CNCB News

• Comcast announced plans to split its media and tech businesses into separate companies.
• In a memo shared with its employees, the company spoke of both units' "great business prospects."
• Read the memo Comcast's co-CEOs shared with employees.

Comcast just announced plans to split its media and tech businesses into separate publicly traded companies.

Shares jumped more than 25% in premarket trading on Monday after the announcement.

In a memo shared with its employees, the company spoke of both units' "great business prospects" and "strong balance sheets." The company also outlined the planned leadership structure.

Here's the memo Comcast co-CEOs Brian Roberts and Mike Cavanagh shared with employees:

Today marks a new beginning for Comcast, NBCUniversal and Sky.As you will see in the press release, we are planning to separate into two wonderful companies, each with great business prospects, strong balance sheets and terrific leadership.For more than sixty years, our company has grown by embracing change and investing for the future. Today is another one of those moments.What started with 1,200 customers in Tupelo, Mississippi has grown into one of the world's leading media and technology companies. Along the way, we built one of the nation's largest connectivity businesses, expanded into wireless and business services, and invested in NBCUniversal and Sky's media and entertainment businesses to fuel extraordinary brands, creative talent, sports, news, streaming, studios and theme parks.At Comcast, our former CFO Michael Angelakis will be rejoining the company to become CEO upon closing and will begin immediately as a strategic advisor. Michael will work closely with Steve Croney, Jason Armstrong and the rest of our management team to continue the momentum we have.Mike Cavanagh will become CEO for NBCUniversal, which will also include Sky. Mike has assembled an outstanding leadership team and helped drive success across every part of the business.Brian will remain actively involved with both companies, working closely with Mike and Michael where he will focus on the new areas of growth, creativity and opportunity that this new structure will create.We wanted you to hear this news first and invite you to join us for an employee Town Hall available on the intranet today at 1:00 p.m. ET.Thank you for everything you do for our company. We couldn't be more excited about what comes next.Brian L. RobertsChairman and Co-CEOComcast CorporationMike CavanaghCo-CEOComcast Corporation