Posted in: NBC, Peacock, TV | Tagged: comcast, msnbc, nbcuniversal, syfy

Comcast Confirms Cable Networks Spinoff: MSNBC, SYFY & More (Details)

Comcast is spinning off a number of NBCUniversal’s cable television networks (USA, MSNBC, SYFY, and more) into a new company, SpinCo.

Less than a month after the media company publically commented that it was looking into the possibility, and less than 24 hours after reports hit that it was going to be a done deal, Comcast made it official on Wednesday morning. As the post "Streaming Wars" television landscape continues to evolve, the company confirmed that it would be spinning off a number of NBCUniversal's cable television networks (including USA Network, CNBC, MSNBC, Oxygen, E!, SYFY, and Golf Channel) and digital assets (including Fandango, Rotten Tomatoes, GolfNow, Sports Engine) into an independent company with a pretty appropriate name – SpinCo. Comcast's new streamlined NBCUniversal will now include NBC entertainment, sports, and news (and Bravo, a big programming feeder to streaming service Peacock), Telemundo, the theme parks business, and film and television studios.

"When you look at our assets, talented management team, and balance sheet strength, we are able to set these businesses up for future growth," shared 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." Mike Cavanagh, President of Comcast, added, "This transaction positions both SpinCo and NBCUniversal to play offense in a changing media landscape. 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."

Mark Lazarus, current Chairman of NBCUniversal Media Group, will serve as SpinCo's Chief Executive Officer, with Anand Kini, current Chief Financial Officer of NBCUniversal and EVP of Corporate Strategy at Comcast, serving as the new company's Chief Financial Officer and Chief Operating Officer. "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," shared 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."

In terms of a timeline for when the spin-off will be complete, Comcast is looking at approximately one year – depending on any number of factors (for example, obtaining final approval from the Comcast Board of Directors as well as any regulator approvals). To help reduce the red tape, Comcast has enlisted Goldman Sachs & Co. LLC and Morgan Stanley & Co. LLC to serve as financial advisors, with Davis Polk & Wardwell LLP serving as legal counsel.

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