Comcast will announce the spinoff of cable networks Wednesday, CNBC source says

Source: CNBC

Published Tue, Nov 19 2024 6:30 PM EST | Updated 22 Min Ago


Comcast is moving forward with the spinoff of its cable network channels, people familiar with the matter told CNBC on Tuesday. The separation is expected to take about a year, and an announcement from the company could come as early as Wednesday, the people said.

The new entity will be led by Mark Lazarus, the current chairman of NBCUniversal’s media group, one of the people said. NBCUniversal’s Chief Financial Officer Anand Kini, will serve as the CFO and operating chief of the new entity, the person said.

Comcast Chairman and CEO Brian Roberts will maintain a voting position in the company, but will not serve as an officer or on the board of directors, the person added. The spinoff will be tax free and the share structure of the new entity will mirror that of Comcast’s, according to the person.

At NBCUniversal, Donna Langley, the current chief content officer, will become chairman of NBCUniversal Entertainment and Studios, while Matt Strauss, the current head of the direct-to-consumer unit, will be chairman of NBCUniversal Media Group, overseeing sports, ad sales and distribution, the person said. Cesar Conde will remain as NBCUniversal News Group’s chairman, including oversight of NBC News Group, while Executive Vice President Adam Miller will become NBCUniversal’s Chief Operating Officer, they said.

Read more: https://www.cnbc.com/2024/11/19/comcast-will-announce-the-spinoff-of-cable-networks-wednesday-cnbc-source-says.html