Comcast: planned spin-off of cable TV networks

(CercleFinance.com) - Comcast announced on Wednesday its intention to spin off some of its cable TV networks, including news channels CNBC and MSNBC, with the creation of a new, independent company to be listed on the stock exchange.


The proposed spin-off would bring together USA Network, CNBC, MSNBC, Oxygen, E! SYFY and Golf Channel, as well as the digital media companies Fandango, Rotten Tomatoes, GolfNow and Sports Engine into a 'pure player' (specialist) in news, sports and entertainment.

Over the 12 months to the end of September, this scope - which represents a cumulative audience of some 70 million US households - generated sales of around seven billion dollars.

With the transaction, Comcast plans to focus on its Xfinity brand, one of the largest providers of pay TV, cable TV and Internet services in the US.

The group will also retain the national NBC channel, the Spanish-language Telemundo channel, the Universal studio, the Peacock video-on-demand platform, the Sky broadcaster, as well as its entire theme park division.

On the New York Stock Exchange, Comcast shares reacted little (+0.3%) to these announcements on Wednesday morning, still down around 3% since the start of the year.

Copyright (c) 2024 CercleFinance.com. All rights reserved.