Comcast to spin off NBCUniversal and Sky into independent public company; Cavanagh, Angelakis named CEOs

COMCAST CORP

Tax-free spin-off expected in approximately one year, subject to board approval, tax opinions, and regulatory clearances.
Mike Cavanagh to serve as CEO of NBCUniversal; Michael Angelakis to return as CEO of Comcast post-separation.
Brian L. Roberts will remain actively involved at both companies, working with both CEOs.
Comcast will retain up to 19.9% stake in NBCUniversal for up to one year after spin, then monetize tax-efficiently.
Each company will have a strong investment-grade balance sheet and dual-class share structure.

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