Comcast confirmed plans to spin off NBCUniversal, ending a union that began when the cable giant acquired the media conglomerate in 2011. The spun-off entity will house NBC News, MSNBC, USA Network, Peacock streaming, Universal Pictures, and Universal theme parks — a diverse but increasingly pressured media portfolio. Comcast's remaining core will be the cable, broadband, and internet infrastructure business, which generates the lion's share of stable, recurring revenue.

The move follows a broader wave of media unbundling — Warner Bros. Discovery, Paramount, and Disney have all faced pressure to simplify or divest assets. For Comcast, the logic is straightforward: the cable/broadband business commands a premium multiple while linear TV and streaming assets are viewed as drag. Separating them could unlock valuation for both entities, though the SpinCo inherits real headwinds in linear TV advertising and the ongoing cost of scaling Peacock.

The bull case for CMCSA post-spin is a re-rating of the RemainCo broadband business at a cleaner infrastructure multiple, potentially 9–11x EBITDA versus the current blended discount. Revenue is essentially flat YoY at $123.7B with a 15.9% net margin, suggesting the core business is steady even as media weighs on optics. The bear case is execution risk: spin-offs of this complexity take 12–18 months, SpinCo will debut with legacy linear exposure and meaningful content spend, and there's no guarantee the market re-rates RemainCo as quickly as bulls hope.

Key catalysts to watch: the formal spin structure filing with the SEC, the SpinCo capital structure (how much debt gets loaded onto the media entity), and any early trading of CMCSA post-announcement. The theme park and film divisions give SpinCo real cash-flow assets, but Peacock's losses and linear erosion are genuine overhangs. This is a story where the setup is clearer than the timeline.