Comcast to spin off cable networks that were once the entertainment giant's star performers
Comcast is spinning off into a new company many of its cable television networks that were once at the heart of the entertainment giant, as consumers increasingly swap out their cable TV subscriptions for streaming platforms
WASHINGTON (AP) — Comcast is spinning off into a new company many of the cable television networks that were once at the entertainment giant's heart as consumers increasingly swap out their cable TV subscriptions for streaming platforms.
Those one-time stars for Comcast's NBCUniversal cable television networks include USA, Oxygen, E!, SYFY and Golf Channel, as well as CNBC and MSNBC. Movie ticketing platform Fandango and the Rotten Tomatoes movie rating site will also become part of the new company.
Streaming service Peacock will remain with Comcast, as will Bravo, which provides significant content for the Peacock streaming service, and other assets like the NBCUniversal's studios and theme parks.
Comcast telegraphed the shift last month, before confirming Wednesday that it will spin off assets that generated about $7 billion in revenue over the past 12 months ending Sept. 30. That’s about 5.5% of Comcast’s total revenue during that period, according to the company.
