Executives at Comcast believe the plan will be completed in about a year. Their expectation is that Comcast will be better placed for growth after the spinoff.
The new company will have the chairman of NBCUniversal’s media group, Mark Lazarus, as its chief executive.
Comcast took control of NBCUniversal in 2011 before the rise of streaming. At the time, its cable networks were seen as some of its most attractive businesses.
But a growing number of cable TV viewers have been cancelling their subscriptions and moving on to streaming platforms.
Comcast is the first major media company to make such a move.
Earlier this year, Warner Bros and Paramount Global cut billions of dollars from the valuation of their cable TV networks.
Walt Disney has also considered spinning off its cable networks but ended up scrapping the plan.
Credit: Source link
