Comcast and NBCUniversal are closing a deal that could lead to the consolidation of the two companies’ businesses.
Fox Sports CEO John Skipper and CFO David A. Cohen will be the company’s new CEO and chairman, respectively.
The deal will also include the buyout of NBCUniversal.
Comcast and Comcast-owned NBCUniversal will be merged into a $54.4 billion company called Comcast-NBCUniversal Interactive.
Comcast-TV Networks will be sold to Time Warner for $1.9 billion.
The acquisition comes after Comcast agreed to sell its stake in Time Warner Cable, which it has controlled since 2011.
Comcast is also acquiring DirecTV Now and NBCU-owned Direclyst, a joint venture with Dish Network.
Skipper said the deal is part of Comcast’s efforts to better compete with Netflix and other streaming services, and the combined company will be better able to provide consumers with more choices and better customer experience.
“Consumers are now able to watch more movies, more TV shows, more sports and more entertainment without the need to sign up for additional cable or satellite service,” Skipper said in a statement.
“We will continue to work with our partners, including our NBCUniversal and Time Warner partners, to bring more great content to their homes and to expand their broadband options.”
Skipper added that the combined Comcast- NBCUniversal group will be more efficient and effective.
Comcast’s net income rose 11 percent to $9 billion in the second quarter, while NBCUniversal’s fell 6 percent to an all-time low of $6.6 billion.
The combined company’s revenue grew 5 percent to nearly $5.2 billion.
Skipper’s comments came after Comcast CEO Brian Roberts said Comcast was still a “truly great” company and he expects it to grow again.
Comcast shares were up 5.4 percent to a record $49.60 in after-hours trading on Thursday.
The stock is up about 15 percent over the past year.