Comcast will spin off many of NBCUniversal’s cable television networks, including USA Network, CNBC and MSNBC, into a separate public company.
The shift, which comes as more and more people opt for streaming services over traditional cable, was telegraphed by the company when it released its most recent earnings last month.
Mark Lazarus, current chairman of NBCUniversal Media Group, will serve as the new entity’s chief executive officer.
“As a standalone company with these outstanding assets, we will be better positioned to serve our audiences and drive shareholder returns in this incredibly dynamic media environment across news, sports and entertainment,” Lazarus said Wednesday.
Like other cable companies, Comcast in recent years has shifted its business emphasis away from tradition cable toward streaming and other sources of revenue, such as its movie studio, theme parks and home wireless and internet services.
In its most recent quarter, Comcast reported that paid subscribers to its streaming Peacock channel jumped by 3 million, or 29%, to 36 million subscribers. Peacock’s revenue soared 82% to $1.5 billion in the period.
Peacock will remain fully with Comcast.
Peacock was launched in 2020, and after a confusing, glitchy start, has taken off recently, boosted in part by the platform’s success and popularity during the 2024 Paris Olympic Games.
Peacock streamed all 329 medal events and over 5,000 hours of coverage during the Games, with viewers streaming more than 23 billion minutes of Olympic coverage, led by Peacock. That’s a 40% increase over all previous Summer and Winter Olympics combined, Comcast said.
Comcast hopes to have the spin-off completed in about a year, the cable giant said, pending board approval, financing and regulatory approvals.