Comcast says it plans to split into two businesses, NBCUniversal and Sky

Comcast said Monday it will split into two companies by spinning off NBCUniversal and Sky, giving existing shareholders stock in both businesses.

In a statement, the media company said the tax-free spinoff will allow each business to pursue its own strategy, invest for growth and create shareholder value.

Shares of Comcast jumped $4.85, or 21%, to $28.02 in premarket trading.

This is breaking news and will be updated.