What we know — and don't — about Philly-based Comcast's split

What we know — and don't — about Philly-based Comcast's split

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.