• Economy
  • Editor’s Pick
Money Rise Today – Investing and Stock News
  • Investing
  • Stock
Stock

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

by November 20, 2024
written by November 20, 2024

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
0 comment
0
FacebookTwitterPinterestEmail

previous post
Mike Tyson, Jake Paul fight was the most streamed sporting event ever, Netflix says
next post
Biden skips taking questions at G-20 in Brazil, despite reporter pleading with him

related articles

Cracker Barrel shares plummet after pushback on new...

August 22, 2025

Walmart boosts sales outlook as it says tariff...

August 21, 2025

How a ship that glides like a pelican...

August 21, 2025

Apple just landed a key win for the...

August 20, 2025

Best Buy launches third-party marketplace as it looks...

August 19, 2025

Group accused of using fake accounts to buy...

August 19, 2025

Playboy moving its headquarters to Miami Beach and...

August 17, 2025

Lyft co-founders to step down from ride-hailing firm’s...

August 16, 2025

Warren Buffett’s Berkshire Hathaway reveals new stake in...

August 16, 2025

Apple Watch getting redesigned blood oxygen feature following...

August 15, 2025
Enter Your Information Below To Receive Free Trading Ideas, Latest News, And Articles.


Your information is secure and your privacy is protected. By opting in you agree to receive emails from us. Remember that you can opt-out any time, we hate spam too!

Latest News

  • Global Markets on Edge as Trump’s Tariff Deadline Nears

    January 31, 2025
  • Canada to launch world’s first Solana spot ETF on April 16: could SOL jump 40%?

    April 15, 2025
  • 3 years since bombing on Abbey Gate, Biden admin see consequences of ‘greatest foreign policy blunder’

    August 26, 2024
  • Trump feels in ‘good shape,’ after physical, says he got ‘every question right’ on cognitive test

    April 12, 2025
  • BofA double upgrades CH Robinson Worldwide to Buy: Should you invest?

    July 23, 2024

Popular Posts

  • 1

    Secret Service admits leaning on ‘state and local partners’ after claim it ignored Trump team’s past requests

    July 21, 2024
  • 2

    Five more House Democrats call on Biden to drop out, third US senator

    July 19, 2024
  • 3

    Elon and Vivek should tackle US funding for this boondoogle organization and score a multimillion dollar win

    December 4, 2024
  • 4

    Forex Profit Calculator: Maximize Your Trading Potential

    July 10, 2024
  • 5

    Biden calls to ‘lower the temperature’ then bashes Trump in NAACP speech

    July 17, 2024

Categories

  • Economy (829)
  • Editor's Pick (5,789)
  • Investing (634)
  • Stock (894)

Latest Posts

  • Freshman GOP senator sets social media ablaze with ‘best’ response to Hegseth’s answer on gender question

    January 15, 2025
  • Nvidia Rides AI Wave: Stock Soars By 4.1%

    October 10, 2024
  • Trump tapping 2 House Republicans for future admin fuels concerns about slim majority

    November 12, 2024

Recent Posts

  • Jim Cramer names top two stocks to buy on post-earnings dip

    August 6, 2024
  • Trump charges ahead with agenda in week 10 as judges try to block his executive orders

    March 24, 2025
  • House poised to pass bill that would sanction International Criminal Court for trying to arrest Netanyahu

    January 9, 2025

Editor’s Pick

  • Trump says he had ‘automatic chemistry’ with Vance despite past criticisms: ‘He didn’t know me’

    July 23, 2024
  • UN prepping for spending cuts as DOGE roots out waste in US, internal docs show

    March 7, 2025
  • Doug Emhoff’s ex-wife responds after second gentleman admitted to affair with nanny

    August 5, 2024
  • About us
  • Contacts
  • Privacy Policy
  • Terms & Conditions

Disclaimer: moneyrisetoday.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 moneyrisetoday.com | All Rights Reserved

Money Rise Today – Investing and Stock News
  • Economy
  • Editor’s Pick
Money Rise Today – Investing and Stock News
  • Investing
  • Stock