Comcast said it plans to separate its media businesses from its mobile and broadband networks in the latest reshaping of the US industry, sending shares in the group up more than 20 percent on Monday.
The US media group said it expected to complete the break-up within a year through a tax-free spin-off of NBCUniversal and Sky —handing existing shareholders stock in both Comcast and the new standalone media company.
The move comes as the traditional American media industry races to keep pace as audiences shift their attention to social media and streaming platforms.
