From “Harmony” to Autonomy – Comcast To Separate Connectivity and Media

Research evidence excerpt

From “Harmony” to Autonomy – Comcast To Separate Connectivity and Media

Communications | Cable, Satellite & Telecom Services

June 29, 2026

Comcast Corporation Kutgun Maral, CFA Amir Razban 212-497-0804 212-812-2923

CMCSA | $23.17 kutgun.maral@evercoreisi.com amir.razban@evercoreisi.com

Outperform | Target Price/Base Case: $36.00 Erica Nie

Company Update 212-812-2906

erica.nie@evercoreisi.com

From “Harmony” to Autonomy – Comcast

Company Statistics

To Separate Connectivity and Media Market Capitalization (B) $83

Enterprise Value (B) $153 Comcast announced this morning its intention to separate into two

52-Week Range $25.75 - $36.66 independent, publicly traded companies: a connectivity-focused

business that retains the Comcast name (cable broadband, wireless,

business services, and the underlying platform and technology assets)

1 Year Price History and a media business housing NBCUniversal and Sky.

Management had long made the case for keeping connectivity and

content together, including recently evolving its "Symphony" cross-

company collaboration into "Harmony" and describing it as part of the

company's "secret sauce" at our TMT Conference earlier this month.

That said, the decision to now pursue a full separation reflects a clear-

eyed recognition that each business is better positioned to compete,

invest, and create value on its own. Coming not long after the carve-out

of the cable networks into Versant, which many had assumed was the

last act of portfolio reshaping, this announcement is somewhat

surprising but certainly a welcome step, with many investors wanting

some version of this for years.

Source: FactSet

In our view, the more important story is not the separation itself but what

it makes possible. Two more focused companies, each with its own