• New company delivering world-class news, sports and entertainment with significant scale and resources
• Media veterans Mark Lazarus and Anand Kini will lead the new company
• Comcast will continue its strategic focus on growing its core businesses, including residential broadband, wireless, business and streaming services, NBCUniversal’s studios and theme parks.
• The tax-free transaction is expected to be completed in approximately one year

Comcast Corporation (NASDAQ: CMCSA) today announced its intention to create a new publicly traded company comprised of NBCUniversal’s strong portfolio of cable television networks, including USA Network, CNBC, MSNBC, Oxygen, E! , SYFY and Golf Channel, along with complementary digital. assets including Fandango and Rotten Tomatoes, GolfNow and Sports Engine through a tax-free spin-off. The well-capitalized independent company (“SpinCo”) will have significant scale as a pure-play set of assets anchored by top news, sports and entertainment content.

SpinCo will be a leading news, sports and entertainment cable company with a focused strategic direction. SpinCo’s stable of brands will provide a diverse and differentiated content offering that will reach approximately 70 million US households.

“When we look at our assets, talented management team and balance sheet strength, we are able to position these businesses for future growth,” said Brian L. Roberts, Chairman and CEO of Comcast. “With significant financial resources from day one, SpinCo will be ideally positioned for success and will be highly attractive to investors, content creators, distributors and potential partners.”

The planned spin-off will also strategically position NBCUniversal with its core broadcast and streaming media properties, including NBC entertainment, sports, news and Bravo — all of which power Peacock — along with Telemundo, its theme park business and movie studios, and television.

“This transaction positions both SpinCo and NBCUniversal to play offense in a changing media landscape,” said Mike Cavanagh, Comcast president. “Taken together, all of NBCUniversal will be on a new growth trajectory, fueled by our world-class content, technology, IP, properties and talent – ​​all working together as an integrated media company.”

As a global media and technology company, Comcast will be well-positioned to continue to invest in its strategic core development businesses across its content and experiences and connectivity and platforms businesses, including residential broadband, wireless, business services , streaming, studios and theme parks. . The transaction is expected to be accretive to Comcast’s revenue and approximately neutral to Comcast’s leverage position. The Company does not anticipate any changes to its credit profile or ratings as a result of this transaction.

Management team and SpinCo profile

SpinCo will be led by an experienced and well-respected management team. Mark Lazarus, current president of NBCUniversal Media Group, will serve as chief executive officer of the company, and Anand Kini, current CFO of NBCUniversal and EVP of corporate strategy at Comcast, will serve as chief financial officer and chief operating officer. Together, they will lead the development of an independent strategy while establishing SpinCo as a potential partner and acquisition of other complementary media businesses.

“As an independent company with these outstanding assets, we will be better positioned to serve our audience and generate shareholder returns in this incredibly dynamic news, sports and entertainment media environment,” said Mark Lazarus. “We see a real opportunity to invest and build additional scale and I am excited about the growth opportunities this transition will unlock. Our financial strength will also provide the capacity for an attractive capital return policy while enabling investment in the growth of these businesses.”

In the trailing twelve months ended September 30, 2024, SpinCo generated approximately $7 billion in revenue. SpinCo will have the same dual-class share structure as Comcast. As an independent company, SpinCo will be better positioned to achieve long-term growth and create value for its stakeholders, benefiting from:

Financial flexibility to pursue growth opportunities

• A dedicated management team with deep sector expertise that can tailor decisions and allocate capital based on business needs
• Well capitalized balance sheet with strong credit scores
• The ability for an attractive capital return policy to generate shareholder value
• Increased operational focus
• Dedicated Board of Directors
• While SpinCo will operate as an independent business, it will enter into a transitional services agreement with NBCUniversal to allow SpinCo to operate smoothly from day one.

Transaction details

Comcast expects to complete the spin-off in approximately one year, subject to the satisfaction of customary conditions, including obtaining final approval from Comcast’s Board of Directors, satisfactory completion of the SpinCo financing, receipt of tax clearances and receipt of any regulatory approvals. There can be no assurance that a separation transaction will occur or, if one occurs, as to the terms or timing thereof.