Today, Comcast released details of its plan to create a new publicly traded company comprised of a strong portfolio of NBCUniversal’s cable television networks. Mark Lazarus and Anand Kini will lead the project.
The planned spin-off, called “SpinCo” will include the channels: USA Network, CNBC, MSNBC, Oxygen, E!, SYFY, and Golf Channel.
Today, Comcast told its investors, “The transaction is expected to be accretive to revenue growth at Comcast and approximately neutral to Comcast’s leverage position. The company does not anticipate any change to its credit profile or ratings as a result of this transaction.”
Comcast recently announced positive news following a strong performance in its latest quarterly results, which included an increase of 3 million subscribers to its Peacock streaming channel. During this period, Peacock generated $1.5 billion in revenue. Comcast also confirmed that Peacock will remain completely under their ownership.
“When you look at our assets, talented management team and balance sheet strength, we are able to set these businesses up for future growth,” Brian L. Roberts, Chairman and CEO of Comcast, commented. “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.”
“This transaction positions both SpinCo and NBCUniversal to play offense in a changing media landscape,” Mike Cavanagh, President of Comcast said to investors today. “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.”
The spin-off is to be complete within one year, according to Comcast.
By CEO NA Editorial Staff
