Comcast and NBCUniversal will separate into two independent, publicly traded companies within a year’s time, the corporation announced on Monday.

NBCUniversal will house the theme parks, Universal film and TV studios, networks NBC, Telemundo and Bravo, streamer Peacock and European media business Sky. Comcast will become a standalone connectivity company.

The tax-free spin-off will see current Co-CEO Mike Cavanagh become CEO of NBCUniversal, with former CFO Michael Angelakis as CEO of Comcast. Comcast chairperson Brian L. Roberts will remain involved with the leadership teams of both.

“This is a very exciting day for our company. The transaction we are announcing will unlock a more entrepreneurial management approach and open up a multitude of new opportunities for each business,” Roberts said in a statement. “I very much look forward to helping guide our collective growth for this next chapter.”

The move comes after Comcast shed most of its cable networks by spinning those off into a separate company, Versant, earlier this year.

“Both companies begin this next chapter from positions of strength. Comcast will continue to build on its leadership in connectivity, while NBCUniversal, together with Sky, will have the scale, brands, content and financial resources to compete as a premier global media and entertainment company,” Cavanagh added. “Each organization will continue to be led by a management team with deep industry experience that will benefit from focused strategic priorities and the ability to pursue opportunities most relevant to their businesses. I’m personally thrilled to continue leading NBCUniversal into the future. With our iconic brands and theme parks, leading franchises and incredible creative talent, we are well-positioned for long-term value creation.”

“I have had the privilege of working alongside Comcast’s talented leadership team for many years, and I am excited to return to partner with Brian, Steve, Jason and the entire organization,” Angelakis echoed. “Comcast’s exceptional assets, entrepreneurial roots, deep customer relationships and strong track record of innovation and technological leadership provide a powerful foundation for the future. Together, we will build on those strengths, execute aggressively, invest for growth, and pursue new opportunities to create value for our customers, colleagues and shareholders.”

Additionally, Comcast intends to retain 19.9% ownership of NBCUniversal for up to one year after the separation. Both media and technology companies will utilize the same dual-class share structure.

Comcast first announced its intention to acquire NBCUniversal in December 2009 and completed the majority stake transaction in January 2011, with full ownership to follow in March 2013.