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Comcast's Future “SpinCo” CEO Mark Lazarus Announces Key Appointments for Company's Corporate Leadership Team

1. Comcast plans a spin-off, SpinCo, containing major cable networks. 2. SpinCo focuses on growth and leveraging iconic media assets. 3. SpinCo's leadership team is experienced, aiming for competitive growth. 4. The spin-off is expected to complete in 2025, enhancing market reach. 5. SpinCo generates about $7 billion in annual revenue, boosting outlook.

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FAQ

Why Bullish?

SpinCo's formation may create value and better focus CMCSA's operations, similar to past successful spin-offs.

How important is it?

The spin-off is significant, directly affecting CMCSA's structure and future investments.

Why Long Term?

The impact from the spin-off will unfold as strategic adjustments are made over time, akin to previous media mergers.

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NEW YORK--(BUSINESS WIRE)--Mark Lazarus, the prospective Chief Executive Officer of “SpinCo,” Comcast’s planned spin-off of select cable television networks, today announced additional appointments to the future senior leadership team of SpinCo. SpinCo will be a leading independent publicly traded media company comprised of USA Network, CNBC, MSNBC, Oxygen, E!, SYFY and Golf Channel along with complementary digital assets Fandango, Rotten Tomatoes, GolfNow and SportsEngine. The team, which will be led by Mr. Lazarus and Anand Kini, prospective Chief Financial Officer and Chief Operating Officer, is focused on developing SpinCo’s independent strategy as a modern multimedia company. Appointments to the SpinCo leadership team include Val Boreland as President of Entertainment, Keith Cocozza as Chief Communications Officer, Brian Dorfler as Chief Human Resources Officer, Jeff Mayzurk as President, Operations & Technology, Kristin Newkirk as Chief Financial Officer, TV Networks, David Pietrycha as Chief Revenue and Business Officer, and Greg Wright as Chief Accounting Officer and Controller. There will be additional executive announcements in the coming weeks as the company continues to build out the management team. “As we embark on this journey to build a one-of-a-kind company, I am thrilled to be joined by such a talented group of leaders with the experience and expertise needed to make SpinCo a leading multimedia company from day one,” said Mark Lazarus. “Together, we will capitalize upon our iconic media assets, chart a course for growth and continue to attract additional talent as we build momentum toward the completion of the spin-off.” Anand Kini added, “This team was handpicked because of their expertise within each of their function areas. I am confident that with and under the leadership of Mark, we will design and build a modern media company with the scale to compete and the right strategy to unlock organic and external growth opportunities.” Upon completion of the spin-off from Comcast Corporation (Nasdaq: CMCSA), SpinCo will be an industry-leading news, sports and entertainment business with a defined strategic growth strategy, dedicated management team and stable of marquee brands that will reach approximately 70 million U.S. households. The company will be ideally positioned to provide a diverse and differentiated content offering with live news, sports and entertainment at the centerpiece of its brand-based growth strategy. The assets making up SpinCo generate approximately $7 billion in revenue annually and will be focused on growing their beloved brands, building audience and expanding monetization. The future leadership team will focus on their new roles beginning in early April, allowing time to work towards the completion of the planned spin-off, expected during 2025, following the satisfaction of customary conditions. Biographies of appointed executives: Mark Lazarus (CEO) – Prior to becoming CEO of SpinCo Mr. Lazarus was Chairman of NBCUniversal Media Group, where he oversaw the company’s TV and Streaming platforms, distribution and monetization. Previously, Mr. Lazarus served as Chairman of NBCUniversal Television and Streaming as well as Chairman of NBCUniversal Broadcast, Entertainment and Lifestyle Group, Sports and News. Under Mr. Lazarus’ leadership, the company expanded its many successful brands in sports, news and entertainment including in primetime, late-night and across the entire NBC Sports portfolio. Anand Kini (CFO & COO) – Before taking on the role of CFO & COO at SpinCo, Mr. Kini was the Executive Vice President, Corporate Strategy of Comcast Corporation and Chief Financial Officer of NBCUniversal. In his role at Comcast Corporation, Mr. Kini helped to drive the company’s global growth strategy. As NBCUniversal’s CFO, he oversaw the Finance and Strategy functions across the Media, Studio and Theme Park divisions. Mr. Kini joined NBCUniversal in 2011 from Comcast Cable, where he served as Senior Vice President of Finance, leading forecasting, budgeting, strategic planning and business analytics. Val Boreland (President, Entertainment) – Ms. Boreland is currently the Executive Vice President, Head of Content Acquisitions, TV & Streaming for NBCUniversal where she oversees the buying and curation of content for NBC, the Entertainment Cable Networks and Peacock. She played an important role as part of the team that launched Peacock and is responsible for securing some of the most successful content on all the entertainment platforms, including Yellowstone, The Office and Harry Potter. Prior to joining NBCUniversal, Ms. Boreland has had oversight of original programming, production, strategy and launching several other leading entertainment and television networks. Keith Cocozza (CCO) – Mr. Cocozza is currently the Senior Vice President of Communications for CNBC where he is responsible for the company’s external and internal communications worldwide. Prior to joining CNBC, Mr. Cocozza was an Executive Vice President of Corporate Marketing and Communications at WarnerMedia (formerly Time Warner). He also launched a communications and public relations firm, Inwood Consulting. Mr. Cocozza began his career working in New York State and New York City government and politics. Brian Dorfler (CHRO) – Mr. Dorfler is currently the Head of Human Resources for the NBCUniversal Media Group where he leads all aspects of the HR function. Previously, Mr. Dorfler served as Senior Vice President of Human Resources for NBCUniversal’s Direct-to-Consumer