Comcast breaks out media division

Comcast on Monday announced it plans to spin off its media division , with NBCUniversal and Comcast becoming separate publicly traded companies.

The proposed NBCUniversal would include Universal's theme parks, movie and television studios, as well as NBC, Peacock and UK media company Sky. The new Comcast will include its cable, wireless phone and business services.

"As an independent company, NBCUniversal will have even greater flexibility to invest behind its strongest opportunities, expand partnerships and compete with greater agility in a rapidly changing media landscape," said Brian Roberts, chairman and co-CEO of Comcast, on a Monday call with investors. "We're equally excited about the future of Comcast."

The changing media landscape Roberts referred to includes the consumer trend away from traditional cable television toward more streaming content.

Roberts will "continue to be involved in the leadership of both companies," with current co-CEO Mike Cavanagh becoming CEO of NBCUniversal and former Comcast CFO Michael Angelakis becoming Comcast CEO.

The move unwinds most of what remained of Comcast's 2011 merger with NBCUniversal. Earlier this year, Philadelphia-based Comcast spun off its cable networks — which included USA, E!, SyFy, CNBC and MSNBC — into a new company called Versant.

"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," Cavanagh said on the conference call. "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."

The deal is expected to be completed within a year. Comcast's stock rose in early trading Monday .