Comcast Spinning Off Struggling Cable Businesses

The BBC is reporting that US media giant Comcast is set to spin off its NBCUniversal cable television arm, as the industry continues to struggle with the emergence of streaming giants like Netflix and Amazon Prime.

The BBC understands that the plan – set to be announced on Wednesday – is to create a new company that will include channels such as MSNBC, CNBC, USA, E!, Syfy and the Golf Channel.

The networks are still profitable and generated a combined revenue of 7-billion US dollars in the year to the end of September.

Comcast will keep the NBC broadcast television network, its film and television studios and its theme parks, as well as its Peacock streaming service.

Executives at Comcast believe the plan will be completed in about a year.

Their expectation is that Comcast will be better placed for growth after the spinoff.