Comcast Shares Surge 22% to 25% After Announcing Breakup Plan

Comcast announced today it will separate NBCUniversal and Sky into independent publicly traded companies through a tax-free spinoff, with shares surging 22% to 25% in premarket trading. The separation will leave Comcast focused on broadband, wireless and business connectivity, while NBCUniversal will operate independently with its media, streaming, film, television, theme parks and Sky operations. Leadership changes include Mike Cavanagh becoming CEO of NBCUniversal and Michael Angelakis returning as Comcast CEO after the transaction closes.
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