Comcast announces plan to spin off cable channels, including MSNBC, CNBC and USA
On Wednesday, Comcast revealed its intention to split off the majority of its cable television networks into a distinct publicly traded business.
The USA Network, CNBC, MSNBC, Oxygen, E!, SYFY, and the Golf Channel will all be part of the new business. The cable channel Bravo, the streaming service Peacock, the NBC broadcast network, NBC News, and NBC Sports are among the important NBCUniversal properties that Comcast will keep.
In an internal memo, Comcast President Mike Cavanagh stated that the deal would be set up as a tax-free spin for current shareholders. Although we don't have a specific timeline, we anticipate that the transition will be finished in about a year.
NBCUniversal, the parent company of NBC News, is owned by Comcast.
The decision was made in the face of significant eco...