Separating Comcast and NBCU/Sky; Right Move, Somewhat Surprising Timing

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Separating Comcast and NBCU/Sky; Right Move, Somewhat Surprising Timing

J P M O R G A N North America Equity Research

29 June 2026

Comcast Neutral

CMCSA, CMCSA US

Separating Comcast and NBCU/Sky; Right Move, Price (26 Jun 26):$23.17

Somewhat Surprising Timing

Telecom Services, Cable & Satellite

On Monday (June 29), Comcast announced plans to separate into two independent, Sebastiano C Petti AC

publicly traded companies via a tax-free spin-off of NBCUniversal and Sky to (1-212) 622-8529

Comcast shareholders, expected to close in about a year. The split will create two sebastiano.c.petti@jpmorgan.com

distinct entities: a connectivity and cable company (RemainCo Comcast), John Stid

comprising broadband, wireless, and business services, and a global media and (1-212) 272-0992

entertainment company (NBCUniversal, including Sky), spanning theme parks, john.stid@jpmorgan.com

film and TV studios, streaming, sports, and news. No exchange ratio was disclosed. Shayna Nguyen

Comcast will retain up to a 19.9% stake in NBCU for up to one year following the (1-212) 622-0038

shayna.nguyen@jpmchase.com

spin, to be sold down in a tax-efficient manner over that period to support

Media, Entertainment, and

deleveraging. Share buybacks have been paused, while dividend policy for both Advertising

companies will be clarified at a later date. Management noted that the decision was

David Karnovsky, CFA

not driven by the quarter's results, which they expect to fall within expectations,

(1-212) 622-1206

and framed the rationale around sharper strategic focus, capital allocation clarity, david.karnovsky@jpmorgan.com

and the speed and flexibility each business needs to compete in an increasingly J.P. Morgan Securities LLC

competitive landscape.