Within 2025, a new cable channel will emerge from Comcast, with the company expected to announce the separation as early as Wednesday, sources familiar with the matter disclosed to CNBC.
This new entity will include popular cable channels such as E!, Syfy, Golf Channel, USA, and Oxygen. However, since certain agreements still need to be finalized, the separation process is expected to take approximately a year.
Nonetheless, this move aligns with the consideration Comcast mentioned during its quarterly earnings call in October. Comcast President Mike Cavanagh stated that the company plans to create “a new, well-capitalized company owned by shareholders and comprised of its strong portfolio of cable networks.”
This decision comes as Comcast faces a decline in traditional pay TV subscribers, with many shifting to streaming platforms while the company has been reinforcing NBCUniversal’s Peacock over the past few years. Despite this, Comcast reported a 37% increase in revenue for the third quarter, reaching $8.23 billion, largely driven by the Olympics.
Mark Lazarus, the current chairman of NBCUniversal Media Group, will take on the role of CEO for the new entity, while Anand Kini, NBCUniversal’s Chief Financial Officer, will serve as CFO and operating chief. Although Brian Roberts, Comcast Chairman and CEO, will not hold an official position in the new entity, he will retain voting rights.
Although the new entity will be led by NBCUniversal’s executives, NBCUniversal’s broadcast network NBC, the streaming platform Peacock, and Bravo will remain with Comcast. As for NBCUniversal’s current structure, several executive changes are set to take place.
Donna Langley, the current chief content officer, will become the new chairman of NBCUniversal Entertainment and Studios. Matt Strauss, head of the direct-to-consumer unit, will be promoted to chairman of NBCUniversal Media Group, succeeding Mark Lazarus. Additionally, Executive Vice President Adam Miller will take on the role of NBCUniversal’s Chief Operating Officer.