Comcast said Wednesday, Nov. 20, it is planning to spin off its NBCUniversal cable networks into a separate company. The spinoff includes MSNBC, CNBC, USA, Oxygen, E!, Syfy and the Golf Channel.
Digital assets including Fandango and Rotten Tomatoes will also be part of the new standalone company. In its press release, Comcast is referring to the company as “SpinCo.”
Comcast’s NBCUniversal division is keeping cable network Bravo, the NBC broadcast network, its Peacock streaming service, and all other assets, like NBC Sports and the Universal theme parks.
“This transaction positions both SpinCo and NBCUniversal to play offense in a changing media landscape,” said Mike Cavanagh, President of Comcast. “Taken together, the entirety of NBCUniversal will be on a new growth trajectory, fueled by our world-class content, technology, IP, properties and talent – all working in concert with each other as an integrated media company.”
SpinCo will be led by Mark Lazarus, current Chairman of NBCUniversal Media Group, who will serve as the company’s Chief Executive Officer. Anand Kini, current Chief Financial Officer of NBCUniversal and EVP of Corporate Strategy at Comcast, will be its Chief Financial Officer and Chief Operating Officer.
Cavanagh previewed this move during an earnings call on Oct. 31.
“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,” Cavanagh said. “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 said over the last twelve months, which ended Sept. 30, 2024, SpinCo generated approximately $7 billion in revenue. Comcast said it is targeting to complete the spinoff in approximately one year.
The Wall Street Journal was the first to report on this standalone company.