Comcast said Monday that it plans to spin off NBCUniversal into a separate publicly traded company, the latest shift in an industry grappling with rapid technological change and new consumer habits.

Comcast announced on Monday that it is spinning off NBCUniversal as well as its European media arm, Sky, into a new publicly traded company.

Comcast patriarch Brian Roberts said the separation plan “will unlock a more entrepreneurial management approach and open up a multitude of new opportunities for each business.”