Comcast said on Monday it would split its NBC Universal and Sky media businesses into a separate company, a move it says will allow both entities to pursue independent growth strategies and enhance long-term shareholder value.
The U.S. cable and media giant said its board and management believe the separation would better position each company to focus on its own strategic priorities and investments in increasingly competitive markets.
“Comcast’s Board and management team believe each company will be better positioned to pursue its own strategic priorities, invest for growth and create long-term shareholder value as independent entities,” the company said in a statement.
The company did not disclose financial details of the planned transaction.
The move comes as traditional media companies continue to adapt to changing consumer habits and intensifying competition in the global streaming and entertainment industries.