Comcast names insider Michael Cavanagh to serve as co-CEO with Brian Roberts ahead of cable spinoff

Group 1 - Comcast will appoint President Michael Cavanagh as co-CEO, adopting a dual chief executive model as part of a restructuring plan [1][4] - The company plans to spin off its NBCUniversal cable channels, including USA Network and CNBC, into a new entity called Versant later this year [4][7] - Cavanagh will join the board and is expected to help lead the company through its transition to drive growth [4][6] Group 2 - Comcast is restructuring its largest business unit, which includes Xfinity internet, mobile, and pay TV services, by eliminating a layer of management and cutting jobs [5] - The company is responding to intense competition in its broadband business from wireless telecom providers by introducing national pricing, five-year price guarantees, and bundled mobile and broadband packages [6]