The Nasdaq-listed company intends to spin off NBCUniversal and Sky, leaving Comcast as a standalone tech company providing broadband and wireless services to around 65m homes and businesses.
As well as Sky, Comcast’s European media business, NBCUniversal will own theme parks, the Universal film and television studios, NBC, Telemundo, Peacock and Bravo.
Once the deal completes, expected within the next 12 months or so, shareholders will own stock in both companies. Comcast will also retain a stake of up to 19.9% in NBCUniversal for up to a year post completion.
Brian Roberts, chair and co-chief executive, said the overhaul would "unlock a more entrepreneurial management approach and open up a multitude of new opportunities for each business".
As at 1300 BST, the stock had rocketed 23% in pre-market trading. Prior to the announcement, the share price had shed around 30% over the last year.
Mike Cavanagh, currently co-chief executive with Roberts, will head up NBCUniversal, while former chief financial officer Michael Angelakis will lead Comcast. Roberts controls about a third of the voting power at Comcast, which was founded by Ralph Roberts, his father. Comcast confirmed he would be "actively involved" in the leadership of both companies, but did not state in what role.
US media is facing a major structural shift, as audiences move away from traditional viewing habits and TV networks to social media and streaming platforms. Comcast earlier this year spun off its cable TV business, which includes CNBC, as a standalone firm called Versant Media, while Fox agreed to buy Roku for $22bn this month. Paramount Skydance, which was formed last year, has also recently secured approval for its $110bn takeover of Warner Bros after winning a bidding war for the studio.