Comcast Corporation (NASDAQ: CMCSA) announced plans to separate its media and technology operations into two independent publicly traded companies through a tax-free spin-off of NBCUniversal and Sky, with the transaction expected to be completed in approximately one year.

Upon completion, Comcast shareholders will hold shares in both companies. Comcast intends to retain a stake of up to 19.9% in NBCUniversal for up to one year after the spin-off, which it plans to monetize over time in a tax-efficient manner.

The separated NBCUniversal will include the company's theme parks, Universal film and television studios, NBC, Telemundo, Peacock, Bravo and the Sky European media business. The remaining Comcast entity will focus on broadband, wireless and entertainment platforms, operating a network that reaches more than 65 million homes and businesses.

Brian L. Roberts, currently Chairman and Co-Chief Executive Officer, will remain involved in the leadership of both companies. Mike Cavanagh will serve as CEO of NBCUniversal, and Michael Angelakis, a former Comcast Chief Financial Officer, will become CEO of Comcast following completion of the separation. Angelakis will join as a Strategic Advisor in the interim.

NBCUniversal will carry the same dual-class share structure as Comcast. The company said it intends to establish investment grade balance sheets for both entities.

The transaction is subject to final approval by Comcast's Board of Directors, receipt of tax opinions, regulatory approvals and completion of financing arrangements. Comcast cautioned that there is no assurance the transaction will be completed or, if completed, as to its terms or timing.

Goldman Sachs & Co. LLC and PJT Partners are serving as financial advisors to Comcast, and Davis Polk & Wardwell LLP is serving as legal counsel.