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Comcast announced a plan Wednesday to spin off most of its cable television networks into a separate publicly traded company. The new company will include the USA Network, CNBC, MSNBC, Oxygen, E!, SYFY and the Golf Channel. Comcast will retain key NBCUniversal assets, including the NBC broadcast network, NBC News, NBC Sports, the streaming service Peacock, and the cable channel Bravo. The move comes as the traditional cable television bundle faces stiff economic headwinds, most notably the rise of cord-cutting and the shift to streaming alternatives. Matt Strauss will become chairman of the NBCUniversal Media Group.

Persons: Mike Cavanagh, ” Cavanagh, “, Cavanagh, Mark Lazarus, Anand Kini, Dan Ives, ”, ” Rich Greenfield, ” Greenfield, Cesar Conde, Conde “, ” Donna Langley, Peacock, Matt Strauss, Mark Woodbury Organizations: Comcast, USA Network, CNBC, MSNBC, SYFY, Golf Channel, NBC, NBC News, NBC Sports, Bravo, Wall Street Journal, Wedbush Securities, LightShed Partners, Wednesday, NBCUniversal, Group, Telemundo, NBCUniversal Entertainment, Studios, NBCUniversal Media, Universal, General Electric, Netflix, Amazon Prime Locations: NBCUniversal

Comcast is expected to announce a plan Wednesday to spin off its cable networks into a separate company, two people familiar with the matter told NBC News. Comcast had announced during its quarterly earnings call in October that it was considering spinning off its cable networks. Bravo will remain part of Comcast’s NBCUniversal because its content is heavily featured on Peacock, CNBC reported. Comcast Chairman and CEO Brian Roberts will have a voting position in the new entity, but he won't be on the board of directors, CNBC reported. Executive Vice President Adam Miller will become NBCUniversal’s chief operating officer, CNBC reported.

Persons: Mike Cavanagh, Peacock, Peacock's, Mark Lazarus, Anand Kini, Brian Roberts, Donna Langley, Matt Strauss, Cesar Conde, Adam Miller Organizations: Comcast, NBC News, MSNBC, Syfy, Golf, CNBC, Oxygen, Wall Street Journal, NBC, NBCUniversal, Bravo, Paris, NBCUniversal Entertainment, Studios, NBCUniversal Media Group, Group, Telemundo Locations: USA, NBCUniversal

☆ Comcast’s cable networks spinoff raises questions about future of the TV business
▼ + stars: | 2024-11-20 | by ( Brian Stelter | ) edition.cnn.com time to read: +5 min

On Wednesday morning, the media giant confirmed that it is spinning off most of its cable channels, including MSNBC and CNBC, into a separate publicly traded company. The new company doesn’t have a formal name yet — Comcast is simplycalling it “SpinCo” — a suitable label since employees’ heads are spinning with questions. Discovery, spin off their cable channels too? How might the cable bundle business model be impacted? “This is a very clear, direct statement by Comcast” that “they are exiting the cable network business,” Greenfield said.

Persons: Mike Cavanagh, NBCUniversal, Tom Rogers, Rogers, “ it’s, ”, ” Rogers, Rich Greenfield, ” Greenfield, ’ It’s, Mark Lazarus, Lazarus, “, Joe Kernen, Greenfield’s, Greenfield, Matt Stoller, Hugh Johnston, “ SpinCo Organizations: New, New York CNN, Comcast, MSNBC, CNBC, Walt Disney Company, Warner Bros, NBC Cable, Lightshed Partners, Paramount, USA Network, SYFY, Golf, Rotten, NBC, American Economic Liberties, Disney, ” Fox Corp Locations: New York

☆ Comcast is getting rid of most of its cable channels
▼ + stars: | 2024-11-20 | by ( Kelsey Vlamis | Lucia Moses | ) www.businessinsider.com time to read: +2 min

AdvertisementComcast plans to spin off some NBCUniversal cable channels. Comcast said it was exploring spinning off its cable networks late last month, with BI's Peter Kafka writing that the move served as yet another signal of cable TV's decline. Analysts said Comcast could increase its valuation by selling its cable networks, though they were unsure if it would actually work out, BI previously reported. Disney CEO Bob Iger in the past floated the idea of selling Disney's TV and cable channels. NBCU's various TV channels are tightly integrated, sharing back office functions and talent that would have to be untangled, for one.

