Comcast is increasing its shares by 4.53% as it separates its media and connectivity businesses. The company, which owns “Saturday Night Live,” “Law & Order,” and Bravo, plans to create a pure-play media company through a tax-free spinoff of NBCUniversal and Sky. This move will allow the stand-alone NBCUniversal to be led by Mike Cavanagh, currently co-chief executive at Comcast. Meanwhile, former CFO Michael Angelakis is returning to run Comcast’s operations. The move aims to diversify and navigate increasing competition in the industry.
Source: https://www.wsj.com/business/media/comcast-nbcuniversal-split-cmcsa-stock-20b8a3d0