Comcast to spin off NBCUniversal and Sky into separate media business

The split in Comcast’s operations is expected ‌to ⁠be completed in about a year. Photograph: Brendan McDermid/Reuters View image in fullscreen The split in Comcast’s operations is expected ‌to ⁠be completed in about a year. Photograph: Brendan McDermid/Reuters Comcast to spin off NBCUniversal and Sky into separate media business Entertainment arm to split from mobile and broadband in move that raises questions over future of Sky News Business live – latest updates Comcast is to spin off its media operation, which includes Sky and the Hollywood film studio, TV and theme park business NBCUniversal, into a separate publicly listed company. The move comes eight years after the US group, which said the separation will take a year to complete, acquired Sky’s European operations for £31bn. After completion of the deal investors will hold shares in Comcast, which will operate as a listed company operating broadband and mobile services to 65m US homes, as well as NBCUniversal. Sky makes £2bn spending pledge as it prepares takeover of ITV broadcasting arm Read more Brian Roberts, the co-chief executive of Comcast, said that separating the two companies would “unlock a more entrepreneurial management approach” for each business. The NBCUniversal business, which includes the streaming service Peacock and the TV network NBC, will be run by Mike Cavanagh, who is now co-chief executive of Comcast. “His vision is for a unique, independent, focused company that be home to some of the industry’s most valuable brands and assets across theme parks, film, television, streaming, sports and news,” Roberts said. “This new company will be well positioned to pursue the significant opportunities that lie ahead, to partner across the media and entertainment ecosystem, and will be poised to grow.” When Comcast acquired Sky for £31bn in 2018 the company guaranteed to keep funding Sky News for a decade, increasing its funding annually in line with inflation. As that commitment draws closer to expiring, concerns have been raised about whether the US company will continue to fully fund Sky News, which has an annual budget of about £100m but is thought to make losses of as much as £80m. David Rhodes, the executive chair of Sky News, has previously said the Comcast commitment provides Sky News with more security than most other organisations , and that the parent company has been “supportive of our independence every step of the way”. Nevertheless, the move to spin off NBCUniversal and Sky will renew speculation about the long-term plans for Sky News. Comcast opted not to renew a licensing agreement held by News Corporation to use the Sky News brand in Australia. Sky News Australia is rebranding as News24 later this year . Last month, Sky exited its controversial news joint venture with the United Arab Emirates, Sky News Arabia, which has been criticised for its coverage of the war in Sudan, with accusations of genocide denial. Last year, Dana Strong, the chief executive of Sky, t