Persons: Peacock, Mark Lazarus, BI's Peter Kafka, Mike Cavanagh, Michael Hodel, Morningstar, Bob Iger Organizations: Comcast, MSNBC, CNBC, NBC, Bravo, Syfy, Golf, Wall Street, Business Insider, Analysts, Disney Locations: USA

☆ Why Wall Street is skeptical about Comcast's proposal to ditch its cable networks and pair Peacock with a competitor
▼ + stars: | 2024-11-01 | by ( James Faris | ) www.businessinsider.com time to read: +7 min

Comcast's Mike Cavanagh said the company will explore ditching its cable networks. AdvertisementComcast said this week it might separate from its cable networks and marry off its streaming service. Mike Cavanagh, Comcast's president, floated the idea Thursday of spinning out cable networks like CNBC and MSNBC into a new firm while holding on to NBC. Several industry analysts said that Comcast could increase its valuation by divorcing itself from its declining cable networks, as it would help emphasize its burgeoning streaming business. "The cable networks likely have little value on their own.

Persons: Comcast's Mike Cavanagh, Peacock, —, Mike Cavanagh, Cavanagh, Jessica Reif Ehrlich, isn't, John Hodulik, Craig Moffett, Moffett, Insider's Peter Kafka, Michael Hodel, Tim Nollen, Rich Greenfield, Greenfield, it's, David Zaslav, WBD, NBCU, Brandon Katz, Max, Katz Organizations: Wall Street, Service, Comcast, CNBC, MSNBC, NBC, Disney, ABC, Bank of America, Warner Bros, UBS, Morningstar, Lightshed Partners, Starz, WBD's, NBA, Paramount, Max Locations: MoffettNathanson, USA

☆ Comcast says it's thinking of getting out of the cable TV business
▼ + stars: | 2024-10-31 | by ( Peter Kafka | ) www.businessinsider.com time to read: +4 min

Cable TV networks look like they're in permanent decline. AdvertisementThe future of cable TV channels is not looking good, at all. And basic cable TV networks are bearing the brunt of the collapse. Programming from the cable networks, for instance, is part of the pitch behind its Peacock streamer. question — if Comcast doesn't want these assets contaminating its core business, why would anyone else want to own it?

Persons: —, MSNBC —, WBD, Mike Cavanagh, There's, Craig Moffett, Cavanagh, They're, Brian Roberts Organizations: Cable, Comcast, Warner Bros, Service, CNBC, MSNBC, NBC Universal, NBC, Discovery, Paramount Locations: Bravo, USA

☆ Comcast is exploring separation of cable networks business
▼ + stars: | 2024-10-31 | by ( Lillian Rizzo | ) www.cnbc.com time to read: +2 min

Comcast is exploring a separation of its cable networks business, President Mike Cavanagh said Thursday. During the company's third-quarter earnings call with investors, Cavanagh said the company is exploring creating "a new, well-capitalized company owned by our shareholders and comprised of our strong portfolio of cable networks." NBCUniversal's cable networks portfolio includes Bravo, E!, Syfy, Oxygen True Crime and USA Network, as well as news networks MSNBC and CNBC. The company lost 365,000 cable TV customers during the third quarter. Discovery booked a $9.1 billion write-down of its TV networks, triggered by the reevaluation of the book value of the segment.

Persons: Mike Cavanagh, Cavanagh, we'll Organizations: Comcast, NBC, Bravo, Syfy, USA Network, MSNBC, CNBC, Warner Bros, Discovery, Paramount Global Locations: Paris

☆ Comcast's potential cable networks separation will test the appetite for media reconfiguration
▼ + stars: | 2024-10-31 | by ( Alex Sherman | In Alex-Sherman | ) www.cnbc.com time to read: +4 min

Comcast is thinking about separating or spinning off NBCUniversal's cable networks. NBCUniversal's cable networks aren't growing anymore. That vision never materialized, in part because the media world's attention shifted from traditional pay TV to streaming, which devalued cable networks. The small media company wants to be the vehicle for a cable network rollup, CNBC reported in 2022. But even if Starz doesn't achieve its vision of a cable network rollup, it's possible a private equity firm may have interest in harvesting a group of cable networks for cash.

