Comcast has officially announced plans to separate NBCUniversal into its own publicly traded company, with the split expected to be completed within the next year.

The new standalone NBCUniversal will include Universal Pictures, the NBC and Telemundo broadcast networks, NBC News, streaming service Peacock, Bravo, its lucrative theme parks business, and Sky, the British broadcaster Comcast acquired in 2018.

Industry analyst Rich Greenfield of LightShed Partners believes the move has been a long time coming, arguing that Comcast and NBCUniversal have grown into businesses with very different priorities.

"It’s time to split. They have better futures on their own," Greenfield told CNBC. "Those days are over."

Comcast confirmed that existing shareholders will own stock in both companies once the separation is finalized. The company said creating two independent businesses will allow each to focus on its own strategic goals, invest more effectively for growth, and deliver stronger long term value for investors.