Comcast Corp: The Great Unlock – CMCSA to spin NBCU

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Comcast Corp: The Great Unlock – CMCSA to spin NBCU

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Comcast Corp

The Great Unlock – CMCSA to spin NBCU

Maintain Rating: BUY | PO: 37.00 USD | Price: 24.69 USD

Comcast announces it will spin NBCU/Sky 29 June 2026

On 6/29, Comcast announced plans to separate NBCUniversal, including Sky, into a Equity

separate publicly traded company, leaving Comcast as a more focused connectivity,

Jessica Reif Ehrlich

broadband, wireless, business services and technology platform. The transaction is Research Analyst

expected to be tax-free to shareholders and completed in roughly 12 months, with Mike BofAS

+1 646 855 2921

Cavanaugh leading NBCUniversal and Michael Angelakis returning to lead Comcast. We jessica.reif@bofa.com

view the announcement as a major positive and clear validation of our January upgrade Peter Henderson

thesis, which was centered on the view that Comcast’s assets were meaningfully Research Analyst BofAS

undervalued, the portfolio had multiple levers to unlock value, and a split from NBCU +1 646 855 4564

could create greater strategic optionality, including a potential merger with Charter. peter2.henderson@bofa.com

Breaking the conglomerate discount

Strategically, the split directly addresses one of the market’s biggest pushbacks on

Stock DataComcast: that the company owned a collection of very valuable businesses, but investors

were unwilling to pay for the full portfolio inside one structure. Management framed the Price 24.69 USD

transaction around industry leadership, sharper capital allocation, investment-grade Price Objective 37.00 USD

balance sheets and enhanced strategic focus. Comcast RemainCo will be a cleaner, cash- Date Established 12-Jan-2026

generative connectivity company with one of the largest converged networks in the US.