Comcast to Spin Off NBCUniversal Cable Networks Into Separate Public Company as Streaming Dominates
Comcast announced plans to spin off many of NBCUniversal’s cable television networks, including USA Network, CNBC, MSNBC, and others, into a new, independent public company. The move comes as the media giant continues to adapt to the growing trend of streaming services, with traditional cable losing ground to digital platforms.
The new entity will also inherit networks like Oxygen, E!, SYFY, and Golf Channel, as well as movie ticketing platform Fandango and the popular movie review site Rotten Tomatoes. Comcast’s streaming service, Peacock, will remain part of the parent company, alongside Bravo, which supplies significant content for the platform.
Mark Lazarus, Chairman of NBCUniversal Media Group, will lead the new company as CEO, with Anand Kini, the current CFO of NBCUniversal, taking on the role of both CFO and COO.
Lazarus expressed confidence in the spin-off, stating that the new company’s strong portfolio of assets would allow it to better serve audiences and drive shareholder returns in the rapidly evolving media landscape. The new company’s assets generated approximately $7 billion in revenue for Comcast in the past year, out of the company’s total $123 billion revenue.
Comcast sees the spin-off as a way to offer more financial flexibility and position the new entity as a potential partner and acquirer of other complementary media businesses. The separation is expected to be completed in about a year, pending approval from the board and government regulators.
The announcement came as Comcast reported a strong quarter, with its streaming service Peacock growing its subscriber base by 29% to 36 million. The service also saw a significant revenue boost, driven by its success during the 2024 Paris Olympics, where it streamed over 23 billion minutes of coverage.
With Comcast shifting focus from traditional cable to streaming, movies, and theme parks, the spin-off reflects a broader industry trend as entertainment companies adapt to a changing media environment.
