Comcast is making waves in the media world by announcing its plan to spin off NBCUniversal's cable television networks, including popular channels like MSNBC, CNBC, USA, E!, Syfy, and the Golf Channel. This comes as traditional cable TV faces tough competition from streaming services like Netflix and Amazon Prime.
The spin-off will form a new company, still profitable with a reported $7 billion in revenue for the year ending in September. Comcast will retain ownership of its NBC broadcast television, film studios, theme parks, and the Peacock streaming service. Mark Lazarus, head of NBCUniversal's media group, will become the CEO of the new company.
This move, expected to be completed within a year, positions Comcast for future growth in a rapidly changing media landscape. The shift reflects a broader trend in the industry, as major players like Warner Bros and Paramount Global have recently decreased the value of their cable networks, while Disney considered a similar spin-off but ultimately decided against it.
The spin-off will form a new company, still profitable with a reported $7 billion in revenue for the year ending in September. Comcast will retain ownership of its NBC broadcast television, film studios, theme parks, and the Peacock streaming service. Mark Lazarus, head of NBCUniversal's media group, will become the CEO of the new company.
This move, expected to be completed within a year, positions Comcast for future growth in a rapidly changing media landscape. The shift reflects a broader trend in the industry, as major players like Warner Bros and Paramount Global have recently decreased the value of their cable networks, while Disney considered a similar spin-off but ultimately decided against it.
