Comcast plans to split into two publicly traded companies, separating NBCUniversal and Sky from its broadband and wireless operations in one of the largest restructurings yet among major media and telecom groups.

The company announced an investor event on June 29 titled 'Comcast Announces Plans to Separate Media and Technology Businesses into Two Leading Public Companies.' AP reported that Comcast's media company would include NBCUniversal, Sky, Peacock, Universal Studios and theme parks, while the remaining Comcast business would focus on broadband, wireless and related connectivity services.

The transaction still requires final approval from Comcast's board and relevant regulators. Comcast expects shareholders to hold stock in both companies after completion, and reports say the company may retain a minority stake in the media business for a limited period.

The strategic logic is familiar across the industry. Connectivity businesses are capital-intensive but often more predictable, while media companies face pressure from cord-cutting, streaming costs, sports rights inflation and advertising cycles. Combining the two once promised distribution power and content advantage; separating them now may give investors a clearer view of each business.

NBCUniversal would enter the public markets with major assets but also difficult questions. Peacock competes in a crowded streaming field, Sky faces pressure in European pay television, and entertainment companies continue to weigh consolidation as audiences fragment across platforms.

For Comcast, the split is a bet that simpler businesses will be easier to value and manage. For the media market, it is another sign that the conglomerate model built during the cable era is being rewritten for the streaming era.