Universal Studios Is Changing Forever…behind the Scenes

Fellow Universal Studios fans, this unfortunately is NOT a clickbait title.

Comcast, the corporate owner of NBCUniversal, just announced big changes.

The corporation will split into two entities, one of which will control Universal Studios.

Yes, I mean it when I say that Universal Studios is changing forever.

Here’s what we know about the split and the future of the parks.

Comcast Splits in Two

In late 2025, Comcast’s Board of Directors confirmed what we already knew.

Comcast would spin off the overwhelming majority of its linear networks.

The new company, VERSANT, debuted in January 2026.

Now, we’ve learned that Comcast’s sweeping changes are even more comprehensive.

The VERSANT spinoff was merely the first step of a systematic divorce process.

Comcast will also split its core businesses into two divisions, and this move directly impacts Universal Studios.

The conventional Comcast broadband and wireless businesses will be a single entity.

Meanwhile, the NBCUniversal assets Comcast acquired in 2013 will be a separate entity.

If the transaction were that clean, I’d feel quite good about NBCUniversal.

As we’re about to discuss, Comcast is also saddling NBCU with some undesirables.

Sky, primarily a European business, will become a part of the new NBCU.

The good news is that a familiar face will run this new company.

Comcast co-CEO Mike Cavanagh, who has been the de facto Universal leader for a while, will officially accept this role.

Comcast’s broadband and wireless company will be run by former Chief Financial Officer Michael Angelakis.

So, NBCU is definitely getting the more proven leader to steer its next direction.

Notably, Comcast icon Brian Roberts will continue to provide guidance to both companies.

His presence raises questions about how independent each business will be.

As for what Cavanagh’s new business will be, Deadline summarizes it thusly:

“NBCUniversal will consist of Sky, Universal film and TV studios, NBC, Telemundo networks, streaming flagship Peacock and Bravo.”

A lot of that is good news. Unfortunately, some of it is terrible, though.

Let’s discuss why this deal is a necessity and how it came to be.

About the Split

Oddly, this split was set in motion during the late 2010s and not intentionally.

Comcast failed in its bid to acquire Fox’s media assets, losing to Disney.

The two corporations grew increasingly acrimonious during the bidding process.

Disney thought it had a deal with Fox, only for Comcast to swoop in and outbid them.

Later, Disney upped its bid by nearly $20 billion to win the assets.

However, Comcast’s actions had unexpected consequences a few months later.

Comcast bid on Sky after losing the Fox assets. Disney got its revenge.

CEO Bob Iger initiated a competing bid for Sky, forcing Comcast to raise its offer.

With the benefit of hindsight, Fox was worth every penny for Disney.

The problem was that Comcast forced Disney to pay $18.9 billion more than planned.

So, Disney made sure to saddle Comcast with debt during the Sky bidding.

Comcast had initially offered the equivalent of $22 billion for Sky.

Disney forced Comcast to spend beyond its means and pay $40 billion for Sky.

Stating the obvious, Sky was never worth $40 billion, which Comcast learned the hard way.

At one point during the pandemic, Comcast’s long-term debt had ballooned over $100 billion.

Some reports suggested it was even higher, a terrifying proposition, even for a company of that scale.

As of the most recent quarter, Comcast’s debt still sits at $89-$94 billion.

While accountants quibble over the specifics, Comcast is unquestionably overleveraged.

Comcast’s 2025 net revenue was slightly less than $20 billion.

At its current debt levels, it would have needed five calendar years to pay off everything.

That’s before we factor in high interest rates and the need for other investments.

Long story short, Comcast had to do something, and Paramount’s WBD acquisition sealed this fate.

A Losing Team

The concern for Universal Studios fans is therefore twofold here.

Obviously, none of us theme park fans really care about the corporate intrigue.

What matters is that the theme parks have all the money needed to add more experiences.

As part of this split, Comcast saddles NBCUniversal with Sky…and that’s not all.

Whenever I discuss Comcast’s quarterly earnings, I mention Peacock.

The streaming service will apparently turn a profit this quarter.

Historically, it’s a financial lodestone, though, and one that has hurt Universal Studios.

Comcast suffered a resource drain from Peacock that affected the bottom line.

I could say the same thing about Sky, which has been a disastrous acquisition.

Now, Universal Studios becomes a seminal part of a new business.

 

Unfortunately, its key partners are…Peacock and Sky. It’s a losing formula.

On the bright side, Universal Studios the theme parks stay with Universal Studios the entertainment division.

So, movie tie-ins will continue to be a thing at the parks once this is done.

Believe me when I say that it could be worse. And here’s where I worry you a bit.

This isn’t over yet. We’ve entered mergers and acquisitions (M&A) season.

Comcast probably did this entire deal so that it can merge with Charter.

The cable companies cannot do this deal yet because…Charter is still merging with Cox Communications.

Ultimately, we’ll likely have three different cable vendors joined into a single entity.

What Happens Next?

Meanwhile, NBCUniversal becomes a likely takeover target for someone else.

We just witnessed the same thing with Warner Bros. Discovery.

That company announced a split, but then Paramount swooped in to buy it.

Before that, Discovery had purchased Warner Bros. with the express intent of a later M&A deal.

When corporations perform spinoffs, the smaller companies are easier to acquire.

That’s the next phase of this discussion, one that won’t happen for a couple of years.

The spinoff itself has an expected completion date of about a year.

So, Universal Studios should be business as usual for the next 12 months.

I don’t even expect Comcast to shrink the budget in the short term.

With Universal Kids Resort now open and the England theme park in the planning stage, not much should change.

Long term, someone else will probably own NBCUniversal and Universal Studios, though.

Comcast just got out of the theme park business.

So, Universal Studios will have new ownership one day soon.

The 13-year Comcast era just ended today, even if it will technically last for another year.

 

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