Comcast plans to split into two companies, will spinoff NBC and Sky

Comcast unveiled plans Monday to split its media and technology businesses into two separately traded public companies as the entertainment industry reels from consumers abandoning the traditional TV bundle in favor of streaming services.

The tax-free spinoff will separate NBCUniversal and Sky into a standalone media company while the remaining Comcast business will concentrate on its broadband, wireless and business services operations, according to the company's announcement.