Official announcements from the new company or financial news outlets

Comcast to Spin Off MSNBC, CNBC, and Other Cable Networks into $7 Billion Company Led by Mark Lazarus

Nov 20, 2024, 12:26 AM

Comcast is planning to spin off its NBCUniversal cable TV networks, including MSNBC, CNBC, USA Network, Oxygen, E!, Syfy, and Golf Channel, into a separate company owned by existing shareholders. The cable channels generated approximately $7 billion in revenue over the past 12 months but have been declining due to the streaming video revolution and cord-cutting challenges. The spin-off, valued at approximately $7 billion, is expected to be announced on Wednesday and is expected to take about a year to finalize. This move reflects Comcast's strategy to reduce its exposure to declining cable assets, which were once considered a crown jewel, and focus on its streaming business. Mark Lazarus, current chairman of NBC Sports, is expected to lead the new company. NBC, Bravo, and the streaming platform Peacock will remain under Comcast.