Comcast to Split Into Two Public Companies as NBCUniversal and Cable Go Separate Ways

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A CNBC segment reported that Comcast (NASDAQ:CMCSA) plans to separate its media and cable/technology operations into two publicly traded companies, with Mike Cavanaugh leading NBCUniversal and Michael Angelakis returning as CEO of the cable business. The hosts framed the announcement against Comcast’s multi-year stock slide and questioned whether earlier moves, including the Sky acquisition, justified their cost.

Why Comcast Is Splitting Up

The CNBC panel framed the breakup as a strategic reset after years of disappointing stock performance. On air, the hosts noted that Comcast shares traded near $60 in 2021, making today’s price of about $25.22 on June 29 less than half of where the stock stood several years ago. Comcast shares are down about 23% over the past year and nearly 46% over the past five years.

The hosts also compared the move with Comcast’s earlier Versant Media spinoff, noting that Mike Cavanaugh has described today’s challenges as even greater. They argued that bringing Michael Angelakis back to lead the cable business gives Comcast an experienced executive to oversee what could be a lengthy turnaround.

Can Two Companies Unlock More Value?

The split would formalize a divide that has been widening inside the company. The Connectivity & Platforms side anchors broadband, wireless, and Sky, while NBCUniversal houses Peacock, Studios, and Universal Destinations. Comcast already completed the tax-free separation of Versant Media Group on January 2, 2026, peeling off most cable TV networks.

Q1 2026 results showed the two halves moving at different speeds. Revenue was $31.457 billion, with Media up 60.8% on the Milan Cortina Winter Olympics and Super Bowl LX, and Theme Parks up 24.2%. Residential Connectivity & Platforms revenue fell 1.9%, though domestic broadband net losses narrowed to 65,000 from 183,000 a year earlier, and wireless added 435,000 net lines to reach 9.7 million. Peacock paid subscribers reached 46 million.

EPS came in at $0.79, beating the $0.7295 estimate, while net income dropped 35.6% to $2.174 billion on heavy programming costs.

What’s Holding Comcast Back

On Comcast’s Q1 earnings call in April, Co-CEO Michael Cavanagh argued the cable business is undervalued. “I think we’re undervalued, frankly, and the negativity on the business is something we need to work on changing people’s sentiment towards, full stop.”

CMCSA trades at a forward P/E of just 7, a price-to-book of 0.938, and an EV/EBITDA of 4, at a share price of $25 against analysts’ average price target of $32.36. 16 out of 26 analysts rate the stock a Hold.

The skepticism centers on whether structural broadband competition (fiber overbuild, fixed wireless, and now satellite) and Peacock’s $432 million quarterly EBITDA loss can be fixed by separation alone. The hosts’ read on the Sky deal still hangs over the cable side as Angelakis steps back in.

What Investors Should Watch

Comcast is scheduled to report earnings on July 23, 2026, giving investors their next update on the separation. Key questions include how and when the NBCUniversal and cable businesses will be split, whether broadband subscriber trends improve under Comcast’s new strategy, and how quickly Peacock moves toward profitability after management said it expects the streaming business to approach breakeven.

Investors should also watch capital returns. Comcast returned $11 billion to shareholders over the past 12 months, and whether the company can maintain that pace during the separation will be an important signal of management’s confidence and financial flexibility.

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