Comcast (NASDAQ:CMCSA) unveiled plans to spin off its NBCUniversal and Sky assets into a separate publicly traded company in a tax-free transaction expected to close within a year. The move, announced early Monday, sent shares soaring more than 25% in U.S. premarket trading, according to data from LSEG reported by Sky News.
Profit Disparity Highlighted
The spinoff underscores a stark profit imbalance within Comcast's portfolio. In the first quarter of 2026, the Connectivity & Platforms segment—which includes broadband, wireless, and business services—generated $7.91 billion in adjusted EBITDA on revenue of $19.96 billion, representing a 39.6% margin. In contrast, the Content & Experiences segment, housing NBCUniversal, Sky, studios, theme parks, and Peacock, reported just $331 million in adjusted EBITDA on $11.94 billion in revenue, a margin of only 2.8%.
While the media arm posted revenue growth of 39.7% year-over-year, driven by events like the Olympics and Super Bowl, its adjusted EBITDA plunged 46%. The connectivity business saw a modest 1% revenue decline and a 4.3% drop in EBITDA.
Segment Breakdown
Within the future NBCUniversal/Sky group, performance was uneven. The media unit recorded $7.28 billion in revenue but posted an adjusted EBITDA loss of $426 million. Studios contributed $3.43 billion in revenue and $555 million in EBITDA, while theme parks added $2.33 billion in revenue and $551 million in EBITDA. Headquarters and other operations reported a loss of $208 million, and eliminations totaled a negative $140 million.
Peacock, the streaming service, showed strong subscriber growth with 46 million paid users and revenue surpassing $2 billion for the first time in Q1, up 71%. However, it posted a $432 million adjusted EBITDA loss, widening from a $215 million loss a year earlier, highlighting the ongoing costs of scaling the platform.
Transaction Details
Comcast plans to retain up to 19.9% of the new media company for up to one year after the spinoff, with plans to monetize the stake in a tax-efficient manner over time. This means investors in the new stock will face a known future selldown by the former parent. The transaction requires board, tax, regulatory, and financing approvals.
Upon completion, Michael Angelakis will serve as CEO of the remaining Comcast, while Mike Cavanagh will lead the spun-off media entity. Both companies are expected to maintain investment-grade balance sheets.
Strategic Context
Comcast Chairman and Co-CEO Brian Roberts said the deal will unlock a more entrepreneurial management approach. Cavanagh emphasized that the new media group starts from a position of strength with scale, brands, content, and financial resources. Angelakis called Comcast's remaining assets a powerful foundation for the future.
The spinoff follows Comcast's January completion of Versant (NASDAQ:VSNT), a separated cable-network company that began trading on January 5. Versant holds brands including CNBC, MSNBC, USA Network, and others.
Sky adds a European dimension to the new NBCUniversal. Sky has been in talks to acquire ITV's media and entertainment operations in a £1.6 billion deal, with a pledge of £2 billion in spending over five years on ITV Studios content, as reported by The Guardian. The deal could face scrutiny from UK regulators.
Comcast will host an investor call at 8:30 a.m. Eastern time, with materials to be posted on its investor relations site.
