Comcast has confirmed more than 1,000 job cuts across its cable and broadband divisions and expects to record a charge above $1 billion in the fourth quarter, according to layoff filings and statements reported by Bloomberg.

The company filed layoff notices in four states. The notices list 634 job cuts in Pennsylvania, 119 in New Jersey, 159 in Washington state and 82 in California. The total disclosed figure stands at 994 positions.

A Comcast spokesperson told Bloomberg that some additional layoffs fell below the threshold that triggers mandatory notice filings. The true scale of the cuts therefore exceeds the disclosed number. Comcast is withholding an overall tally.

What did executives say?

Co-CEO Mike Cavanagh framed the restructuring in explicit terms on Oct. 22. The company has begun "the most significant operating and cost transformation in our company's history," he said.

CFO Jason Armstrong quantified the financial impact. The overhaul will force Comcast to record a charge above $1 billion during the fourth quarter, he said.

The restructuring sits inside a broader corporate separation. Comcast announced in June that it would spin off NBCUniversal and Sky into a separate publicly traded company. Cavanagh and Co-CEO Brian Roberts said the separation "remains on track."

Where are the new roles going?

Comcast is pairing the layoffs with selective hiring. The company told the mayor of Philadelphia in a letter that it intends to post over 1,100 new roles across the company, according to Bloomberg. More than 500 of those roles will sit at its headquarters campus in Philadelphia.

The 1,100 planned postings slightly exceed the disclosed scale of the layoffs, though Comcast has not specified which divisions will gain or lose headcount.

The company has also suspended its share repurchase program. The pause began in the third quarter and is expected to last through the proposed separation of NBCUniversal and Sky.

Why is the connectivity business shrinking?

The layoffs track a sustained decline in Comcast's core connectivity operations. In the third quarter, the company lost 144,000 domestic broadband residential customers. It lost 274,000 domestic video customers in the same period.

The revenue split between Comcast's two main segments shows the divergence:

• Connectivity & Platforms revenue fell 2.7% to $19.7 billion.
• Content & Experiences revenue rose 6.5% to $10.5 billion.

Connectivity & Platforms houses the broadband and video businesses absorbing the bulk of the job cuts. Content & Experiences covers the NBCUniversal media operations slated for separation.

How does Versant fit in?

This is not Comcast's first cable portfolio divestment. Cable channels such as CNBC and MS Now left Comcast in January through a spinoff that created Versant Media Group, according to Bloomberg.

The Versant transaction established the template now being extended to NBCUniversal and Sky: separating declining cable assets from the remaining business. The June announcement formalized that second, larger step.

Taken together, the moves redraw Comcast's shape. The company is shedding media assets, shrinking its connectivity workforce, pausing buybacks and absorbing a charge above $1 billion to fund what Cavanagh calls the deepest cost transformation in its history.