Comcast is splitting its media and technology businesses into two separate companies.

A tax-free spin-off will merge together media subsidiaries NBCUniversal and Sky, leaving Comcast to focus on its broadband and wireless services.

Former EVP and CFO Michael Angelakis will return to Comcast as CEO. The exec served at Comcast between 2007 and 2015 before leaving to lead private equity firm Atairos.

“Michael’s deep knowledge of the business and passion for technology … will serve us well as we continue to take bold actions in today's competitive environment," Comcast Chairman and co-CEO Brian Roberts noted in a comment. "Our recent momentum is the launchpad to propel our advanced network, substantial customer base, and outstanding products to even greater success.”

Roberts also highlighted the leadership of Comcast's Connectivity & Platforms (C&P) CEO Steve Croney, who joined the firm at the start of the year.

Roberts is to remain leading Comcast in some capacity as he steps away from the top seat for Angelakis, while fellow CEO Mike Cavanagh flies solo on the NBCUniversal spin-out.

"I have had the privilege of working alongside Comcast's talented leadership team for many years, and I am excited to return to partner with [Roberts, Croney] … and the entire organization," Angelakis added. "Comcast's exceptional assets, entrepreneurial roots, deep customer relationships, and strong track record of innovation and technological leadership provide a powerful foundation for the future.”

Comcast financials and future

Comcast said it aims to complete the separation in approximately one year, while expecting to retain a 19.9% ownership stake in NBCUniversal for up to one year after completion.

Comcast’s most recent earnings saw its C&P business pull in $19.96 billion, down 1% year over year (YoY), while Residential Connectivity & Platforms profits fell almost 2% YoY to $17.3 billion.

Domestic wireless service revenue saw a jump of 15% to $977 million in the quarter, with wireless equipment revenue rising 52.9% to $418 million. Its Business Services Connectivity meanwhile saw revenue rise 5.8% to $2.64 billion.

Overall, Comcast banked $31.4 billion for the quarter, up 5.3% YoY.