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Title: Comcast Spins Off Cable Networks

Link: https://entertainment.slashdot.org/story/24/1...

Comcast plans to spin off several of its cable TV networks into a standalone
company as it shifts focus to streaming and other profitable ventures like
Peacock, theme parks, and broadband services. The Associated Press reports:
Those one-time stars for Comcast's NBCUniversal cable television networks
include USA, Oxygen, E!, SYFY and Golf Channel, as well as CNBC and MSNBC.
Movie ticketing platform Fandango and the Rotten Tomatoes movie rating site
would also become part of the new company. Peacock will remain with Comcast,
as will Bravo, which provides significant content for the Peacock streaming
service. Comcast telegraphed the potential shift last month as it released
quarterly earnings before confirming Wednesday that it will spin off assets
that generated about $7 billion in revenue over he past 12 months ending
September 30. That's about 5.5% of Comcast's total revenue during that
period, according to the company. But there is a shrinking pool of cable
subscribers as millions cut the cord and rely increasingly on streaming
platforms for entertainment. Mark Lazarus, current chairman of NBCUniversal
Media Group, will serve as the new entity's chief executive officer. Anand
Kini, the current chief financial officer of NBCUniversal, will take on the
same title with the new company as well as the chief operating officer role.
[...] Comcast expects the new company to have the financial flexibility to be
"a potential partner and acquirer of other complementary media businesses."
The spin-off is targeted for completion in about a year, the entertainment
giant said, pending financing and approval from its board and government
regulators. "Like millions of US consumers, Comcast finally cut the cord by
divesting itself of most of its cable TV channels," said Paul Verna,
principal analyst at market research company eMarketer. "The benefits are
clear to Comcast. It's dropping money-losing assets from a technology and
media empire that will retain its lucrative (internet service provider)
business, theme parks, broadcast networks, and Peacock streaming service."

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