The Comcast NBC logo appears on a building in Los Angeles, California on June 13, 2018.
Mike Black | Reuters
Comcast The company is moving forward with a spinoff of its cable network channels, a person familiar with the matter told CNBC’s Julia Boorstin on Tuesday.
The spin-off is expected to take about a year, and the company could make an announcement as soon as Wednesday, the person said. The company announced in its quarterly earnings report in October that it was considering spinning off its cable network.
Derivatives are the first report Reported by The Wall Street Journal.
A person familiar with the matter said that other networks in addition to the spinoff include E!, Syfy, Golf Channel, USA and Oxygen. Bravo will continue to be part of Comcast’s NBCUniversal, one of the people said, as its content is featured prominently on the streaming service Peacock.
Two people familiar with the matter said the spinoff would take about a year as the company determines whether a licensing agreement is needed and whether MSNBC and CNBC will continue to work with NBC News.
The new entity will be led by Mark Lazarus, current chairman of NBCUniversal Media Group, one of the people said.
This is breaking news. Please refresh for updates.
Revealed: Comcast owns NBCUniversal, the parent company of CNBC.
About The Author
