Comcast Bosses Say NBCU-Cable Separation ‘Absolutely Not’ Designed to Pursue M&A Deals; ‘We’ve Now Simply Changed Our Mind’ That the Businesses Are Better Together
More than 15 years ago, Comcast took its first steps toward taking over NBCUniversal. Now it’s unwinding the media business from the broadband and TV pipes, planning to spin off NBCU and Sky into a stand-alone entity.
So what changed in the intervening years? Mike Cavanagh, Comcast co-CEO who is set to become chief exec of NBCU after it spins off, tried to explain the evolution of the company leadership’s thinking on a call with Wall Street analysts Monday morning.
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“There’s no surprise that both the media and telecom landscapes have become increasingly competitive, and that pace of change continues to accelerate,” Cavanagh, who joined Comcast in 2015 originally as CFO.
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Cavanagh continued, “And so we simply don’t see these conditions changing anytime soon. So, where we previously believed that scale and the diversification benefits warranted operating these businesses as one company, we’ve now simply changed our mind about that. We’ve now concluded that future success for each of our businesses will depend on focus, speed and strategic flexibility that this separation will unlock, and I think what’s special about this moment is that we have a strong balance sheet and significant financial resources, and that’s going to allow us to set up both companies with their own strong investment-grade balance sheets, enabling their pursuit of future growth and value creation that we see for each new company.”
Asked whether investors should view the planned separation as a step towards potential “strategic transactions” for either company — meaning mergers or acquisitions — over time, Brian Roberts, chairman and co-CEO responded, “Absolutely not.”
“This is the right move to put each company in the strongest position to create value, fully monetize its assets and aggressively pursue its own organic growth strategies,” Roberts said. Cavanagh jumped in to add, that the plan for NBCUniversal and Sky “is to build and invest for growth. We have the ambition that’s big to pursue opportunities that keep us ahead of evolving consumer behavior and audience demands, and we have the freedom now to explore adjacent businesses where we have the right to play.”
Comcast is fresh off another spin: In January 2026, it completed the separation of Versant Media, a business that includes CNBC, MS NOW (formerly MSNBC), USA Network, Fandango and more.
Separately, in December 2025, Comcast had formally entered a bid to combine Warner Bros.’ streaming and studios business with certain of Comcast’s related businesses with a “headline price” of $35.43 per WBD share. Comcast lost out to Netflix, which itself was subsequently outbid by David Ellison’s Paramount Skydance for a $111 billion deal to merger with WBD in its entirety.
Roberts, on the call Monday, said that as Comcast’s board considered splitting the cable connectivity business apart from NBCU and Sky, there were three basic questions.
One, can these businesses stand alone and have the heft to stand alone as separate companies? Two, do they have clear and viable capital allocation path to invest? And three, is now the right time? “And the answer we came back with was ‘yes’ to all counts,” Roberts said.
“These are two exceptional businesses, each with scale in their own right… and the financial strength that we hope to have to succeed as standalone companies,” Roberts said. “Our philosophy has always been to invest for growth, and we’ve done that over many years, and it’s really strengthened these businesses and created tremendous value.” Among the points Roberts spelled out, he said that Comcast has built a “scaled streaming business” with Peacock, which is poised to hit profitability in the second quarter of 2026 less than six years after initial launch.
The separation of Comcast Cable and NBCU-Sky is expected to occur in mid-2027.
Michael Angelakis, Comcast’s former CFO who has served as chairman and CEO of investment fund Atairos Group since 2015, has been tapped to be CEO of Comcast following completion of the separation. He’s joining Comcast in the interim as a strategic adviser.
Pictured top: Brian Roberts (left), Mike Cavanagh
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Badenoch blasts 'moaning' female Labour MPs over Burnham jobs 'quota'
Kemi Badenoch has told Labour women to earn a job in Andy Burnham's Cabinet instead of demanding they are handed jobs because of their gender.
The Tory leader lashed out today amid reports that female MPs are demanding the de-facto new prime minister introduce a 50:50 gender split 'quota' in his government.
Amid reports that former foreign secretary David Miliband is being lined up to return to the role, possibly with his brother Ed as Chancellor, one female minister also complained that Burnham could not have 'more Milibands than women' in the top posts.
But in a scathing article in the Times today Mrs Badenoch told them to 'stop moaning' and get chosen on merit instead of retreating into 'more of the failed identity politics that is holding back our country'.
'There are many, many reasons why you shouldn't have any Milibands in the cabinet,' she said.
'But complaining that the boys haven't given them the right jobs or that the boys are taking all the jobs, just shows that Labour's women still don't get it.'
The idea of quotas was also attacked by Baroness Jacqui Smith, Labour's Skills Minister.
Asked by Times Radio if Mr Burnham should reserve jobs for women, she said: 'No, I think what Andy Burnham should be doing is building the very best team around him to change this country.'
A letter written by the Women's Parliamentary Labour Party has called on Mr Burnham to ensure a 50:50 split between men and women in government jobs
Amid reports that former foreign secretary David Miliband (above, right, in 2010) is being lined up to return to the role, possibly with his brother Ed as Chancellor, one female minister complained that Burnham could not have 'more Milibands than women' in the top posts
But Mrs Badenoch told them to pipe down and get chosen on merit instead of retreating into 'more of the failed identity politics that is holding back our country'
A letter written by the Women's Parliamentary Labour Party and seen by the BBC has called on Mr Burnham to ensure a 50:50 split between men and women in government jobs after he succeeds Sir Keir Starmer.