business where he was part of the core team that officially launched Peacock and developed a strategy for its success. He has also held various HR roles for NBCUniversal and CNBC throughout the years. Jeff Mayzurk (President O&T) – Mr. Mayzurk is currently the Executive Vice President, News Group Operations & Technology at NBCUniversal where he is responsible for operations, technical production, post-production, archives, editing and technical strategy across the NBCUnivesal News Group including NBC News, MSNBC and CNBC. Prior to his current role, Mr. Mayzurk was Executive Vice President, Operations & Technology for Telemundo and International where he led operations and technical strategy across all Telemundo business units and served as the O&T leader for the company’s international footprint. Mr. Mayzurk has also held various operational and technical roles across NBCUniversal and Comcast in the past. Kristin Newkirk (CFO, TV Networks) – Ms. Newkirk is currently the Chief Financial Officer of NBCUniversal Local where she is responsible for financial oversight of more than 50 local, regional, and national media properties. She has been with Comcast/NBCUniversal for more than 20 years, previously serving as Peacock’s Senior Vice President, FP&A and in a variety of finance roles for Comcast, Golf Channel, and NBC Sports Group. David Pietrycha (CRBO) – In his new role, Mr. Pietrycha will have oversight of business development, ad sales, distribution and data & research among others. He is currently the Chief Business Officer of NBCUniversal Media Group where he is responsible for driving the evolution and growth of the business, specifically advising on resource allocation, investment decisions, partnerships, M&A and more. Previously, Mr. Pietrycha served as Executive Vice President, Strategy & Business Development of NBCUniversal TV and Streaming, and held various senior finance positions across NBCUniversal’s portfolio of brands. Greg Wright (CAO & Controller) – Mr. Wright currently serves as Vice President, External Reporting & Treasury Controller for Comcast Corporation where he oversees the company’s external financial reporting function as well as enterprise-wide accounting for treasury, compensation and benefits, and insurance operations. Previously, Mr. Wright held various corporate accounting and reporting positions since joining Comcast in 2010, and prior to joining Comcast, he held controllership roles at a division of General Electric Company and served in the audit practice of Deloitte & Touche. About Comcast Corporation Comcast Corporation (Nasdaq: CMCSA) is a global media and technology company. From the connectivity and platforms we provide, to the content and experiences we create, our businesses reach hundreds of millions of customers, viewers, and guests worldwide. We deliver world-class broadband, wireless, and video through Xfinity, Comcast Business, and Sky; produce, distribute, and stream leading entertainment, sports, and news through brands including NBC, Telemundo, Universal, Peacock, and Sky; and bring incredible theme parks and attractions to life through Universal Destinations & Experiences. Visit www.comcastcorporation.com for more information. About NBCUniversal NBCUniversal is one of the world’s leading media and entertainment companies. We create world-class content, which we distribute across our portfolio of film, television, and streaming, and bring to life through our theme parks and consumer experiences. We own and operate leading entertainment and news brands, including NBC, NBC News, MSNBC, CNBC, NBC Sports, Telemundo, NBC Local Stations, Bravo, USA Network, and Peacock, our premium ad-supported streaming service. We produce and distribute premier filmed entertainment and programming through Universal Filmed Entertainment Group and Universal Studio Group and have world-renowned theme parks and attractions through Universal Destinations & Experiences. NBCUniversal is a subsidiary of Comcast Corporation. Visit www.nbcuniversal.com for more information. About SpinCo SpinCo will be a leading independent publicly traded media company comprised of most of NBCUniversal’s cable television networks, including USA Network, CNBC, MSNBC, Oxygen, E!, SYFY and Golf Channel along with complementary digital assets Fandango, Rotten Tomatoes, GolfNow, GolfPass, and SportsEngine. The well-capitalized company will have significant scale as a pure-play set of assets anchored by leading news, sports and entertainment content. The spin-off is expected to be completed during 2025. Caution Concerning Forward-Looking Statements This press release includes statements that may constitute forward-looking statements. In evaluating these statements, readers should consider various factors, including the risks and uncertainties Comcast describes in the “Risk Factors” sections of our most recent Annual Report on Form 10-K, our most recent Quarterly Report on Form 10-Q and other reports filed with the Securities and Exchange Commission (SEC). Factors that could cause our actual results to differ materially from these forward-looking statements include changes in and/or risks associated with: the competitive environment; consumer behavior; the advertising market; consumer acceptance of our content; programming costs; key distribution and/or licensing agreements; use and protection of our intellectual property; our reliance on third-party hardware, software and operational support; keeping pace with technological developments; cyber attacks, security breaches or technology disruptions; weak economic conditions; acquisitions and strategic initiatives; operating businesses internationally; natural disasters, severe weather-related and other uncontrollable events; loss of key personnel; labor disputes; laws and regulations; adverse decisions in litigation or governmental investigations; and other risks described from time to time in reports and other documents we file with the SEC. Readers are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date they are made, and involve risks and uncertainties that could cause actual events or our actual results to differ materially from those expressed in any such forward-looking statements. We undertake no obligation to update or revise publicly any forward-looking statements, whether because of new information, future events or otherwise. The amount and timing of any dividends and share repurchases are subject to business, economic and other relevant factors.

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