Comcast has announced plans to separate its media businesses from its mobile and broadband networks, a move expected to complete within a year. This strategic split comes as traditional American media grapples with the shift towards social media and streaming platforms. The company’s share price surged over 20 percent in pre-market trading after the announcement.

The plan involves a tax-free spin-off of NBCUniversal and Sky, providing existing shareholders with stock in both Comcast and the new standalone media company. This move follows the January spin-off of Comcast’s cable television businesses into Versant, which includes channels such as CNBC and USA Network.

The latest split will significantly alter Comcast's landscape, creating a media giant that spans Universal Studios, the Peacock streaming platform, and Sky outside North America. NBCUniversal owns an impressive portfolio including NBC, Telemundo, DreamWorks, and entertainment parks. The deal with Paramount Skydance to acquire Warner Bros Discovery for $111 billion also highlights the ongoing consolidation in the industry.

Comcast's share price had fallen by around 30 percent over the past year, reaching a ten-year low of $82.7 billion, pushing back against competitors like SpaceX’s Starlink service, which threatens Internet connectivity businesses. The reshaping of Comcast reflects the broader struggle for relevance in an era dominated by streaming and social media.