Comcast to split into two companies

(CNN)– Comcast is moving a step closer to selling its media businesses.

The company said Monday, June 29, that it’s spinning-off its media arm into a new publicly-traded company.

It would include NBC Universal and the European broadcaster Sky.

The move will require the green light from regulators but Comcast is hoping to finish the process in about a year.

Shares of Comcast surged more than 20% after the announcement.