Persons: Mike Cavanagh, we'll, John Malone, Malone, Dolan Organizations: Comcast, Syfy, USA Network, MSNBC, CNBC, Lionsgate, Starz, AMC Networks, E Networks, Hearst, Disney, Warner Bros, Discovery, Warner Bros . Discovery, Equity, Apollo Global Management, Paramount Global, Yahoo

☆ ‘Morning Joe’ backlash is latest mess for NBC and Comcast executives
▼ + stars: | 2024-07-17 | by ( Oliver Darcy | ) edition.cnn.com time to read: +6 min

Joe Scarborough, speaking alongside co-hosts Mika Brzezinski and Willie Geist, offered viewers a peek behind the curtain into the conspicuous decision-making process that transpired over the weekend. Without “Morning Joe” airing on Monday, viewers rebelled against MSNBC, opting to change the channel, Nielsen data indicated. The move to bench the “Morning Joe” crew, after all, didn’t happen in a vacuum. Which is why, perhaps, Comcast is involved in cleaning up the “Morning Joe” mess. I’m told that the company’s president, Mike Cavanagh, rescheduled meetings on Tuesday to grapple with the fallout stemming from the “Morning Joe” commentary.

Persons: CNN — Cesar Conde, —, Joe ”, Donald Trump, Joe Scarborough, Mika Brzezinski, Willie Geist, Scarborough, “, Lester Holt, Savannah Guthrie, Joe, ”, ” Scarborough, Joe Biden, Nancy Pelosi, Conde, Trump, Brian Roberts, Roberts, ” Trump, radicalizing, Donald Trump Jr, Sarah Huckabee Sanders, it’s, I’m, Mike Cavanagh, bode Organizations: CNN, MSNBC, NBC, Group chairman’s, Nielsen, NBC News Group, Comcast, RNC, NBCU, — Locations: Scarborough, Savannah, Acela

☆ CFOs are stepping into a rapidly revolving door
▼ + stars: | 2023-08-14 | by ( Jennifer Saba | ) www.reuters.com time to read: +3 min

NEW YORK, Aug 14 (Reuters Breakingviews) - Chief financial officers are stepping into an increasingly rapidly revolving door. loadingIn the first half of this year, 103 of the top 1,000 companies ranked by Fortune lost their CFO, according to executive search firm Heidrick & Struggles. CFOs are grappling with rising inflation and interest rates – in some cases, for the first time in their careers. High CFO turnover looks far from transitory. Follow @jennifersaba on TwitterCONTEXT NEWSTesla said on Aug. 7 that its Chief Financial Officer Zachary Kirkhorn was stepping down.

Persons: Elon Musk, Zachary Kirkhorn, Francois, Xavier Roger, Anna Manz, Fortune, Refinitiv, Ruth Porat, Morgan Stanley, Mike Cavanagh, NBCUniversal, Mike Lenz, Unilever’s, Graeme Pitkethly, Walt Disney’s, Christine McCarthy, James Kehoe, Crist Kolder, Tesla, Vaibhav Taneja, Kirkhorn, Peter Thal Larsen, Sharon Lam, Aditya Sriwatsav Organizations: Reuters, Finance, Walgreens Boots Alliance, London Stock Exchange, Reuters Graphics Reuters, Comcast, Walgreens, CFOs, Thomson Locations: Swiss

☆ NBCUniversal's Peacock streaming service is growing, thanks to live sports
▼ + stars: | 2023-07-27 | by ( Lillian Rizzo | ) www.cnbc.com time to read: +2 min

NBCUniversal's sports portfolio has been driving growth at its streaming service Peacock, and the company has no plans to let up, with other sports rights deals top of mind. Sports are a double-edged sword for media companies contending with relentless cord cutting and trying to make their streaming services profitable. At the same time, sports are serving as a propeller of growth for streaming, especially for fledgling services such as Peacock and Paramount Global's Paramount+. NBCUniversal's parent company, Comcast , on Thursday touted that Peacock nearly doubled its customer count year over year to 24 million. According to Cavanagh, simultaneous streaming has given the company and its sports assets "tremendous reach," and all at a lower cost to the consumer.

