Comcast to spin off MSNBC, CNBC and cable channels
As a seasoned movie critic with over three decades in the industry, I’ve witnessed the rise and fall of many media giants. The news that Comcast Corp. is spinning off its cable portfolio, including MSNBC and CNBC, is a testament to the shifting tides in the entertainment landscape.
Comcast Corporation is splitting off a significant part of its TV business to form a new company that will encompass its cable networks, such as MSNBC and CNBC.
On Wednesday morning, it’s expected that Comcast, headquartered in Philadelphia, will reveal both the separation of a subsidiary and a revised organizational setup for NBCUniversal, based on information from three sources close to the situation who prefer to remain anonymous.
The seven-billion-dollar split-off occurs because traditional media companies struggle to maintain the worth of what used to be a cornerstone of their financial stability in the entertainment industry. For quite some time, NBCUniversal’s cable channels, such as USA, Bravo, and E!, have been the primary sources of the company’s earnings.
With more consumers turning to on-demand streaming services, the outlook for traditional cable channels is growing increasingly uncertain. In response, Comcast is paving the way by establishing a new firm that encompasses almost all of NBCUniversal’s existing cable networks. Existing Comcast shareholders will receive stock in this newly created company.
For over ten years, Mark Lazarus has been at the helm of NBC Sports and NBCUniversal’s network division. Now, he is set to take charge of the newly established company, according to well-informed sources.
Comcast Chairman Brian Roberts is expected to control one-third of the new company’s voting stock.
The upcoming closure, expected within the next year, has initiated a fresh management setup at NBCUniversal. As the parent company, it will retain ownership of Universal Pictures film studio, NBC broadcast network, NBC Sports, Bravo cable channel, and streaming service Peacock. Content from Bravo has historically played a significant role in boosting Peacock’s appeal.
According to the sources, Donna Langley, currently serving as NBCUniversal’s Chief Content Officer, is set to take on expanded roles, becoming the Chairman of Entertainment and Studios for NBCUniversal. This new position will grant her authority over NBC Entertainment and its marketing division.
Matt Strauss, a long-standing executive at Comcast, is set for a significant advancement as he joins forces with Langley. In his new role, Strauss will be responsible for managing NBC Sports, as well as business aspects such as distribution and advertising sales.
The Wall Street Journal first reported news of the spinoff.
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2024-11-20 04:01