Comcast has announced plans to divest much of its NBCUniversal cable television portfolio, including MSNBC and CNBC, as the shift to streaming continues to overshadow traditional media businesses.
The company revealed on Wednesday that it would separate a range of entertainment and news channels, including USA Network, Oxygen, E!, Syfy, and Golf Channel, into a standalone entity. Comcast will retain key NBC entertainment, sports, and news properties, along with the Peacock streaming platform, its theme parks, and film and television studios. Shares of Comcast rose roughly 2% in premarket trading following the news.
This move marks a significant shift more than a decade after Comcast acquired full control of NBCUniversal through deals with General Electric, a transaction that once positioned Comcast as a major player in media. At the time, cable TV assets were highly valued, but the rise of streaming has since diminished their prominence.
The announcement aligns with broader trends in the media industry. Earlier this year, Paramount Global, owner of Comedy Central and Nickelodeon, agreed to merge with Skydance Media, a streaming-era innovator. Warner Bros. Discovery also wrote down $9.1 billion of its TV assets in August, citing uncertainty around distribution fees and sports rights renewals. Paramount followed suit, reducing the value of its cable networks by nearly $6 billion. While Disney explored selling its cable networks, it ultimately decided against the move.
The newly spun-off entity will be led by Mark Lazarus, current chairman of NBCUniversal’s media group, who will serve as CEO. Anand Kini, NBCUniversal’s CFO, will take on the role of operating chief and finance head.
The tax-free spin-off is expected to take about a year to complete.
