We are advising Comcast on the transaction

Davis Polk is advising Comcast Corporation on its intention to separate into two independent publicly traded companies through a tax-free spin-off of NBCUniversal and Sky. Upon completion of the transaction, Comcast shareholders will own shares in both Comcast and NBCUniversal. The separation is expected to be completed in approximately one year, subject to customary closing conditions, including regulatory approvals.

Comcast is a leading technology company serving residential and business customers through its broadband, wireless and entertainment platforms. The company operates the nation’s largest converged network, reaching more than 65 million homes and businesses, and provides broadband, wireless and business services through its technology platforms and network infrastructure.

NBCUniversal is a premier global media and entertainment company anchored by its growing theme parks division, Universal film and television studios, NBC and Telemundo networks, Peacock and Bravo. Following the separation, NBCUniversal’s global portfolio will also include Sky, supported by a portfolio of intellectual property, content creation capabilities and brands across sports, news and entertainment.

The Davis Polk corporate team includes partners William H. Aaronson and Cheryl Chan. Partners David H. Schnabel and Patrick E. Sigmon are providing tax advice. Partners Kyoko Takahashi Lin and Travis Triano are providing executive compensation advice. Partner Matthew J. Bacal is providing intellectual property and commercial transactions advice. Partner John B. Meade is providing capital markets advice. All members of the Davis Polk team are based in the New York office.

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