The company's stock rose 25% in early trading following the announcement.
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Comcast announced Monday it will break up into two companies, a reorganization that will separate the company's broadband and wireless business from its media and entertainment assets.
The change will spin off NBCUniversal and Sky, NBC News reported. Once separated, NBCUniversal will include the company's theme parks division, NBC and Telemundo networks, Peacock, Bravo and Sky. Comcast will consist of its broadband, wireless and entertainment platforms.
The company's stock rose 25% in early trading following the announcement.
“Upon completion of the transaction, Comcast shareholders will own shares in both Comcast and NBCUniversal, creating two focused industry leaders, each with significant scale, strong financial profiles and distinct strategic opportunities,” Comcast said in a statement.
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