Universal Destinations & Experiences will move with NBC, Peacock and Sky into a new public company, as Comcast splits its media and connectivity businesses within a year.
Comcast announced on 29 June 2026 that it intends to separate into two independent public companies, spinning off NBCUniversal and Sky through a tax-free transaction. The deal places Universal Destinations & Experiences, which operates the Universal theme parks division, inside a standalone media and entertainment company alongside NBCUniversal’s film, television and streaming assets. Comcast’s remaining business will focus on broadband, wireless and business services.
The separation is expected to complete within approximately one year, subject to board approval and regulatory sign-off. Comcast shareholders will receive stock in both the new NBCUniversal and the existing Comcast once the transaction closes. Comcast plans to retain a stake of up to 19.9% in the new NBCUniversal for up to a year after completion.
Mike Cavanagh, currently Comcast’s co-chief executive, will lead the new NBCUniversal. Former Comcast chief financial officer Michael Angelakis will return to run the remaining Comcast business. Brian Roberts, Comcast’s chairman and co-chief executive, will stay involved with both companies. “This is a very exciting day for our company,” Roberts said in a statement, adding that the move would “unlock a more entrepreneurial management approach and open up a multitude of new opportunities for each business.”
The new NBCUniversal will be anchored by its theme parks division alongside Universal Pictures, the NBC and Telemundo networks, Peacock and Bravo, and will also include Sky, the European media business Comcast acquired in 2018. Universal Destinations & Experiences currently operates parks in Orlando, Hollywood, Japan, Singapore and Beijing, with Universal Kids Resort in Frisco, Texas, having opened this year and Universal United Kingdom Resort under construction for a planned 2031 opening.
Comcast shares rose more than 20% in premarket trading following the announcement. The company’s stock has fallen roughly 30% over the past year, with shareholder pressure tied to the continuing decline of the traditional cable bundle.
The spin-off follows Comcast’s earlier separation of its cable television networks, including CNBC, into the standalone Versant Media earlier this year.
Image: Universal
