Comcast made things official on Wednesday, unveiling the spinoff of most of its cable networks into a separate entity led by Mark Lazarus, promising “a new growth trajectory” for the combined assets. .
Cable channel Bravo, the NBC broadcast network, and streaming service Peacock Comcast’s entertainment arm will remain part of NBCUniversal.
Comcast President Mike Kavanagh said in late October that the company was considering a spin-off of its cable networks unit, which includes USA Network, Safi, MSNBC, and CNBC. are, given the business challenges that are hindering bone harvesting during development. Off-streaming has created for cable channel units what used to be the primary profit growth engine for Hollywood conglomerates. “Like many of our peers in media, we are experiencing the impact of the transition to our video business, and are studying the best way forward for these assets. We are now exploring whether our share By creating a new well-capitalized company owned by shareholders and comprised of our strong portfolio of cable networks, they will be positioned to take advantage of opportunities in the changing media landscape and create value for our shareholders. ” Kavanagh told Comcast’s third. – Quarterly earnings conference call.
Lazarus oversees most of Comcast’s entertainment arm NBCUniversal’s TV operations as chairman of NBCUniversal Media Group. He will serve as CEO of the new standalone cable channels company. NBCU CFO Anand Kini will become CFO and COO of the new firm.
Structured as a tax-free spin-off for Comcast shareholders, the transaction is expected to take about a year to complete. The ownership structure of the new networks entity will mirror that of Comcast, where Chairman and CEO Brian Roberts holds one-third of the voting shares. However, he will not have a board seat in the new company.
Credit : www.hollywoodreporter.com
