Comcast is formally reducing the wire on most of its cable networks.

The corporate introduced a plan Wednesday that may offload the majority of NBCUniversal‘s financially challenged cable portfolio — excluding Bravo — into a brand new entity owned by Comcast shareholders. The considering is the brand new firm shall be positioned to accumulate different media and digital properties, to achieve larger scale in an more and more streaming-focused panorama. Alternatively, the separation of the NBCU cable group would make it simpler to promote the enterprise.

The spin-off firm will home MSNBC, CNBC, USA Community, Oxygen, E!, Syfy and Golf Channel. As well as, the corporate will embrace digital belongings together with Fandango and Rotten Tomatoes, GolfNow and Sports activities Engine. Comcast mentioned it’s structured as a tax-free spin-off.

The brand new NBCU cable TV firm — at present dubbed “SpinCo” — shall be led by CEO Mark Lazarus, who has served as chairman of NBCUniversal Media Group since July 2023, overseeing the corporate’s TV and streaming operations.

Submit-spin, NBCUniversal will comprise the NBC broadcast community and stations, the Peacock streaming service, Bravo (the fact TV powerhouse seen as a key to Peacock’s success), NBC Information Group, NBC Sports activities, Telemundo, the Common theme parks and resorts, and NBCU’s movie and tv studios.

Comcast expects the spin-off to shut inside one yr, contingent on acquiring remaining approval from the Comcast board of administrators, “passable completion of SpinCo financing, receipt of tax opinions and receipt of any regulatory approvals,” the corporate mentioned.

“While you have a look at our belongings, gifted administration workforce and stability sheet energy, we’re in a position to set these companies up for future progress,” Comcast chairman and CEO Brian Roberts mentioned in an announcement. “With vital monetary assets from day one, SpinCo shall be ideally positioned for achievement and extremely enticing to traders, content material creators, distributors and potential companions.”

But to be hashed out are some nitty-gritty particulars. These embrace how MSNBC shall be separated from NBC Information Group, led by Cesar Conde, and the way NBCU will break up up its advertising-sales division, which at present spans its full TV and streaming lineup.

Comcast mentioned that whereas SpinCo will function as an impartial enterprise, it is going to enter right into a “transition providers settlement” with NBCUniversal to permit SpinCo “to function seamlessly from Day One,” Comcast mentioned.

Information of Comcast’s cable spin-off broke Tuesday, coming lower than a month after the corporate instructed traders on Oct. 31 it was exploring the situation. Comcast shouldn’t be holding a convention name with analysts or press to debate the deliberate transaction.

“This transaction positions each SpinCo and NBCUniversal to play offense in a altering media panorama,” mentioned Mike Cavanagh, president of Comcast, in an announcement. “Taken collectively, everything of NBCUniversal shall be on a brand new progress trajectory, fueled by our world-class content material, expertise, IP, properties and expertise — all working in live performance with one another as an built-in media firm.”

Over the 12 months ended Sept. 30, 2024, SpinCo generated roughly $7 billion in income, in line with Comcast. SpinCo may have the identical dual-class share construction as Comcast.