Comcast to spin off cable TV channels including MSNBC, CNBC and USA

Comcast Corp. plans to spin off cable TV channels including MSNBC, CNBC and USA, according a person a familiar with the company’s plans, reducing its exposure to a business that’s losing viewers and advertisers. Exclusive for Ad Age All Access subscribers: Inside Comcast’s ad spending and marketing spending over time Comcast’s NBC broadcast network and Peacock streaming TV business will remain with the parent company, said the person, who asked to not be identified because the news hasn’t been announced. So will Bravo, a cable channel with reality TV shows that are popular on streaming. The networks being separated produce about $7 billion in annual revenue, according to the Wall Street Journal, which reported the news earlier Tuesday. Mark Lazarus, the current chairman of NBCUniversal’s media group, overseeing TV and streaming, will become CEO of the new company. TV and streaming ad prices in 2024-25 Primetime TV ad prices Cost of ads on Netflix, Disney+ and Hulu TV ad cost trends over the past decade Comcast plans other management changes that will expand the portfolios of two senior leaders. Donna Langley, NBC’s chief content officer, will become chairman of NBCUniversal Entertainment & Studios, while Matt Strauss, who head the company’s direct-to-consumer streaming businesses, will take Lazarus’ old position. Comcast, a Philadelphia-based cable-TV company and broadcaster, said in October it was considering a spinoff. The business, which will be distributed to existing Comcast shareholders, will be well capitalized and positioned to make acquisitions of related assets. “We think there could be an opportunity to play some offense,” President Michael Cavanagh said on an Oct. 31 call with analysts. “We think we have great assets and a great balance sheet, and that’s the thinking.” —Bloomberg News Subscribe to Ad Age Sign up now for the latest industry news and analysis Click here

Comcast to spin off cable TV channels including MSNBC, CNBC and USA

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