JPM | US Special Situations Daily: June 26, 2026

Research evidence excerpt

JPM | US Special Situations Daily: June 26, 2026

Neetu Jhamb - Specialist Sales - US Special Situations AC (1-212) 272-5971 North America Specialist Sales J P M O R G A Nneetu.jhamb@jpmorgan.com

J.P. Morgan Securities LLC 29 June 2026

• Limitation on divestitures: Notwithstanding anything in this Agreement to the contrary, Parent shall not be required

to effect, agree to effect or propose to effect any Divestiture Action that (x) would reasonably be expected to be

material to either the Company and its Subsidiaries, taken as a whole, to Parent and its Subsidiaries, taken as a whole,

or to the combined Parent and the Company following the consummation of the Mergers, together with their collective

Subsidiaries, taken as a whole, and (y) is not conditioned upon the consummation of the Mergers. The Company shall

not effect, agree to effect or propose to effect any Divestiture Action without the prior written consent of Parent. At the

request of Parent, the Company shall agree to any Divestiture Action relating to the Company and its Subsidiaries;

provided that any such action is conditioned upon the consummation of the Mergers

• CMCSA: Comcast Announces Plans to Separate Media and Technology Businesses Into Two Leading Public Companies -

Link

• CMCSA (+20% pre) | Announcing it will spin-off NBCUniversal and SKY; create two independent publicly traded

companies. The new NBC/SKY co will be lead by Mike Cavanaugh and former CMCSA CFO Michael Angelakis will

lead the remaining Comcast entity (which will consist of broadband/wireless/cable). Note CMCSA already spun it's cable

assets into Versant. The new entity will consist of NBCUniversal assets (including theme parks and Universal film/TV

Studio, Peacock and Bravo). The deal is expected to be completed "within a year"