Comcast stock surges after it says it's spinning off its media businesses
Comcast said it plans to separate its media and technology businesses into two publicly traded companies.
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- Comcast announced plans to split its media and tech businesses into two companies.
- The move is intended to give each company greater strategic focus.
- Its stock price is up 17% in premarket trading.
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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