The US company said on Monday that its board and management team thought each company would be better positioned to pursue its own strategic priorities, invest for growth and create long-term shareholder value as independent entities.
In pre-market trading, Comcast shares surged 24 per cent.
The planned move comes after Comcast announced in 2024 that it was spinning off cable networks such as USA, Oxygen, E!, SYFY and Golf Channel as well as CNBC and MSNBC into a new company.
Movie ticketing platform Fandango and the Rotten Tomatoes movie rating site were also included.
Like other cable companies, Comcast in recent years has shifted its business emphasis away from traditional cable towards streaming and other sources of revenue such as its movie studio, theme parks and home wireless and internet services.
Media and entertainment company NBCUniversal includes a theme parks division, Universal film and television studios, NBC and Telemundo networks, Peacock, and Bravo.
Its portfolio will now include European media business Sky.
Comcast, based in Philadelphia, will continue providing internet services to residential and business customers.
Comcast co-CEO Mike Cavanagh will become the CEO of NBCUniversal.
Comcast's former chief financial officer Michael Angelakis will become the CEO of Comcast following completion of the separation.
In the interim, he will serve as a strategic adviser.
Comcast chairman and co-CEO Brian Roberts will continue to be actively involved in the leadership of Comcast and NBCUniversal, working in partnership with the CEOs of both companies.
Once the transaction is complete, Comcast shareholders will own shares in both Comcast and NBCUniversal.
The separation is expected to be completed in about a year.
It still needs final approval from Comcast's board and is subject to regulatory approvals.
Comcast expects to keep a stake of up to 19.9 per cent ownership position in NBCUniversal for up to one year after the spin-off is complete.
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