I actually think the spinoff has nothing to do with Universal and has more to do with Comcast.
Comcast the telecommunications company has a couple things going on right now. The cable bundle is slowly dying. They’re in an infrastructure business, which isn’t growing, but brings in a lot of revenue. It also costs a lot to lay ten of thousands of miles of cable. They have a lot of cash coming in and a lot going out.
As much as something might happen with Universal, I think Comcast is doing this to make it easier to do a large transaction on their side. Charter’s stock just skyrocketed, so the assumption is that Comcast will want to merge with Charter. There’s some saying Comcast wants to do a transaction in wireless (Verizon?). This also makes it easier for Comcast to be bought, but I struggle to understand who would do that. Some people on the internet say SpaceX, but SpaceX does not want to deal with ingesting a company the size of Comcast b
Universal is a very different business from WB. The parks throw off a ton of money, but also require a lot of ongoing investment. Comcast liked that business because it’s more structurally similar to telecommunications than media. Most media/tech companies don’t want it because they don’t want to deal with the parks. David Ellison doesn’t want tens of thousands of theme park employees and a bunch of his time dedicated to Florida.