Significant change for Comcast Corporation shareholders
Comcast Corporation, founded in 1963, is an American media and telecommunications corporation, announced a plan to split its business into two companies, NBCUniversal and Sky.
According to the company’s statement, the spin‑off process is expected to be completed in about a year, and Comcast shareholders will hold shares in both Comcast and NBCUniversal.
Vice President of Comcast Mike Cavanagh will take the position of CEO of NBCUniversal, while former CFO of Comcast Michael Angelakis will become CEO of Comcast.
Second Vice President and Chairman of the Board of Comcast, Brian L. Roberts, will continue to actively participate in leading both Comcast and NBCUniversal.
“The transaction we are announcing will enable a more entrepreneurial approach to management and open up a multitude of new opportunities for each company,” said Roberts.
“Comcast will continue to strengthen its leading position in communications, while NBCUniversal, together with Sky, will have the scale, brands, content and financial resources to compete as a leading global media and entertainment company,” said Cavanagh.
The share price of Comcast Corporation on Monday, June 29 rose in pre‑market trading by 25,27% to 28,70 USD.
Since the beginning of the year, the company’s shares have fallen by 17.24%.
Chart. Comcast Corporation share price
Source: TradingView.
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Source: Comcast Corporation.
