US media conglomerate Comcast has announced plans to spin off its entertainment and media operations, including NBCUniversal and Sky, into a standalone publicly traded company.
The separation process is expected to take about one year to complete, according to reports.
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Strategic Restructuring
The move will divide Comcast's business, leaving it to focus on broadband and mobile services for 65 million US households.
The new entity will manage assets spanning film studios, theme parks, streaming, sports, and news broadcasting.
Comcast co-chief executive Brian Roberts said the separation aims to "unlock a more entrepreneurial management approach."
The new company will be overseen by Mike Cavanagh, who will step down as co-chief executive of Comcast.
Roberts described Cavanagh's vision for "a unique, independent, focused company that will be home to some of the industry's most valuable brands and assets."
The restructuring comes eight years after Comcast acquired Sky's European operations for £31 billion in 2018.
As part of that deal, Comcast guaranteed inflation-adjusted funding for Sky News for ten years, a commitment nearing its expiration.
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Sky News operates on an estimated annual budget of £100 million and incurs losses of up to £80 million.
David Rhodes, executive chair of Sky News, said the parent company's long-term commitment has been "supportive of our independence every step of the way."
Sky leadership has maintained that its commitment to journalism will remain unchanged.
