en.Wedoany.com Reported - Comcast is splitting its media and technology businesses into two independent companies, a move aimed at allowing the group to focus on broadband and wireless services.
Under a tax-free spin-off plan, media subsidiary NBCUniversal and Sky Group will merge, while Comcast will focus on its Connectivity & Platforms (C&P) business.
Former Executive Vice President and Chief Financial Officer Michael Angelakis will return to Comcast as CEO. Angelakis served at Comcast from 2007 to 2015 before leaving to lead private equity firm Atairos. In a comment, Comcast Chairman and Co-CEO Brian Roberts noted that Angelakis's deep understanding of the business and passion for technology will play a significant role as the company navigates the current competitive landscape. Roberts emphasized that recent momentum serves as a springboard for greater success in advancing networks, a vast customer base, and superior products.
Roberts also praised the leadership of Steve Croney, CEO of Comcast's C&P business, who joined the company earlier this year. During the transition, Roberts will continue to lead Comcast in some capacity, while fellow Co-CEO Mike Cavanagh will separately oversee the divestiture of NBCUniversal.
Angelakis added that he is honored to work again with Comcast's talented leadership team, noting that the company's exceptional assets, entrepreneurial roots, deep customer relationships, and innovation and technology leadership lay a solid foundation for future growth.
Comcast plans to complete the spin-off within approximately one year and expects to retain a 19.9% ownership stake in NBCUniversal for one year after the spin-off is completed.
According to Comcast's latest financial report, its C&P business revenue was $19.96 billion, down 1% year-over-year; residential connectivity and platform profit fell nearly 2% year-over-year to $17.3 billion. Domestic wireless service revenue grew 15% in the quarter to $977 million; wireless equipment revenue rose 52.9% to $418 million. Commercial services connectivity revenue increased 5.8% to $2.64 billion. Overall, Comcast's quarterly revenue was $31.4 billion, up 5.3% year-over-year.