Persons: Travis Kelce, Raymond James Stadium, Peacock, Mike Cavanagh, Cavanagh, it's Organizations: Kansas City Chiefs, Tampa Bay Buccaneers, Paramount, Comcast, Sports, NFL, Nascar, Premier League, Telemundo —, Paris Olympics, Sunday, Football, Premier League soccer

Other executives who will remain on Mr. Cavanagh’s leadership team include Cesar Conde, chairman of NBCUniversal News Group, who will gain oversight of Telemundo and NBC’s local stations, and Mark Woodbury, the company’s parks chief. Mr. Cavanagh is essentially winnowing the number of executives who report directly to him, streamlining the company’s leadership ranks. He will also continue to work directly with Adam Miller, an executive vice president overseeing operations and technology as well as communications, human resources and corporate social responsibility; Kim Harris, the company’s general counsel; Anand Kini, NBCUniversal’s chief financial officer; and Craig Robinson, executive vice president and chief diversity officer. The promotions were the first major step taken by Mr. Cavanagh since he took over leadership of the company. Its previous chief executive, Jeff Shell, stepped down after an investigation into sexual harassment.

Persons: Mike Cavanagh, Cavanagh, Donna Langley, Mark Lazarus, Cavanagh’s, Cesar Conde, Mark Woodbury, Adam Miller, Kim Harris, Anand Kini, Craig Robinson, Jeff Shell Organizations: NBCUniversal News, Telemundo

☆ Comcast president Cavanagh shakes up NBCUniversal leadership
▼ + stars: | 2023-07-06 | by ( ) www.reuters.com time to read: +1 min

Cavanagh, who has been running NBCUniversal since April, said he would continue to lead the division as president of Comcast and not name a new CEO. In his first major action since taking the helm of the unit, Cavanagh also named Mark Lazarus as chairman of NBCUniversal Media Group while Cesar Conde will expand his role as head of the news division to oversee NBCUniversal Local and Telemundo Enterprises Group. Pearlena Igbokwe will continue to lead the four TV studios under the Universal Studio Group umbrella. Cavanagh took charge after Jeff Shell left following the acknowledgment of an inappropriate relationship with a woman in the company. Before his role as president, Cavanagh had served as the finance chief.

Persons: Mike Cavanagh, Donna Langley, Cavanagh, Mark Lazarus, Cesar Conde, Pearlena Igbokwe, Jeff Shell, Akash Sriram, Tanya Jain, Dawn Chmielewski, Sriraj Organizations: NBCUniversal, Group, Reuters, Comcast, NBCUniversal Media, NBCUniversal Local, Telemundo Enterprises Group, Universal Studio Group, Thomson Locations: Bengaluru, Dawn, Los Angeles

☆ NBCUniversal’s New Leader, a Hollywood Outsider, Steps Into the Spotlight
▼ + stars: | 2023-05-22 | by ( Benjamin Mullin | ) www.nytimes.com time to read: +1 min

Jeff Shell, who oversaw the media company before him, was fired after an investigation into sexual harassment. Linda Yaccarino, who ran the company’s multibillion-dollar ad business, left abruptly this month to become the chief executive of Twitter. NBCUniversal is losing billions on its streaming service, Peacock, while viewership of its traditional TV networks continues to fade. In 2008, when the U.S. financial system was on the brink of failure, Mr. Cavanagh was a senior executive at JPMorgan Chase, one of the few major banks that was not at risk of collapse. He spent time alongside Jamie Dimon, JPMorgan’s chief executive, and other executives during all-nighters to work out the details of acquiring Bear Stearns, a rival on the verge of bankruptcy.

