Comcast is planning to split itself into two separate publicly traded companies by spinning off NBCUniversal and Sky.

The company said Monday that its board and management team think each company will be better positioned to pursue its own strategic priorities, invest for growth and create long-term shareholder value as independent entities.

Media and entertainment company NBCUniversal includes a theme parks division, Universal film and television studios, NBC and Telemundo networks, Peacock, and Bravo. Its portfolio will now European media business Sky.

Comcast, based in Philadelphia, will continue providing internet services to residential and business customers.

Comcast co-CEO Mike Cavanagh will become the CEO of NBCUniversal. Comcast’s former Chief Financial Officer Michael Angelakis will become the CEO of Comcast, following completion of the separation. In the interim, he will serve as a strategic adviser.

Comcast Chairman and co-CEO Brian Roberts will continue to be actively involved in the leadership of Comcast and NBCUniversal, working in partnership with the CEOs of both companies.

“Comcast will continue to build on its leadership in connectivity, while NBCUniversal, together with Sky, will have the scale, brands, content and financial resources to compete as a premier global media and entertainment company,” Cavanagh said in a statement.

Once the transaction is complete, Comcast shareholders will own shares in both Comcast and NBCUniversal. The separation is expected to be completed in about a year. It still needs final approval from Comcast’s board and is subject to regulatory approvals.

Comcast expects to keep a stake of up to 19.9% ownership position in NBCUniversal for up to one year after the spinoff is complete.

In premarket trading, Comcast shares surged 24%.