Comcast's stock is surging after it says it's spinning off its media businesses.
Shares jumped more than 17% in premarket trading on Monday after the company said it plans to separate its media and tech businesses into two publicly traded companies.
This will be done through a tax-free spin-off of NBCUniversal and Sky, it added.
The move is intended to give each company greater strategic focus. The company said the separation will allow both businesses to invest more effectively and pursue their own growth opportunities.
This story is developing.
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Mary is an editor on the business news team, where she works with reporters and editors to cover sectors including technology, finance, transportation, retail, careers, and real estate.Previously, Mary was a senior retail reporter based in New York and London, covering apparel, luxury, fitness, big-box, and grocery companies. She has reported on major brands including Victoria’s Secret, Lululemon, LVMH, Costco, Dollar General, and Peloton, providing in-depth analysis of trends shaping the industry.Mary earned a master’s degree in Business Journalism from CUNY Craig Newmark Graduate School of Journalism. She has appeared on several TV and radio outlets, including BBC Business, Cheddar, and Good Morning America, and has taken part in industry panels and conferences about trends shaping the retail world.You can email her at [email protected], or follow her on Twitter or LinkedIn.
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