New York CNN —Comcast is planning to spin off most of its cable television networks, including MSNBC and CNBC, into a separate publicly traded company, according to executives with knowledge of the plan.
The spinoff is expected to be formally announced on Wednesday.
The Wall Street Journal, which first reported the impending announcement on Tuesday evening, said the involved channels also include USA, Oxygen, E!, Syfy and Golf Channel.
While observers may view the spinoff as an attempt to shed cable channels that are losing value in the streaming age, the channels still contribute strong profits to Comcast’s bottom line.
Wall Street analysts are predicting further consolidation of major media companies in the years ahead.
Persons:
Mark Lazarus, Mike Cavanaugh, Craig Moffett, MoffettNathanson, ”
Organizations:
New, New York CNN, Comcast, MSNBC, CNBC, Street, Syfy, Golf, Bravo, NBC, NBC Sports, NBCUniversal Media, Wall Street, NBCUniversal News
Locations:
New York, USA