{"id":2515,"date":"2026-06-29T22:41:51","date_gmt":"2026-06-29T22:41:51","guid":{"rendered":"https:\/\/crosscountrymovingteams.com\/?p=2515"},"modified":"2026-06-29T22:41:51","modified_gmt":"2026-06-29T22:41:51","slug":"comcast-stock-jumps-24-for-agreeing-to-break-up-with-itself","status":"publish","type":"post","link":"https:\/\/crosscountrymovingteams.com\/?p=2515","title":{"rendered":"Comcast stock jumps 24% for agreeing to break up with itself"},"content":{"rendered":"<div>\n<p>The company said Monday that its board and management team think each company will be better positioned to pursue its own strategic priorities, invest for growth and create long-term shareholder value as independent entities.<\/p>\n<p>Read more <a href=\"https:\/\/crosscountrymovingteams.com\/?p=2513\">Dave Portnoy quit an $80K sales job to start Barstool\u2014he hand-delivered papers in a secondhand van while living with his girlfriend\u2019s mom for 6 years<\/a><\/p>\n<p>The planned move comes after\u00a0Comcast\u00a0announced in November 2024 that it was spinning off cable networks such as USA, Oxygen, E!, SYFY and Golf Channel, as well as CNBC and MSNBC into a new company. Movie ticketing platform Fandango and the Rotten Tomatoes movie rating site were also included.<\/p>\n<div>\n<div>\n<div><\/div>\n<\/div>\n<\/div>\n<p>Like other cable companies, Comcast in recent years has shifted its business emphasis away from traditional cable toward streaming and other sources of revenue, such as its movie studio, theme parks and home wireless and internet services.<\/p>\n<p>Media and entertainment company NBCUniversal includes a theme parks division, Universal film and television studios, NBC and Telemundo networks, Peacock, and Bravo. Its portfolio will now include European media business Sky.<\/p>\n<p>Comcast, based in Philadelphia, will continue providing internet services to residential and business customers.<\/p>\n<p>Comcast co-CEO Mike Cavanagh will become the CEO of NBCUniversal. Comcast\u2019s former Chief Financial Officer Michael Angelakis will become the CEO of Comcast, following completion of the separation. In the interim, he will serve as a strategic adviser.<\/p>\n<p>Read more <a href=\"https:\/\/crosscountrymovingteams.com\/?p=2511\">Strategy may sell up to $1.25 billion in Bitcoin to calm investor jitters<\/a><\/p>\n<div>\n<div><\/div>\n<\/div>\n<p>Comcast Chairman and co-CEO Brian Roberts will continue to be actively involved in the leadership of Comcast and NBCUniversal, working in partnership with the CEOs of both companies.<\/p>\n<p>\u201cComcast 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,\u201d Cavanagh said in a statement.<\/p>\n<div>\n<div>\n<div><\/div>\n<\/div>\n<\/div>\n<p>Once the transaction is complete, Comcast shareholders will own shares in both Comcast and NBCUniversal. The separation is expected to be completed in about a year. It still needs final approval from Comcast\u2019s board and is subject to regulatory approvals.<\/p>\n<div>\n<div><\/div>\n<\/div>\n<p>Comcast expects to keep a stake of up to 19.9% ownership position in NBCUniversal for up to one year after the spinoff is complete.<\/p>\n<p>Read more <a href=\"https:\/\/crosscountrymovingteams.com\/?p=2509\">U.S. official says $6 billion in frozen Iranian assets will be released, while Oman discusses possible Hormuz service fees with Tehran<\/a><\/p>\n<div>\n<div><\/div>\n<\/div>\n<div>\n<div><\/div>\n<\/div>\n<p>In premarket trading, Comcast shares surged 24%.<\/p>\n<div>\n<div><\/div>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>The cable giant is separating NBCUniversal and Sky into an independent media company, ending a conglomerate structure investors have discounted for years.<\/p>\n","protected":false},"author":1,"featured_media":2514,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8],"tags":[],"class_list":["post-2515","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-markets"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.7 - 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