Why does it seem like Hollywood is suddenly having a huge estate sale? All of these legacy studios are suddenly like lost toys. Like Woody being left behind and put on the shelf with Wheezy, it’s time for a change, clearly. Following the gigantic battle for Warner Bros. over the last 12 months, it seems like another major name may be putting up the for sale signs.
Comcast has announced plans to separate NBCUniversal and Sky into a new publicly traded company, and in doing so, carving out one of Hollywood’s biggest content empires from its broadband and wireless business. The new company will include Universal’s movie studio and theme parks, Peacock, NBC, Telemundo, Bravo, and Sky. Comcast has estimated that, pending regulatory approval, the whole process should take around a year and they are of the belief that the standalong business will have the freedom to pursue growth on its own two legs.
Comcast’s move would turn the parent company into a more streamlined broadband and wireless business, while the newly separated NBCUniversal would become one of the largest pure-play content companies in the world. It also gives potential buyers a much clearer target, combining film, television, streaming, broadcast networks, theme parks, and European media under one roof.
The company said current co-CEO Mike Cavanagh will become CEO of the new NBCUniversal business, while former Comcast chief financial officer Michael Angelakis will return to lead the future Comcast after the split. Brian Roberts and the Roberts family will retain control and remain involved with both companies. In a statement, Cavanagh said:
“Both companies begin this next chapter from positions of strength. 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. Each organization will continue to be led by a management team with deep industry experience that will benefit from focused strategic priorities and the ability to pursue opportunities most relevant to their businesses. I’m personally thrilled to continue leading NBCUniversal into the future. With our iconic brands and theme parks, leading franchises and incredible creative talent, we are well-positioned for long-term value creation.”
Comcast is expected to complete the NBCUniversal and Sky spinoff in around a year.
via Collider