Comcast, one of the largest media conglomerates in the country, is planning to spin off its cable assets as part of a major shake-up of the company’s business, according to multiple reports.
The plan, which is expected to take as long as a year, would split off the company’s NBCUniversal networks including MSNBC, CNBC, USA, Oxygen, SyFy, E! and Golf Channel from the rest of the parent company’s portfolio.
Those networks generated about $7 billion in revenue over the last year, according to The Wall Street Journal, which was first to report news of the spin-off plans.
The company’s crown jewel streaming service Peacock and its broadcast network NBC will remain under the Comcast umbrella, people familiar with the plan told the Journal, as well as Bravo, the popular reality television channel.
The news comes as many major media companies look to build broader businesses around streaming and take losses on linear television assets. It also comes at a time of increased cord-cutting by consumers and declining ratings for cable news channels and other traditional TV shows.
Comcast first acquired NBCUniversal in 2011 for $16.7 Billion.