'We are asking you to demonstrate this change from day one and address the toxicity and misogyny within our own party and government,' it said.
Labour has never had a female leader, while the Conservatives have had three, and Mrs Badenoch urged the government to follow its meritocratic example.
'If you run a meritocracy, then you do not have to worry about jobs for the boys,' she wrote.
'Every woman who is a Conservative MP, every woman who has ever won the leadership, has had to fight to get where she is.
'By contrast, Labour women are demanding guarantees from Burnham. But the truth is he doesn't have to give any guarantees.
'If none of Labour's women are prepared to get their hands dirty and challenge him for the leadership, their demands are toothless.'
'In fact, it's quite revealing that the women's parliamentary Labour Party has written to Burnham asking him to commit himself to at least 50 per cent female ministers.
'This has nothing to do with meritocracy. It is yet more of the failed identity politics that is holding back our country.'
Venezuela Fury and Noah Price subsidising their life by livestreaming
Venezuela Fury and her husband Noah Price look to be making their own way in the world by raking it in from their lucrative social media accounts.
The influencer daughter of Tyson and Paris Fury, 16, has become an internet sensation after tying the knot with her husband Noah, 19, earlier this year.
Since getting married and moving in together the couple have been earning thousands of pounds a month, livestreaming their life as newlyweds in their static caravan in the East Riding of Yorkshire.
And fans can't get enough of their regular life updates on TikTok and Kick, which have proved to be very profitable for the pair.
They look to be supporting themselves after Noah denied that he was given £5million by Venezuela's family as a wedding gift.
Despite his wife's huge family wealth, an estimated combined £160 million, Noah recently told his Kick followers that he 'pays for everything' for the couple.
Making light of the claims about Venezuela's millionaire financial status, Noah said: 'I actually pay for everything unfortunately. You'd expect the millionaire to pay for it wouldn't you.'
Venezuela Fury and Noah Price are earning thousands livestreaming their caravan life - after her new groom insisted he pays all the bills and denied he had £5m handout from her dad
The influencer daughter of Tyson and Paris Fury , 16, has become an internet sensation after tying the knot with her husband Noah, 19, earlier this year
Venezuela then asked their fans: 'Do you think I am a millionaire?'
Noah joked: 'She isn't a secret millionaire guys', before she broke into song and sang: 'But I live like a millionaire!'
But it seems according to estimated calculations from their social media work, Noah and Venezuela can more than afford to support themselves.
Noah has been livestreaming on platforms such as Kick and TikTok, where viewers can send paid gifts or donations.
He was previously encouraging viewers to send gifts on his honeymoon during livestreams, suggesting this is one revenue stream.
Both Noah and Venezuela have built substantial followings on Instagram and TikTok. They can potentially earn money through sponsored posts, brand collaborations, affiliate links and creator payouts.
Kick allows its creators to take home 95 per cent of the £4.99 subscription cost that fans pay.
Streamers keep 100 per cent of direct tips and donations, minus minor standard payment processing fees.
It is unclear how many subscribers Noah currently has because this information is hidden, but he does have 7,200 followers which is publicly viewable.
An industry insider has suggested Noah is making around £400 per video on TikTok, while Venezuela is likely to make £2,000 due to her following count of 1.3 million.
An industry insider has suggested Noah is making around £400 per video on TikTok, while Venezuela is likely to make £2,000 due to her following count of 1.3 million
In one video on their honeymoon, Noah asked his followers if they'd give them some more gifts now that they were married.
In a TikTok live viewed by 20,000 he said: 'Keep liking our videos people, keep sending gifts.'
After saying thank you to several of his followers he joked they should stick around on the livestream and 'watch Venezuela punch me in the mouth'.
The other half of the honeymooning couple said: 'I am, honestly!'
Noah previously confirmed that the pair don't share their finances after they were asked whether they have a shared bank account.
'She earns her money, I earn mine,' said Noah, as Venezuela joked: 'Yeah, what you gonna do about it.'
Noah went on to debunk the rumour that Tyson gave him £5million when he tied the knot with his daughter as he insisted: 'No Tyson did not give me £5million'.
Meanwhile Venezuela is being eyed up by executives for a fly on the wall TV series.
Noah went on to debunk the rumour that Tyson gave him £5million when he tied the knot with his daughter as he insisted: 'No Tyson did not give me £5million'
Boasting 1.3 million TikTok followers, Venezuela is already entertaining fans with her honest musings and candid moments, from cooking to kitting out her and Noah's static caravan home.
And following the success of the Netflix series At Home With The Furys, it is no wonder bosses are wanting to draw on the Fury popularity.
A TV insider said: 'The couple are not A-list celebrities but everyone has become obsessed with their love story.
'People are genuinely intrigued by them. Whether it’s the fact they have married so young, Venezuela’s famous family or their gypsy lifestyle, they have the ‘X factor'.
'Several TV executives think a proper fly-on-the-wall series following their lives as newlyweds in the gypsy community would be fascinating,' they told The Sun.
It is thought Netflix would be likely to produce the series due to their already established relationship with the Furys.
Venezuela's representatives told The Daily Mail: 'We have many offers on the table regarding Venezuela which we are discussing.'
