Comcast Reportedly Set to Spin-Off $7 Billion Cable TV Business; Matt Strauss to Become Chairman of NBCUniversal Media Group
November 19, 2024
Comcast is reportedly set to spin-off its $7 billion cable TV business in an effort to separate media assets in a digital landscape that continues to move away from legacy pay-TV.
The corporate owner of NBCUniversal is expected to move MSNBC, CNBC, USA, Oxygen, E!, Syfy and Golf Channel, among others, to a separate company with Mark Lazarus, currently the chairman of NBCUniversal’s media group, being named CEO of the new venture. Anand Kini, CFO of NBCUniversal, will transition to the same position in the new company, according to The Wall Street Journal, which cited sources familiar with the situation.
Among other corporate leadership changes, Matt Strauss, chairman, direct-to-consumer and international, will transition to chairman of NBCUniversal Media Group, while chief content officer Donna Langley is named chairman of NBCUniversal Entertainment and Studios.
Comcast, in its most-recent fiscal call, hinted that it was considering divesting itself of its legacy cable TV business, which lost 365,000 cable TV subscribers to end the quarter with 12.8 million subscribers, down from 14.49 million subs in the prior-year period.
“We are now exploring whether creating a new well-capitalized company owned by our shareholders and comprised of our strong portfolio of cable networks would position them to take advantage of opportunities in the changing media landscape and create value for our shareholders,” Comcast president Michael Cavanagh said on the call.