Comcast will spin off many of NBCUniversal’s cable television networks, including USA Network, CNBC and MSNBC, into a separate public company. The shift, which comes as more and more people opt for streaming services over traditional cable, was telegraphed by the company when it released its most recent earnings last month. Like other cable companies, Comcast in recent years has shifted its business emphasis away from tradition cable toward streaming and other sources of revenue, such as its movie studio, theme parks and home wireless and internet services. In its most recent quarter, Comcast reported that paid subscribers to its streaming Peacock channel jumped by 3 million, or 29%, to 36 million subscribers. Comcast hopes to have the spin-off completed in about a year, the cable giant said, pending board approval, financing and regulatory approvals.

Source: The Nation November 20, 2024 14:05 UTC