Official announcements from Comcast or verified reports in major financial news outlets

Comcast Explores Spinning Off Cable Networks Amid 6.5% Revenue Growth; Open to Streaming Partnerships

Oct 31, 2024, 01:02 PM

Comcast is considering spinning off its cable networks into a new, well-capitalized, standalone company, according to CEO Brian Roberts and President Mike Cavanagh during the company's third-quarter earnings call. The potential separation would include cable channels such as CNBC, Bravo, MSNBC, E!, and USA Network, but would not include Peacock or broadcast networks. Comcast reported a 6.5% increase in third-quarter revenue to $32.07 billion, surpassing estimates, with adjusted earnings per share of $1.12. The company is also open to partnerships in streaming and interested in merging Peacock with other streaming services. The move comes amid ongoing challenges in the traditional TV industry due to cord-cutting trends.