Financial outlet; carries market reaction, pre-market share surge and executive appointments

Reports that Comcast announced a tax-free spin-off of NBCUniversal and Sky, creating two independent publicly traded companies. The new NBCUniversal will retain NBC, Telemundo, Bravo, MSNBC, Peacock, Universal Studios, theme parks and Sky. Comcast retains Xfinity broadband and wireless. Comcast co-CEO Mike Cavanagh becomes CEO of the new NBCUniversal; Michael Angelakis becomes CEO of the renamed broadband Comcast. Stock rose more than 25% in pre-market trading.

“Comcast soars 20% after announcing it will spin off NBCUniversal and Sky from cable business.”