According to sources, Comcast is advancing plans to spin off its cable network channels. With an official announcement from Comcast potentially coming as early as Wednesday the spinoff process is anticipated to take approximately a year.
Mark Lazarus, currently the chairman of NBCUniversal’s media group, is expected to lead the new entity, according to the source. Additionally, NBCUniversal’s Chief Financial Officer, Anand Kini, will reportedly take on the roles of CFO and operating chief for the new organization.
Notably, Comcast Chairman and CEO Brian Roberts will retain a voting position in the new entity but will not hold an executive role or serve on its board of directors, as per the source. The spinoff is expected to be tax-free, with the new entity’s share structure mirroring that of Comcast, the source added.
Donna Langley, currently serving as chief content officer, will step into the role of chairman for NBCUniversal Entertainment and Studios and Matt Strauss, who heads the direct-to-consumer unit, will become chairman of NBCUniversal Media Group, with responsibilities for sports, ad sales, and distribution.
Furthermore, according to sources, Cesar Conde will continue as chairman of NBCUniversal News Group, overseeing NBC News, while Executive Vice President Adam Miller is set to take on the position of Chief Operating Officer.
Comcast president Mike Cavanagh told analysts during its earnings call on Oct. 31., “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. We are not ready to talk about any specifics yet, but we’ll be back to you as and when we reach firm conclusions.”
Comcast had previously clarified that the potential spinoff would not include its flagship streaming service Peacock, which currently has around 36 million subscribers, or its broadcast assets such as NBC. Additionally, popular reality television brand Bravo will remain part of the NBCUniversal portfolio and will not transition to the spinoff entity. The Wall Street Journal initially reported the spinoff plans on November 20.
Additionally, as the company assesses the need for licensing agreements and determines whether MSNBC and CNBC will maintain their collaboration with NBC News the spinoff process is expected to take about a year.