Comcast to Spin Off Cable Networks Amid Ongoing Subscriber Losses

Mirror_worldmagazine23 Jan, 2025Business

Comcast has revealed plans to spin off its portfolio of cable networks, including CNBC, MSNBC, E!, Syfy, Golf Channel, USA, and Oxygen, into a separate entity. This announcement follows discussions from the company’s October earnings call, during which President Mike Cavanagh hinted at the creation of a standalone company for these networks. The new entity is expected to generate around $7 billion in revenue for the previous year. Mark Lazarus, NBCUniversal's chairman of the media group, will lead the new company, with Anand Kini, NBCUniversal's CFO, serving as its operating chief. The spin-off is anticipated to take roughly a year to complete. Additionally, some of Comcast's digital assets, including Fandango, Rotten Tomatoes, GolfNow, and Sports Engine, will also be included in the spin-off. Comcast’s broadcast network, NBC, along with the streaming platform Peacock, will remain under NBCUniversal and continue to operate under the parent company's umbrella.