Comcast soars 23% after announcing it will spin off media and tech wings into separate public companies

Comcast said Monday it plans to separate its media and technology businesses into two publicly traded companies through a tax-free spin-off of NBCUniversal and Sky, to better position its strategic priorities. The spin-off is expected to be completed in about one year, and Comcast shareholders will own shares in both Comcast and NBCUniversal, the company said in a statement. Comcast shares jumped as much as 23% in premarket trading. Comcast co-CEO Mike Cavanagh will become CEO of NBCUniversal, while Comcast's former Chief Financial Officer Michael Angelakis will become CEO of Comcast. Comcast's other co-CEO and chair, Brian L. Roberts, will continue to be actively involved in the leadership of both Comcast and NBCUniversal. "The transaction we are announcing will unlock a more entrepreneurial management approach and open up a multitude of new opportunities for each business," Roberts said. "Comcast will continue to build on its leadership in connectivity, while NBCUniversal, together with Sky, will have the scale, brands, content and financial resources to compete as a premier global media and entertainment company," Cavanagh said. Comcast said it expects to retain a stake of up to 19.9% ownership position in NBCUniversal for up to one year after the transaction is completed, which it intends to tax-efficiently monetize over time. This is breaking news. Please refresh for updates.