Comcast announced its plan to spin off its NBCUniversal cable TV networks, a move that will create a new publicly traded company with an estimated $7 billion in revenue over the past 12 months. This spin-off, structured as a tax-free transaction for Comcast shareholders, is expected to take approximately a year to finalize. The new entity will include channels like MSNBC, CNBC, USA, Oxygen, E!, Syfy, and Golf Channel.
Mark Lazarus, currently chairman of NBCUniversal's media group, will become the CEO of the new cable venture, with Anand Kini, NBCUniversal's CFO, serving as CFO and operating chief. While Comcast Chairman and CEO Brian Roberts will hold a one-third voting stake in the new company, he will not join its board. Meanwhile, established channels like Bravo, the Peacock streaming service, and the NBC broadcast network will remain with Comcast.
This strategic separation aims to better position NBCUniversal's remaining assets, such as broadcast TV, sports, movies, and theme parks, for growth. The decision comes as cord-cutting has significantly impacted cable network subscriptions and viewership, leading Comcast to be the first major media company to divest nearly its entire cable business. Cesar Conde will continue as chairman of NBCUniversal News Group, and Donna Langley will become chairman of NBCUniversal Entertainment and Studios, gaining more control over content spending and greenlighting productions.
