Media and telecoms giant Comcast is exploring the possibility of spinning off its cable networks.
Bloomberg reported that Comcast has asked investment bank Morgan Stanley to evaluate options for its cable networks, after announcing last week that it is considering divesting the business.
Comcast is the parent company of NBCUniversal, whose cable networks include Bravo, E!, Syfy, Oxygen True Crime and USA Network, as well as news networks MSNBC and CNBC.
Comcast President Mike Cavanagh said during an earnings call that the company has been deliberating whether to separate its cable networks into a new company.
“We are now exploring whether creating a new well-capitalized company, owned by our shareholders and comprised of our strong portfolio of cable networks, would position them to take advantage of opportunities in the changing media landscape and create value for our shareholders,” said Cavanagh. “We are not ready to talk about any specifics yet, but we’ll be back to you as and when we reach firm conclusions.”
Comcast’s cable networks business has been in decline as consumers cancel their cable TV subscriptions, and increasing numbers subscribe to streaming services. Many analysts argue that its ongoing ownership of cable networks is holding back Comcast’s share price.
Comcast’s streaming service Peacock added three million paid subscribers in its most recent third quarter, bringing the total to 36 million.
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