Evercore founder and senior chairman Roger Altman delivered an unhedged verdict on Comcast's plan to split into two independent public companies, calling it the right move and suggesting it should have been done a year or two ago. Comcast announced a tax-free spin-off of NBCUniversal and Sky, creating a pure-play connectivity company and a standalone global media and entertainment business, with the separation expected to complete in about a year. Altman noted that Comcast's poor share price performance forced the board's hand, and that the split gives both sides optionality for future combinations. Comcast shares rose 4.53% to $24.22 on the news, though the stock remains down 11.51% year-to-date and 23.63% over the past year.
Comcast CorpComcast announced a tax-free spin-off of NBCUniversal and Sky, creating two independent public companies, which Evercore founder Roger Altman calls the right move and says gives both sides optionality for future combinations.