Wall Street dealmaker Roger Altman delivers candid Comcast verdict

4 hours ago 1

I person watched plentifulness of Wall Street veterans hedge their commentary connected large firm breakups. We person had excessively galore qualifiers, excessively overmuch "time volition tell." This time, I similar that Roger Altman did not bash that.

The Evercore founder, elder chairman, and American concern banker who has advised connected immoderate of the largest deals successful Wall Street history, joined CNBC's "Squawk Box" Monday morning, June 29, hours aft Comcast (CMCSA) announced it would divided into 2 autarkic nationalist companies.

His verdict was contiguous and unhedged. "It does," Altman said erstwhile asked if the divided made sense.

It's the close move.

CMCSA closed up 4.53% to $24.22 connected June 29 aft the news. The banal is inactive down 11.51% year-to-date and 23.63% implicit the past year, according to Yahoo Finance. Yes, that's a brutal agelong that, successful Altman's framing, is partially wherefore this breakup is yet happening present alternatively than sooner.

Also Read: Comcast Corporation Latest News and Stories

Here is what Comcast really announced

Comcast confirmed Monday, June 29, that it volition abstracted into 2 autarkic publically traded companies done a tax-free spin-off of NBCUniversal and Sky, according to the Comcast announcement.

Shareholders volition person shares successful some the standalone Comcast and the caller NBCUniversal entity erstwhile the separation is complete, expected successful astir 1 year.

The resulting Comcast volition beryllium a pure-play connectivity and exertion company, anchored by its broadband and wireless platforms, reaching much than 65 cardinal homes and businesses, alongside its concern services division.

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NBCUniversal — combined with Sky, Comcast's European media concern — becomes a standalone planetary media and amusement institution built astir taxable parks, the Universal movie and tv studios, NBC, Telemundo, Peacock, and Bravo.

Leadership changes travel the split. Mike Cavanagh volition tally NBCUniversal arsenic CEO. Former Comcast CFO Michael Angelakis returns arsenic Comcast's CEO, joining initially arsenic a strategical advisor.

Brian Roberts remains actively progressive crossed some companies. Comcast plans to clasp up to a 19.9% involvement successful NBCUniversal for up to 1 twelvemonth post-spin, intending to monetize that presumption successful a tax-efficient mode implicit time.