# Comcast to split off NBCUniversal and Sky media arm

By Dan Coatsworth — 2026-06-29

Dan Coatsworth, head of markets at AJ Bell, said: “In the eight years since the $40 billion bid for Sky, shareholders in Comcast have suffered a near-$9 billion write-down, a sliding share price and concerns over the hyper-competitive broadband market. That left Comcast trading on a depressed valuation before news of a break-up, which has given the share price a kick up the backside.

“Sky will sit alongside the Universal film and TV studios, NBC, Peacock, and theme park operations in one part of the demerger, and the traditional Comcast operations of broadband, wireless and connectivity will form the other part. That has immediately fuelled speculation that one or both parts will be takeover targets once the demerger completes.

“The bid battle for Warner Bros Discovery, where Paramount Skydance ultimately prevailed over Netflix, showed there is still appetite to acquire prime content and Universal, NBC and Sky have a lot to offer. Sky is already in talks to buy the broadcast and streaming operations of ITV in the UK to further consolidate the market in its fight with Netflix, Amazon Prime, Disney+ and others.

“The regulator is likely to take a close look at the putative Sky-ITV deal, and the arrival of any predator for the broadcast spin-off from Comcast would surely draw regulatory attention as well. Paramount Skydance is winning over competition authorities in Europe and the US, albeit in exchange for certain conditions and concessions, and further consolidation in a media industry where customers use ever-changing ways of accessing content cannot be ruled out.

“Netflix might be interested in parts of the media component of Comcast but not the whole thing. It’s hard to see Netflix wanting the theme park operations, even though that would see it emulate Disney’s business model. Instead, Netflix might just want the film and TV studios and content libraries.

“Making a bid is not a given, particularly as Netflix’s board will remember how badly the share price did during the Warner Bros battle. The higher the purchase price went and the longer the tussle went on, the worse Netflix’s shares did.

“The share price went from $76 back to $110 when Netflix retreated from the bid battle for Warner Bros as shareholders breathed a sigh of relief. Acquisitions can sometimes destroy rather than add value if the buyer overpays, there are often cultural clashes, and debt-funded deals can sometimes leave the bidder strangled by borrowings.”

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