Comcast announced plans to spin off several of its cable channels, including MSNBC, CNBC, USA, E!, Oxygen, and SyFy, into a new, independent company. This move comes after a significant drop in ratings for some of these channels, particularly MSNBC, following recent political events.
The spin-off will create a new entity with approximately $7 billion in revenue, according to the Wall Street Journal. Comcast will retain ownership of the NBC broadcast network, the Peacock streaming service, and the Bravo cable channel.
The decision to spin off these channels follows a reported 53% decline in MSNBC’s ratings, coinciding with a shift in the political landscape. Additionally, MSNBC’s “Morning Joe” has experienced a ratings decline after hosts Joe Scarborough and Mika Brzezinski met with a prominent political figure, signaling a potential change in the network’s programming direction.
Comcast also announced a series of leadership changes, including the appointment of Mark Lazarus as CEO of the new venture. Donna Langley will become chairman of NBCUniversal Entertainment and Studios, and Matt Strauss will oversee sports, ad sales, and distribution.
READ: Sunny Hostin Suggests ‘Morning Joe’ Hosts Are Not Journalists After Trump Visit In Florida
This restructuring marks a significant shift in Comcast’s media strategy and could have a major impact on the cable news landscape. The new company will face the challenge of adapting to a changing media environment and regaining viewership.
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