Comcast (CMCSA.US) is reportedly planning to spin off its cable video channels, including MSNBC and CNBC.
1min read Comcast (CMCSA.US) is planning to spin off its cable television channels, including MSNBC, CNBC and USA, to reduce exposure to a business that is losing viewers and advertising clients, according to people familiar with the matter.
Comcast's NBC broadcasting network and Peacock streaming television business will remain in the parent company, as will the cable television channel Bravo, whose reality shows are popular on streaming services, the people said.
The spun-off television network has annual revenue of about $7bn, according to an earlier report on Tuesday. Mark Lazarus, the current chairman of NBCUniversal Media Group, who oversees television and streaming, will become the new company's chief executive.
As earlier reported, Comcast is planning other management changes that will expand the responsibilities of two senior executives. Donna Langley, NBC's chief content officer, will become chairman of NBCUniversal Entertainment & Studios, while Matt Strauss, who oversees the company's direct-to-consumer streaming business, will replace Lazarus in his old job.
Comcast said in October it was considering a spinoff. The business would be allocated to Comcast's existing shareholders, who would have enough capital to acquire related assets.
Michael Cavanagh, president, said on October 31 during a call with analysts: "We think there may be an opportunity to take some offense. We think we have great assets and balance sheet, that's our thinking."