The departure of ads chief Linda Yaccarino to Twitter has thrown NBCU into chaos. The exit comes on the heels of the departure of NBCU CEO Jeff Shell after sexual harassment allegations. One advertising executive who works closely with NBCUniversal described the situation inside the company as a "Cuban missile crisis." NBCU does have a deep bench of ad executive talent that's highly regarded in the ad industry. Although Yaccarino's departure from NBCUniversal to Twitter was a surprise, she had been close with the company and its billionaire owner.

☆ Inside NBCUniversal, female execs are eyeing leadership's next moves after CEO Jeff Shell's ouster over 'inappropriate relationship': 'We're watching'
▼ + stars: | 2023-05-01 | by ( Lucia Moses | ) www.businessinsider.com time to read: +4 min

NBCUniversal insiders are reeling after chief Jeff Shell's stunning departure and asking questions about what's next for the Comcast division. News of Shell's hasty exit dropped April 23 after an investigation into what he called an "inappropriate relationship" with a company employee. "It's shocking," said one employee, wondering how an executive at Shell's level would take such a risk with his career. Two staffers also grumbled that the company hasn't widely addressed the matter internally since its terse statement announcing Shell's exit. Keeping Cavanagh atop NBCU could serve another purpose — to help bring about a merger of Comcast with Warner Bros.

☆ NBCUniversal insiders are asking what's next after CEO Jeff Shell's 'shocking' exit, and female execs are watching leadership closely after a string of high-profile sexual allegations
▼ + stars: | 2023-04-26 | by ( Lucia Moses | ) www.businessinsider.com time to read: +4 min

They're asking what Comcast exec Mike Cavanagh's elevation to handle Shell's remit means for NBCU's future. NBCUniversal insiders are reeling after chief Jeff Shell's stunning departure and asking questions about what's next for the Comcast division. News of Shell's hasty exit dropped Sunday after an investigation into what he called an "inappropriate relationship" with a company employee. "It's shocking," said one employee, wondering how an executive at Shell's level would take such a risk with his career. Keeping Cavanagh atop NBCU could serve another purpose — to help bring about a merger of Comcast with Warner Bros.

New York CNN —Comcast said Monday it fired NBCUniversal CEO Jeff Shell after corroborating a female employee’s allegations of sexual harassment. An attorney representing CNBC anchor and senior international correspondent Hadley Gamble acknowledged Comcast investigated Shell because of her client’s complaint. After looking into the allegations, Comcast moved quickly to remove Shell, they said. But in a filing with the Securities and Exchange Commission, Comcast said it fired Shell due to allegations of sexual harassment. “Following a complaint that Jeffrey Shell, CEO of NBCUniversal, engaged in inappropriate conduct with a female employee, including allegations of sexual harassment, Comcast Corporation retained outside counsel to investigate the allegations,” the filing said.

☆ NBCUniversal CEO Jeff Shell exits after an 'inappropriate relationship,' shocking insiders, and Comcast won't rush to replace him as corporate exec Mike Cavanagh steps up
▼ + stars: | 2023-04-24 | by ( Claire Atkinson | ) www.businessinsider.com time to read: +5 min

NBCUniversal CEO Jeff Shell's exit shocked company insiders and all of Hollywood. NBCUniversal CEO Jeff Shell's bombshell departure on Sunday night was a surprise to the well-regarded executive and also to his closest colleagues. Deadline reported that Shell's relationship was with CNBC's senior international correspondent, Hadley Gamble, which lasted 11 years but had ended a couple of years ago. "Comcast is as buttoned-up and straight as ever — this is a black eye for Brian Roberts," the Comcast CEO. A second company insider, however, said that Cavanagh is expected to remain in the role for some time.

☆ NBCUniversal faces a set of company-defining decisions as CEO Jeff Shell departs
▼ + stars: | 2023-04-24 | by ( Alex Sherman | ) www.cnbc.com time to read: +3 min

Shell announced he was departing the company immediately Sunday after admitting to an inappropriate relationship with an NBCUniversal employee. DiscoveryThe elephant in the room with NBCUniversal is the frequent speculation in media circles that a merger with Warner Bros. Warner Bros. Warner Bros. Warner Bros.

