Note: This story, originally published Nov. 5, was updated on Nov. 20 to reflect Comcast’s formal plans to spin off its cable networks.
Comcast is cutting the cord on its cable network portfolio – a move that gets its most-distressed assets off its books and could spark a new wave of consolidation in the fast-declining linear TV business.
The tax-free spinoff into a standalone, publicly traded company will include MSNBC, CNBC, USA, Oxygen, E!, Syfy and Golf Channel, as well as digital assets Fandango, Rotten Tomatoes, Golf Now and Sports Engine. Meanwhile, Bravo, which is known for reality TV series such as “The Real Housewives,” will stay with Comcast, along with Peacock, the NBC broadcast network and Telemundo.