The media giant is finalizing plans to launch a new company encompassing its popular cable channels such as MSNBC, CNBC, USA, E!, Syfy, and the Golf Channel. This announcement is expected to be made on Wednesday and marks a significant shift as Comcast seeks to adapt to changing viewer habits that favor streaming platforms like Netflix and Amazon Prime.
Despite a notable shift in viewership, these cable networks remain profitable, generating a combined revenue of around $7 billion (£5.5 billion) in the past year. According to sources, this spinoff aims to enhance Comcast’s growth potential, with the new entity to be led by Mark Lazarus, the current chairman of NBCUniversal’s media group.
While retaining its NBC broadcast network, film and television studios, and theme parks, Comcast plans to maintain its Peacock streaming service, suggesting a dual focus on traditional and modern media consumption.
Since taking control of NBCUniversal in 2011, Comcast has witnessed changing dynamics in the industry as viewers increasingly abandon cable subscriptions for on-demand streaming options. This move positions Comcast as a pioneer among major media companies responding to the challenges posed by the rise of streaming giants.
Other media entities like Warner Bros and Paramount Global have also reevaluated the valuation of their cable networks, while Walt Disney recently reconsidered a similar spinoff, highlighting the intensified scrutiny and shifts within the industry.
Despite a notable shift in viewership, these cable networks remain profitable, generating a combined revenue of around $7 billion (£5.5 billion) in the past year. According to sources, this spinoff aims to enhance Comcast’s growth potential, with the new entity to be led by Mark Lazarus, the current chairman of NBCUniversal’s media group.
While retaining its NBC broadcast network, film and television studios, and theme parks, Comcast plans to maintain its Peacock streaming service, suggesting a dual focus on traditional and modern media consumption.
Since taking control of NBCUniversal in 2011, Comcast has witnessed changing dynamics in the industry as viewers increasingly abandon cable subscriptions for on-demand streaming options. This move positions Comcast as a pioneer among major media companies responding to the challenges posed by the rise of streaming giants.
Other media entities like Warner Bros and Paramount Global have also reevaluated the valuation of their cable networks, while Walt Disney recently reconsidered a similar spinoff, highlighting the intensified scrutiny and shifts within the industry.
