The media empire behind peacock is splitting. Why?

Comcast is breaking itself up, and Wall Street seems to like the idea.

Shares of the US media and telecom giant rallied after the company announced plans to spin off NBCUniversal and Sky into a separately listed public company.

So, what does that mean: the new company will house some of the biggest names in entertainment, including Universal Pictures, NBC, Peacock, Bravo, Sky, NBC News, Telemundo and Comcast's theme parks business.

Meanwhile, Comcast itself will become a more focused telecom company, concentrating on broadband, cable and wireless services.

Why now: the media business has changed dramatically over the past few years. Traditional TV is losing viewers, more people are switching to streaming platforms, and competition from companies like Netflix, YouTube and other digital players continues to intensify.

By separating its media assets from its telecom business, Comcast hopes both companies can operate more efficiently and unlock more value for shareholders.

This isn't the first shake-up either. Earlier this year, Comcast spun off several of its cable TV networks, including CNBC and MSNBC, into a separate company called Versant.

And it's not just Comcast. Big media companies are all trying to figure out how to stay ahead as more people move away from traditional TV and towards streaming platforms.

At the same time, companies are getting bigger through mergers and acquisitions. For example, the proposed $110 billion Paramount Skydance deal for Warner Bros. Discovery could create an even stronger entertainment giant.

In short, the media industry is changing fast, and companies are reshaping themselves to stay competitive.