Comcast plans to separate its media and connectivity businesses, dismantling an earlier bet on combined entertainment and distribution as it navigates intensifying competitive pressure. The cable and entertainment company, home to “Saturday Night Live,” “Law & Order” and Bravo, aims to complete a tax-free spinoff of NBCUniversal and Sky, establishing a pure-play media company. The stand-alone NBCUniversal will be led by Mike Cavanagh, who is currently Comcast’s co-chief executive, while former Chief Financial Officer Michael Angelakis will return to run Comcast. Shares in the company, which were down about 30% over the past year, rose about 8% in morning trading.…

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