Comcast announces separation of NBCUniversal and cable operations amid a 46% five-year stock decline and mounting losses at Peacock.
Comcast will divide its media and cable businesses into two publicly traded companies, sparking a 7% jump in its stock price. The move follows a 46% decline in shares over the past five years and growing pressure from Peacock’s $432 million quarterly EBITDA loss.
Shares traded near $60 in 2021 but fell to $25.22 as of June 29, reflecting a 23% drop over the past year. The split mirrors earlier restructuring efforts, though analysts question whether it will reverse long-term underperformance amid broadband competition.
Mike Cavanaugh will lead NBCUniversal, while Michael Angelakis returns to head the cable business, as the company seeks a strategic reset.