Comcast stock surges after it says it's spinning off its media businesses

Comcast’s stock is surging after it said it’s spinning off its media businesses.

Shares jumped more than 25% in premarket trading on Monday after the company said it plans to separate its media and tech businesses into two publicly traded companies.

This will be done through a tax-free spin-off of NBCUniversal and Sky, it added.

The move is intended to give each company greater strategic focus. The company said the separation will allow both businesses to invest more effectively and pursue their own growth opportunities.

“This is a very exciting day for our company. The transaction we are announcing will unlock a more entrepreneurial management approach and open up a multitude of new opportunities for each business,” Comcast co-CEO Brian Roberts said.

This story is developing.