Comcast announced Monday that it plans to split into two publicly traded companies by spinning off NBCUniversal and Sky, the British broadcaster it bought in 2018.

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The move will separate Comcast’s media and entertainment assets from its broadband and wireless business.

“Upon completion of the transaction, Comcast shareholders will own shares in both Comcast and NBCUniversal, creating two focused industry leaders, each with significant scale, strong financial profiles and distinct strategic opportunities,” Comcast, the parent company of NBC News, said in a statement.

“Comcast’s board and management team believe each company will be better positioned to pursue its own strategic priorities, invest for growth and create long-term shareholder value as independent entities,” it said.

It follows the spin-off of other cable networks previously owned by Comcast, including MSNBC (now MS Now) and CNBC, into a new separate company, Versant.

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