Comcast (CMCSA) investor relations material

Deal rationale and strategic fit

• Separation creates two independent, scaled public companies, each able to pursue distinct strategic priorities and growth opportunities with dedicated leadership and tailored investment strategies.

• Enhanced agility, strategic flexibility, and value creation are expected for both entities in rapidly evolving media and technology markets.

• NBCUniversal and Sky will combine as a standalone media and entertainment company, while the parent will focus on technology, broadband, and connectivity.

• Sky is considered a natural fit with NBCUniversal, enhancing global scale and content investment opportunities.

• Both companies are positioned as industry leaders, able to capitalize on their respective strengths and market leadership.

Financial terms and conditions

• The separation will occur via a tax-free spin-off to shareholders, with completion targeted in about one year, subject to customary conditions.

• Shareholders will receive shares in both companies post-separation.

• Parent company will retain up to a 19.9% stake in NBCUniversal for up to one year post-spin, to be monetized tax-efficiently for deleveraging.

• Both entities will be established with strong investment-grade balance sheets for financial flexibility.

• Share repurchases will be paused during the separation process, but dividends remain a core capital allocation priority.

Integration plans and timeline

• The separation is targeted for completion in approximately one year, pending board, tax, regulatory, and financing approvals.

• Leadership continuity is emphasized, with current executives transitioning to lead the new entities.

• Capital structure and financial policies for each business will be detailed prior to the separation.

• Focus on maintaining continuity for customers, partners, employees, and shareholders during the transition.