Dive Brief:

• NBCUniversal named Christopher Halpin as its incoming finance chief in a move effective Sept. 8, coming as the media entity prepares to split from its parent corporation Comcast, according to a Thursday press release.
• The CFO announcement comes about a month after Comcast said it would be spinning off both its NBCUniversal and Sky businesses in a tax-free transaction. With the split, Comcast will retain its cable and internet businesses, while NBC will become an independent entity operating various entertainment and media brands, the Philadelphia-based company said at the time.
• NBCUniversal’s current CFO Randy Culbertson will “remain a key part” of the company’s leadership team and will transition to a new role following Halpin’s appointment, the media business said Thursday.

Dive Insight:

The media conglomerate has leaned on its financial bench as it consolidates plans for the separation — decoupling from NBC about 13 years after completing a mega-merger in 2011 which valued the combined entity at about $30 billion. NBC operates a number of media and entertainment brands including CNBC, Universal Resorts and Peacock, according to its website.

Comcast previously announced Michael Angelakis, its former CFO, will step in as its CEO following the split, CFO Dive reported last month. Meanwhile, Mike Cavanagh — also a former finance chief and current Co-CEO for Comcast — is set to serve as CEO for NBCUniversal.

Comcast expects the separation to be complete in approximately a year, subject to approval by its board of directors, according to its June 29 press release. The split is aimed to help the two new independent entities to better pursue their own strategic goals, Comcast said at the time.

Halpin will join NBCUniversal after a four-year term as finance chief for IAC, previously known as People Incorporated and owner of publisher People Inc. Before IAC, the publisher of People Magazine, he served in various roles during an eight-year tenure at the National Football League, including a three-year span as its EVP, chief strategy and growth officer, according to his LinkedIn profile.

“I am excited to work alongside Brian [Roberts], Mike and the leadership team to help advance the company’s strategic priorities and position NBCUniversal for success as a standalone media and entertainment company,” Halpin said in a statement included in the Thursday press release.

Comcast announced Halpin’s coming appointment shortly after releasing results for its second quarter on July 23, where the business touted a bump in subscribers to key channels in response to worldwide sporting events, such as the World Cup.

The company’s Peacock network achieved profitability for the first time ever during the quarter ended June 30, reporting EBITDA of $189 million, according to its earnings report.

Meanwhile, paid subscribers for the network jumped by a net 2 million to reach 48 million, a rise due to the NBA playoff and FIFA World Cup games as well as Love Island USA, Comcast said. The World Cup also helped to drive record engagement across the company’s Telemundo channel as well as Peacock.  

The company pointed to continued success in other key business areas such as its studio segment, which has “continued to perform at a high level” across various franchises and film titles, such as the recent success of The Odyssey, co-CEOs Brian Roberts and Cavanagh said in a joint statement.

For the quarter, Comcast reported $4.6 billion in free cash flow, but reported drops in both revenue, adjusted EBITDA and net income. In Q2 adjusted net income hit $3.7 billion, about a 20% drop from the prior year period, while adjusted EBITDA fell approximately 13% year-over-year to $8.9 billion.