Comcast to Spin Off Cable Networks

Comcast Corporation will create a new business encompassing NBCUniversal’s cable networks, including USA Network and MSNBC, under the leadership of Mark Lazarus.

The new venture will consist of USA Network, CNBC, MSNBC, Oxygen, E!, SYFY and Golf Channel along with complementary digital assets, including Fandango and Rotten Tomatoes, GolfNow and Sports Engine.

“When you look at our assets, talented management team and balance sheet strength, we are able to set these businesses up for future growth,” said Brian L. Roberts, chairman and CEO of Comcast. “With significant financial resources from day one, SpinCo will be ideally positioned for success and highly attractive to investors, content creators, distributors and potential partners.”

“This transaction positions both SpinCo and NBCUniversal to play offense in a changing media landscape,” said Mike Cavanagh, president of Comcast. “Taken together, the entirety of NBCUniversal will be on a new growth trajectory, fueled by our world-class content, technology, IP, properties and talent—all working in concert with each other as an integrated media company.”

Lazarus, current chairman of NBCUniversal Media Group, will serve as the company’s CEO. Anand Kini, CFO of NBCUniversal and EVP of corporate strategy at Comcast, will serve as CFO and COO.

“As a standalone company with these outstanding assets, we will be better positioned to serve our audiences and drive shareholder returns in this incredibly dynamic media environment across news, sports and entertainment,” said Lazarus. “We see a real opportunity to invest and build additional scale and I’m excited about the growth opportunities this transition will unlock. Our financial strength will also provide capacity for an attractive capital return policy while allowing for investment in the growth of these businesses.”

Comcast is targeting to complete the spin-off in approximately one year.