Comcast (CMCSA) opened Monday’s trading up nearly 17% on news that the company would spin off its NBCUniversal and Sky media and entertainment businesses, keeping the cable, wireless, and broadband businesses, along with up to a 19.9% stake in the spinoff.
That’s welcome news to long-suffering Comcast shareholders. The company has faced a conglomerate discount for years because of the perceived lack of synergy between the two businesses. Certainly, the nasty divorce between Time Warner and AT&T (T) is but one example of disparate tie-ups gone wrong.
