Sightful Invest
  • Business
  • Investing
  • Politics
  • Stock
Top Posts
Comey to be arraigned in federal court after...
Comey pleads not guilty in court after indictment...
Houthi rebels test US ceasefire with deadly strike...
Kushner joins Witkoff for Gaza ceasefire talks as...
Cuomo rips Mamdani’s freebie ‘fantasy,’ says AOC proved...
White House escalates shutdown consequences as Democrats show...
Moderate Dem undercuts Jeffries on ObamaCare compromise as...
MIKE DAVIS: The Supreme Court betrayed again —...
Senate Democrats defy White House warnings, again block...
Greta Thunberg slammed for using image of starved...
  • Business
  • Investing
  • Politics
  • Stock

Sightful Invest

Business

Comcast to announce the spinoff of cable networks, including MSNBC, CNBC and USA, sources say

by admin November 21, 2024
November 21, 2024
Comcast to announce the spinoff of cable networks, including MSNBC, CNBC and USA, sources say

Comcast is expected to announce a plan Wednesday to spin off its cable networks into a separate company, two people familiar with the matter told NBC News.

The split would cleave off some of NBCUniversal’s best-known brands, including MSNBC, E!, Syfy, Golf Channel, USA, CNBC and Oxygen, which now face the same cord-cutting challenges as many other major cable channels.

The spinoff plan was first reported by The Wall Street Journal.

Comcast had announced during its quarterly earnings call in October that it was considering spinning off its cable networks.

President Mike Cavanagh said at the time that the company was exploring creating “a new, well-capitalized company owned by our shareholders and comprised of our strong portfolio of cable networks.” He added that NBCUniversal’s broadcast network NBC and the streaming service Peacock would remain with Comcast.

Comcast owns NBCUniversal, which is the parent company of NBC News. A spokesperson for Comcast declined to comment.

An employee walk past signage inside Comcast Corp. headquarters in Philadelphia on Oct. 24, 2016.Charles Mostoller / Bloomberg via Getty Images file

Comcast is moving forward with the decision as millions of customers exit the traditional pay TV bundle in favor of streaming. The company has been beefing up Peacock in recent years. Comcast said last month that Peacock’s paid-subscriber count jumped nearly 30% to 36 million year over year.

Bravo will remain part of Comcast’s NBCUniversal because its content is heavily featured on Peacock, CNBC reported.

Traditional broadcast networks remain cash cows. Comcast reported in October that third-quarter revenue for its media segment, which mainly comprises TV networks, was up nearly 37% to $8.23 billion, largely because of the Paris Olympics. Without the Summer Games, revenue was up almost 5%.

Comcast shares were up more than 2% in after-hours trading.

The spinoff will take roughly a year as the company figures out whether licensing agreements need to be put in place and whether MSNBC and CNBC will continue to work with NBC News, CNBC reported.

Mark Lazarus, the current chairman of NBCUniversal’s media group, will lead the new company, CNBC reported, while NBCUniversal’s chief financial officer, Anand Kini, will be the CFO and operating chief.

Comcast Chairman and CEO Brian Roberts will have a voting position in the new entity, but he won’t be on the board of directors, CNBC reported.

At NBCUniversal, Donna Langley, the current chief content officer, will become chairman of NBCUniversal Entertainment and Studios. Matt Strauss, the current head of the direct-to-consumer unit, which includes Peacock, will be chairman of NBCUniversal Media Group, overseeing sports, ad sales and distribution, CNBC reported.

Cesar Conde will continue to lead the NBCUniversal News Group as chairman — which includes oversight of NBC News, Telemundo and local TV stations — and will advise the company on areas of business growth. Executive Vice President Adam Miller will become NBCUniversal’s chief operating officer, CNBC reported.

This post appeared first on NBC NEWS

previous post
Mike Tyson, Jake Paul fight was the most streamed sporting event ever, Netflix says
next post
Silver47 Drills 2.9m of 1,078.8 g/t Silver Equivalentat the West Tundra Flats Zone at Its Red Mountain Project, Alaska

You may also like

Trump Media stock drops 5% after quarterly loss...

August 14, 2024

What’s the secret of their success? Summer camp

August 26, 2025

Streaming overtakes cable and broadcast as the most-watched...

June 19, 2025

TNT’s ‘Inside the NBA’ headed for ESPN and...

November 19, 2024

Cracker Barrel shares plummet after pushback on new...

August 22, 2025

How Fanatics is teaching business acumen to pro...

June 25, 2025

Amazon lays off over 100 employees in Wondery...

August 6, 2025

Microsoft’s Satya Nadella says job cuts have been...

July 26, 2025

23andMe files for bankruptcy as co-founder Anne Wojcicki...

March 25, 2025

Trump and Japan tech conglomerate SoftBank announce $100...

December 17, 2024

Recent Posts

  • Comey to be arraigned in federal court after being indicted for alleged false statements, obstruction
  • Comey pleads not guilty in court after indictment on alleged false statements, obstruction
  • Houthi rebels test US ceasefire with deadly strike on cargo ship
  • Kushner joins Witkoff for Gaza ceasefire talks as Trump pushes peace plan: ‘Cautiously optimistic’
  • Cuomo rips Mamdani’s freebie ‘fantasy,’ says AOC proved socialism fails after killing NYC Amazon deal

    Sign up for our newsletter to receive the latest insights, updates, and exclusive content straight to your inbox! Whether it's industry news, expert advice, or inspiring stories, we bring you valuable information that you won't find anywhere else. Stay connected with us!


    By opting in you agree to receive emails from us and our affiliates. Your information is secure and your privacy is protected.

    Categories

    • Business (936)
    • Investing (3,147)
    • Politics (3,845)
    • Stock (4)
    • About us
    • Contact us
    • Privacy Policy
    • Terms & Conditions

    Disclaimer: sightfulinvest.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

    Copyright © 2025 Sightful Invest. All Rights Reserved.