Angelakis returns to lead Comcast in NBCUniversal and Sky spin-off
Comcast plans to split off NBCUniversal and Sky by mid-2027, putting Michael Angelakis in charge of the remaining company.
By Daniel Okafor · Business Editor
3 min read
Comcast said Monday it plans to split NBCUniversal and Sky into a separate public company, a move that would reshape one of the largest U.S. cable and media groups. The company said former finance chief Michael Angelakis will return to run Comcast after the planned separation, while co-CEO Mike Cavanagh will lead NBCUniversal.
The tax-free spin-off is expected to close in mid-2027, according to Comcast’s announcement. The company said its board and management believe heavier competition across telecom and media has made greater strategic flexibility more urgent.
Brian L. Roberts, Comcast’s longtime leader and co-CEO alongside Cavanagh, will remain involved with both companies and work with their chief executives, Comcast said. Cavanagh will become CEO of NBCUniversal, while Angelakis will serve as a strategic adviser during the separation process before taking the Comcast CEO job.
Former CFO returns
Angelakis joined Comcast in 2007 and left the CFO post in 2015 to start Atairos, a strategic investment firm created with Comcast, according to the company. He has served as Atairos’ chairman and CEO, and the firm focuses on long-term investments in growth companies.
Roberts said in Comcast’s announcement that Angelakis’ history with the company, technology focus and standing inside and outside Comcast make him suited for the role. Comcast also noted that Angelakis helped oversee the company’s acquisition and integration of NBCUniversal from 2011 to 2013.
Angelakis said in the announcement that Comcast has strong assets, customer relationships and a history of innovation, and that he intends to invest for growth and seek opportunities to create value.
What the split would separate
Comcast Cable is one of the largest U.S. cable internet providers and operates under the Xfinity brand. NBCUniversal includes the NBC broadcast network and Universal Pictures, while Sky is Comcast’s European pay-TV and media business.
The planned transaction follows another recent Comcast separation. In January, Comcast completed the spin-off of cable networks including USA, CNBC, MSNBC, Oxygen, E!, Syfy and Golf Channel into a public company called Versant Media Group.
Morningstar said it kept its $41 fair value estimate for Comcast, based on cash-flow forecasts for each business. In an investor note cited by Fortune, Morningstar equity director Michael Hodel questioned Roberts’ statement that the split was not meant to set up additional deals, writing that the claim did not make sense to the firm.
The Comcast move also comes as finance executives are receiving more CEO opportunities. Crist Kolder Associates’ 2025 Volatility Report found that CFO-to-CEO promotions across the Fortune 500 and S&P 500 reached 10.26% in 2025, up from 6.5% in 2015 and the highest level in a decade.
Fortune noted a recent parallel at Warner Bros. Discovery, which said last year it would split into two standalone companies. In that plan, CFO Gunnar Wiedenfels is set to become CEO of Discovery Global, while David Zaslav will lead the separate Warner Bros. business that includes studios and streaming.
This story draws on original reporting from Fortune.