☆ Jeff Shell out as NBCUniversal CEO after probe into inappropriate relationship
▼ + stars: | 2023-04-23 | by ( ) www.reuters.com time to read: +2 min

[1/2] CEO of NBCUniversal Jeff Shell attends the annual Allen and Co. Sun Valley Media Conference in Sun Valley, Idaho, U.S., July 6, 2022. REUTERS/Brendan McDermidApril 23 (Reuters) - NBCUniversal Chief Executive Jeff Shell is leaving after acknowledging an inappropriate relationship with a woman in the company, following a complaint that prompted an investigation, parent company Comcast Corp (CMCSA.O) said on Sunday. "I had an inappropriate relationship with a woman in the company, which I deeply regret," Shell said in a statement. Shell, previously chairman of NBCUniversal Film and Entertainment, took over as CEO in 2020, replacing Steve Burke. NBCUniversal is one of the world's largest media companies, encompassing movie and TV studios, theme parks, NBC News and cable TV networks.

Jeff Shell left his role as NBCUniversal CEO on Sunday after he admitted an "inappropriate relationship" with a woman in the comany, corporate parent Comcast announced. The complaint was filed by the woman with whom Shell said he had an "inappropriate relationship," according to people familiar with the matter. Roberts will also get more involved with the NBCUniversal business alongside Cavanagh, the person said. He oversaw the company's theme parks, its Peacock streaming service, sports production operations, television stations group, and entertainment and news television networks like NBC News. Before taking the helm as CEO, Shell was chairman of NBCUniversal Film and Entertainment.

☆ NBCUniversal CEO Jeff Shell is stepping down following an 'inappropriate relationship' with a colleague
▼ + stars: | 2023-04-23 | by ( Aaron Mcdade | ) www.businessinsider.com time to read: +2 min

NBCUniversal CEO Jeff Shell is leaving the company over an inappropriate relationship with an employee. The CEO of NBCUniversal, Jeff Shell, is stepping down immediately following an investigation into a complaint of inappropriate conduct, Comcast announced Sunday. "Today is my last day as CEO of NBCUniversal," Shell said in a two-paragraph statement. "I had an inappropriate relationship with a woman in the company, which I deeply regret. Shell became CEO of NBCUniversal in 2020 and was chairman of Universal Filmed Entertainment Group from 2013 to 2019.

☆ NBCUniversal expects Peacock losses to peak this year as streamer slowly adds subscribers
▼ + stars: | 2023-01-26 | by ( Lillian Rizzo | ) www.cnbc.com time to read: +4 min

The NBCUniversal Inc. Peacock streaming service is displayed on a laptop computer in an arranged photograph taken in the Brooklyn Borough of New York, U.S., on Monday, April 20, 2020. Streaming service Peacock has slowly been taking flight with consumers. Like its peers, Comcast has been investing in its streaming platform by putting more of its content on Peacock. Company executives said Thursday Peacock losses will peak in 2023 at around $3 billion, but expect it to steadily improve after that. And besides that, propping up Peacock with NBCUniversal content from its linear networks also only helps to accelerate its bleeding of Comcast's cable-TV customers.

☆ Comcast Promotes Jason S. Armstrong to Chief Financial Officer
▼ + stars: | 2023-01-06 | by ( Will Feuer | ) www.wsj.com time to read: +1 min

Comcast Corp. said it has named Jason Armstrong as its chief financial officer, succeeding Mike Cavanagh, who was recently named president of the company. Mr. Armstrong has worked at the cable and entertainment giant in various finance roles for about nine years, and most recently served as deputy CFO of the company. Mr. Cavanagh had served as CFO of Comcast since 2015, and was named to the additional post of president in October. Newsletter Sign-up WSJ | CFO Journal The Morning Ledger provides daily news and insights on corporate finance from the CFO Journal team. PREVIEW The elevation of Mr. Armstrong comes as the cable and media sector faces a rapidly shifting landscape.

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