June 29 (Reuters) - Comcast ( CMCSA ) will split into two publicly traded companies through a spinoff of NBCUniversal and Sky, separating its cash-generating broadband arm from a media and entertainment business under pressure from streaming rivals and industry consolidation.

Shares of the company rose more than 20% in premarket trading on Monday.

The latest U.S. media industry shake-up follows years of cord-cutting as legacy players chase scale to better compete with Netflix while Paramount Skydance's $110 billion deal for Warner Bros Discovery is set to boost competition.

Comcast ( CMCSA ), which leans on cable for much of its cash flow, is also losing broadband customers to fixed wireless offerings from T-Mobile and Verizon and to fiber rivals building out networks.

"The transaction we are announcing will unlock a more entrepreneurial management approach and open up a multitude of new opportunities for each business," Brian Roberts, chairman and co-CEO of Comcast ( CMCSA ), said.

The split, expected to be completed in about a year, will create one company anchored by Comcast's ( CMCSA ) cable, wireless and business services arm and another built around Universal theme parks, film and TV studios, NBC, Peacock and the European media business Sky.

Mike Cavanagh, Comcast's ( CMCSA ) co-CEO, will run the new NBCUniversal. Michael Angelakis, former chief financial officer, will return to lead Comcast ( CMCSA ) as CEO, after initially joining as a strategic adviser ahead of the separation.

Comcast ( CMCSA ) shareholders will own stock in both companies after the deal closes.

The company will keep a stake of as much as 19.9% in NBCUniversal for up to a year following the spinoff, which it plans to monetize over time.

(Reporting by Anhata Rooprai in Bengaluru; Editing by Pooja Desai and Sriraj Kalluvila)