Comcast announces it will spin off media and tech wings into separate public companies

Summary

CNBC's Squawk Box discusses Comcast's announcement that it will spin off its media and technology businesses into two publicly traded companies. The conversation focuses on the stock's poor five-year performance, a current analyst price target of $37, and skepticism that the spinoff will immediately boost the share price. A debate ensues over management quality and whether the media asset has been poorly managed, with one anchor arguing it is empirically impossible to call Comcast anything but a bad investment.

• Comcast will spin off media and technology units into separate public companies.
• NBCUniversal will be led by Mike Cavanaugh; Comcast cable by Michael Angelakis.
• Comcast stock has fallen from around $60 in 2021 to less than half that level.
• An analyst note sets a $37 price target, but one anchor doubts it will be reached today.
• Joe Kernen argues Comcast is a poorly managed asset and a horrible underperformer.
• The hosts debate whether the spinoff structure will unlock value.
• The discussion touches on debt allocation at NBC and the legacy Sky acquisition.