By UBS News Staff | November 20, 2024

Comcast announced plans to spin off several cable networks, including CNBC, MSNBC, and E!, into a new entity temporarily named “SpinCo.” The process is expected to take about a year, according to a company memo. Notably, Bravo will remain part of NBCUniversal to bolster its streaming platform, Peacock.

The new company will also include USA Network, Syfy, Golf Channel, and Oxygen, along with digital assets like Fandango and Rotten Tomatoes. It will be led by Mark Lazarus, currently NBCUniversal’s media group chairman, and is anticipated to generate about $7 billion in annual revenue.

The move comes as Comcast adapts to the cord-cutting trend, which saw it lose 365,000 TV customers in Q3. While traditional TV remains profitable, the spinoff allows Comcast to streamline operations and invest in its core businesses, including NBC, Peacock, and other media ventures.

For now, discussions about licensing agreements and collaborations with NBC News are ongoing. Comcast CEO Brian Roberts will retain economic and voting interests in the new entity but will not serve in a leadership role.