Comcast to Separate into Two Public Companies through Tax-Free Spin-Off of NBCUniversal and Sky

Davis Polk advised Comcast Corporation on its intention to separate into two independent publicly traded companies through a tax-free spin-off of NBCUniversal and Sky. The transaction contemplates a tax-free spin-off that will result in Comcast and NBCUniversal operating as independent, publicly traded companies. Upon completion of the separation, Comcast shareholders will own shares in both Comcast and NBCUniversal. The separation is expected to be completed in approximately one year, subject to customary closing conditions, including regulatory approvals. Comcast is a leading technology company serving residential and business customers through its broadband, wireless and entertainment platforms. The company operates the nation’s largest converged network, reaching more than 65 million homes and businesses, and provides broadband, wireless and business services through its technology platforms and network infrastructure. NBCUniversal is a premier global media and entertainment company anchored by its growing theme parks division, Universal film and television studios, NBC and Telemundo networks, Peacock and Bravo. Following the separation, NBCUniversal’s global portfolio will also include Sky, supported by a portfolio of intellectual property, content creation capabilities and brands across sports, news and entertainment. Davis Polk represented Comcast Corporation with a team composed by: partners William H. Aaronson and Cheryl Chan (corporate); partners David H. Schnabel and Patrick E. Sigmon (tax); partners Kyoko Takahashi Lin and Travis Triano (executive compensation); partner Matthew J. Bacal (intellectual property and commercial transactions); and partner John B. Meade (capital markets). All members of the Davis Polk team are based in the New York office.

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Comcast to Separate into Two Public Companies through Tax-Free Spin-Off of NBCUniversal and Sky

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Comcast to Separate into Two Public Companies through Tax-Free Spin-Off of NBCUniversal and Sky

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