Roger Altman calls Comcast’s tax-free spin-off of NBCUniversal the right move as shares jump 4.5% on the announcement.
Comcast will separate into two independent public companies via a tax-free spin-off of NBCUniversal and Sky, expected within a year. Shareholders will receive shares in both entities, creating a pure-play connectivity firm serving 65 million homes and businesses.
The stock closed at $24.22, up 4.53% on June 29, though it remains down 11.51% year-to-date and 23.63% over the past year. The breakup follows prolonged underperformance, which Altman cited as a key driver for the decision.
Altman, Evercore’s founder, endorsed the move without reservation, calling it the right step during a CNBC interview hours after the announcement.