US media and telco giant Comcast is to spin off its NBCUniversal cable television networks into a separate, publicly traded company.
The new entity – dubbed SpinCo - will house channels such as USA Network, CNBC, MSNBC, Oxygen, E!, SYFY and Golf Channel along with digital assets including Fandango and Rotten Tomatoes, GolfNow and Sports Engine.
Comcast will keep the NBC broadcast television network, the Bravo and Telemundo brands, its film and television studios, and its theme parks, as well as its Peacock streaming service.
‘SpinCo’ will be led by Mark Lazarus, current Chairman of NBCUniversal Media Group. Comcast said the new entity’s assets will reach approximately 70m US households, and that SpinCo’s assets had generated approximately $7bn in revenue over the past year.
News that Comcast was planning to spin off its cable networks emerged earlier this week.
Comcast’s cable networks business has been in decline as consumers cancel their cable TV subscriptions and subscribe to streaming services. Many analysts argue that Comcast’s ongoing ownership of cable networks has held back its share price.
“When you look at our assets, talented management team and balance sheet strength, we are able to set these businesses up for future growth,” said Brian L. Roberts, Chairman and CEO of Comcast. “With significant financial resources from day one, SpinCo will be ideally positioned for success and highly attractive to investors, content creators, distributors and potential partners.”
“We see a real opportunity to invest and build additional scale and I'm excited about the growth opportunities this transition will unlock," Lazarus said.
Comcast said the aim was to complete the plan in about a year.
You are not signed in
Only registered users can comment on this article.
YouTube calls for greater support and recognition for content creators
YouTube has called for greater support for the content creator economy, and has urged the UK government and creative industries to recognise digital creators as a profession.
Key funder withdraws from Crown Works Studios project
A key backer for the planned £450m Crown Works Studios in Sunderland has withdrawn from the project, according to a BBC News report.
France Télévisions strikes ‘historic agreement’ with Amazon Prime Video
French public broadcaster France Télévisions has struck a deal to distribute its entire france.tv streaming platform – including live channels and catch-up shows - via Amazon’s Prime Video.
Pinewood Group submits data centre planning application
Pinewood Group has submitted a planning application to Buckinghamshire Council for a data centre on the Pinewood South site.
Martin Österdahl to step down as Executive Supervisor of the Eurovision Song Contest
Martin Österdahl is to step down from his role as Executive Supervisor of the Eurovision Song Contest (ESC) and Junior Eurovision Song Contest (JESC) after five years overseeing the world’s largest music event.
