By Comcast spent billions years ago to buy the NBCUniversal media empire, now they’re breaking it up.
The Wall Street Journal broke the news with a press release this morning (via Business Wire) confirming Comcast is set to spin off the bulk of its cable channels – including MSNBC, CNBC, E!, Syfy, Universal Kids, Golf Channel, Oxygen and USA – into a new and separate publicly traded company named SpinCo.
Mark Lazarus will serve as CEO of SpinCo and the process is anticipated to be completed in late 2025. It’s expected the company will be in a position to buy other cable TV networks that could potentially go up for sale. The channels themselves generate a combined $7 billion in annual revenue.
Meanwhile NBC Universal retains hold on the NBC broadcast network, Telemundo, Bravo, theme parks and movie operations. Donna Langley is expected to become chairman of NBCUniversal Entertainment and Studios while Matt Strauss will chair the NBCUniversal Media Group.
In an age of increasing cord-cutting, Comcast marks the first major media company to separate its cable networks into their own company separate from its larger film, broadcast TV and streaming empire.
Disney reportedly considered spinning off its cable networks but ended up scrapping the plan, while earlier this year both Warner Bros. and Paramount cut billions in the valuation of their cable TV networks.
Source: The Wall Street Journal (via BBC)
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