What we know — and don't — about Philly-based Comcast's split
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Philadelphia-based Comcast is splitting into two publicly traded companies — separating its media assets from wireless and broadband services.
Why it matters: Any changes to the telecommunications giant could have an outsized effect on the city, where it ranks among Philly's largest companies and employers.
State of play: As part of the plan announced Monday, Comcast will spin off NBCUniversal and Sky from its high-growth technology and connectivity business, Axios' Sara Fischer reports.
- The split is expected to take about a year.
Between the lines: Over the next year, Comcast's staffing and footprint in Philly are not expected to significantly change. (After that, it's TBD.)
- That's because Comcast has a small number of NBC employees in Philly — limited to NBC10 and NBC Sports Philadelphia. The bulk of NBC employees are based in New York City and Los Angeles.
- Meanwhile, Comcast is in the midst of expanding its Xfinity Mobile services.
What else: Comcast's current co-CEO Mike Cavanaugh will become CEO of the new media and entertainment company, which will be called NBCUniversal.
- Former Comcast financial chief Michael Angelakis will become the CEO of the tech and connectivity business, which will remain Comcast.
- Comcast chairman and co-CEO Brian Roberts will be actively involved in the leadership of the new entities "working in partnership with the CEOs of both companies," Comcast said in the statement.
The big picture: The separation underscores the pressure that media companies face to evolve as technology upends the way consumers engage with content.
- In 2018, Comcast outbid Fox to buy Sky in the U.K. for $40 billion to scale its entertainment and media footprint in a bid to compete with tech.
- Earlier this year, Comcast completed the spinoff of NBCUniversal's cable networks into a separate, publicly traded company, Versant Media.
What to watch: Comcast expects to keep a stake of up to 19.9% in NBCUniversal for as long as a year.