Comcast to spin off cable networks, once star performers at the entertainment giant

By Associated Press, The Associated Press on November 20, 2024.

FILE- A Comcast truck is shown on Jan. 24, 2019, in Pittsburgh. (AP Photo/Gene J. Puskar, File)

Comcast will spin off many of NBCUniversal’s cable television networks, including USA Network, CNBC and MSNBC, into a separate public company.

The shift, which comes as more and more people opt for streaming services over traditional cable, was telegraphed by the company when it released its most recent earnings last month.

Mark Lazarus, current chairman of NBCUniversal Media Group, will serve as the new entity’s chief executive officer.

“As a standalone company with these outstanding assets, we will be better positioned to serve our audiences and drive shareholder returns in this incredibly dynamic media environment across news, sports and entertainment,” Lazarus said Wednesday.

Comcast hopes to have the spin-off completed in about a year, the cable giant said, pending board approval, financing and regulatory approvals.