Comcast Announces Spin-Off of Most Cable Networks Into New Company to ‘Set These Businesses Up for Future Growth,’ CEO Brian Roberts Says
variety.comTodd Spangler NY Digital Editor Comcast is officially cutting the cord on most of its cable networks. The company announced a plan Wednesday that will offload the bulk of NBCUniversal‘s financially challenged cable portfolio — excluding Bravo — into a new entity owned by Comcast shareholders.
The thinking is the new company will be positioned to acquire other media and digital properties, to gain greater scale in an increasingly streaming-focused landscape.
Alternatively, the separation of the NBCU cable group would make it easier to sell the business. The spin-off company will house MSNBC, CNBC, USA Network, Oxygen, E!, Syfy and Golf Channel.
In addition, the company will include digital assets including Fandango and Rotten Tomatoes, online golf-course booking service GolfNow and youth-sports platform SportsEngine.
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