Comcast has confirmed the separation of NBCUniversal’s cable television networks including USA Network, CNBC, MSNBC, Oxygen, E!, SYFY and Golf Channel.
It says the new company, initially known as SpinCo, will provide “world-class news, sports and entertainment with significant scale and resources”.
“When you look at our assets, talented management team and balance sheet strength, we are able to set these businesses up for future growth,” said Brian L. Roberts, Chairman and CEO of Comcast. “With significant financial resources from day one, SpinCo will be ideally positioned for success and highly attractive to investors, content creators, distributors and potential partners.”
NBCUniversal will retain broadcast and streaming media properties including NBC entertainment, sports, news and Bravo, which feed into the streaming service, Peacock. Bravo feels out on its own, but franchise shows such as Real Housewives and Below Decks, heighten its importance.
“This transaction positions both SpinCo and NBCUniversal to play offense in a changing media landscape,” said Mike Cavanagh, President of Comcast. “Taken together, the entirety of NBCUniversal will be on a new growth trajectory, fueled by our world-class content, technology, IP, properties and talent – all working in concert with each other as an integrated media company.”
SpinCo will be led by an experienced and well-respected management team. Mark Lazarus, current Chairman of NBCUniversal Media Group, will serve as the company’s Chief Executive Officer, and Anand Kini, current Chief Financial Officer of NBCUniversal and EVP of Corporate Strategy at Comcast, as its Chief Financial Officer and Chief Operating Officer.
“As a standalone company with these outstanding assets, we will be better positioned to serve our audiences and drive shareholder returns in this incredibly dynamic media environment across news, sports and entertainment,” said Lazarus. “We see a real opportunity to invest and build additional scale and I’m excited about the growth opportunities this transition will unlock. Our financial strength will also provide capacity for an attractive capital return policy while allowing for investment in the growth of these businesses.”
Over the last 12 months to September 30, 2024, SpinCo generated approximately $7 billion in revenue.
