Comcast has announced a strategic plan to separate several of its underperforming cable networks into a new entity called SpinCo. This move will affect networks like CNBC, Syfy, E!, and USA Network, alongside MSNBC. The decision aims to create an independent company that will provide a fresh opportunity for growth and attract investors, content creators, distributors, and partners. Brian Roberts, Comcasts chairman and CEO, emphasized the potential for success given the assets, management team, and financial stability of the new venture.
SpinCo will be managed by Mark Lazarus, chairman of NBCUniversal Media Group, and Anand Kini, NBCUniversal CFO and Comcast EVP of corporate strategy. Meanwhile, Cesar Conde will continue to oversee NBC News, Telemundo, and local TV stations, maintaining continuity within NBCUniversals existing operations. This restructuring will separate MSNBC and CNBC from NBC News’ newsgathering efforts, a notable shift in the networks operational strategy.
In a detailed memo, Comcast president Mike Cavanagh highlighted MSNBC and CNBC as key components of SpinCos portfolio. The new company is expected to reach approximately 70 million U.S. households, making it an attractive proposition for various stakeholders. Cavanagh reassured that NBC News and Telemundo would remain part of NBCUniversal, alongside flagship programs and the Peacock streaming service.
The spin-off comes after discussions initiated in October, amid declining ratings for MSNBC and controversies surrounding its Morning Joe program. Comcast has set a timeline for NBC News to separate from MSNBC and CNBC by late 2025. This strategic move has sparked speculation about similar potential reorganizations at other media conglomerates like Warner Bros. Discovery and Paramount Global.