independent Comcast business focusing on telecoms and an NBCUniversal media operation.
NBCUniversal will include the group’s large theme parks operation and its Sky business in Europe.
The spin-off, which will create two publicly listed companies, is expected to complete within a year.
On Monday, bosses at the group said they believe each part of the business will be better positioned for growth and investment by being run as independent operations.
Philadelphia-based Comcast will continue to focus on its broadband, wireless and entertainment platform services for both consumers and businesses.
Meanwhile, Mike Cavanagh will lead the new NBCUniversal media and entertainment company.
This business will cover theme parks, Universal film and television studios, NBC and Telemundo networks, Peacock, and Bravo, and Sky.
The deal comes amid an active period for Sky in the UK, as it continues its discussions to buy ITV’s media and entertainment operations, including its TV channels and ITVX streaming platform, for around £1.6 billion.
The wider group has been increasing investment in the UK in recent years and is currently pushing forward with plans to build the Universal United Kingdom Resort theme park, due to be completed in 2031.
Once the deal is complete, Comcast shareholders will own shares in both Comcast and NBCUniversal.
Comcast said it plans to keep a stake worth up to 19.9% of NBCUniversal for up to a year after the demerger.
Brian L Roberts, chairman and co-chief executive of Comcast Corporation, said: “This is a very exciting day for our company.
“The transaction we are announcing will unlock a more entrepreneurial management approach and open up a multitude of new opportunities for each business.”
