Comcast to spin off NBCUniversal TV networks | EUROtoday

US media big Comcast is about to spin off its NBCUniversal cable tv arm, because the trade continues to wrestle with the emergence of streaming giants like Netflix and Amazon Prime.

The BBC understands that the plan – set to be introduced on Wednesday – is to create a brand new firm that can embody channels comparable to MSNBC, CNBC, USA, E!, Syfy and the Golf Channel.

The networks are nonetheless worthwhile and generated a mixed income of $7bn (£5.5bn) within the yr to the top of September.

Comcast will hold NBC broadcast tv community, its movie and tv studios and its theme parks, in addition to its Peacock streaming service.

Executives at Comcast consider the plan shall be accomplished in a couple of yr. Their expectation is that Comcast shall be higher positioned for development after the spinoff.

The new firm may have the chairman of NBCUniversal’s media group, Mark Lazarus, as its chief govt.

Comcast took management of NBCUniversal in 2011 earlier than the rise of streaming. At the time, its cable networks had been seen as a few of its most engaging companies.

But a rising variety of cable TV viewers have been cancelling their subscriptions and transferring on to streaming platforms.

Comcast is the primary main media firm to make such a transfer.

Earlier this yr, Warner Bros and Paramount Global minimize billions of {dollars} from the valuation of their cable TV networks earlier this yr.

Walt Disney has additionally thought of spinning off its cable networks however ended up scrapping the plan.