(VOR News) – On Tuesday, individuals familiar with the matter informed CNBC of this knowledge. Comcast is progressing with the separation of its cable network channels.
A statement from the corporation may be issued as early as Wednesday, according to sources, and it is anticipated that the separation will require approximately one year to finalize.
An individual has asserted that Mark Lazarus, presently the head of the media group at NBCUniversal, will oversee the new organization. This information originated from one of the individuals. Anand Kini, presently the Chief Financial Officer of NBCUniversal, will assume the dual roles of Chief Financial Officer and Operating Chief of the new company.
Brian Roberts, the current Chairman and Chief Executive officer of Comcast, will retain a voting position within the corporation; however, he will neither have an official role nor participate on the board of directors.
One individual has stated that the division of the cable networks will provide them with the opportunity to either consolidate with other networks or maybe be acquired by private equity groups. This has been asserted by an individual.
A Comcast-like share structure will exempt the individual from taxes on the spinoff.
Donna Langley, presently the chief content officer at NBCUniversal, will be promoted to chairperson of NBCUniversal Entertainment and Studios. Matt Strauss, currently overseeing the direct-to-consumer business, will be promoted to chairman of NBCUniversal Media Group.
In this new position, he will be accountable for managing the dissemination of advertising and sports content, along with the sales of advertising. A statement has been issued confirming that Cesar Conde will retain his role as chairman of NBCUniversal News Group.
He is tasked with overseeing NBC News in this position. Simultaneously, Executive Vice President Adam Miller will be elevated to the role of Chief Operating Officer of NBCUniversal.
Additionally, during the quarterly results conference held in October, the business disclosed its contemplation of separating the cable networks.
This information was disclosed on the earnings call. Mike Cavanagh, President of Comcast, has indicated that the corporation is considering the establishment of “a new, well-capitalized entity owned by our shareholders and consisting of our robust portfolio of cable networks.” The firm issued this comment.
Despite millions of customers abandoning traditional pay TV bundles for streaming alternatives, Comcast continued with the execution of the decision. Peacock, the streaming service owned by NBCUniversal, has been the focus of the corporation’s persistent endeavors to improve its performance in recent years.
Comcast’s shares have increased by almost two percent as of this morning’s market close.
The spinoff will also encompass E!, Syfy, Golf Channel, USA, and Oxygen as participating networks, according to an informed source familiar with the matter. One individual asserted that Bravo would remain a component of NBCUniversal.
Since most of its content airs on Peacock, Comcast oversees it.
According to statements made by Cavanagh in October, the broadcast networks NBC and Peacock, owned by NBCUniversal, will remain under Comcast’s ownership.
Conventional television networks remain an income source for media businesses, notwithstanding the impact of cord-cutting on the industry overall.
Comcast’s media sector, primarily consisting of television networks, reported a nearly 37% increase in overall income, reaching $8.23 billion in the third quarter, as announced by the firm in October.
The predominant cause of this increase can be ascribed to the Olympic Games conducted in Tokyo. Despite the lack of the Summer Games, there was approximately a five percent increase in revenue.
Given that the corporation is currently assessing the necessity of license agreements and the ongoing relationship between MSNBC, CNBC, and NBC News, two individuals indicated that the spinoff is expected to take approximately one year to complete.
One individual has indicated that formal negotiations have yet to occur between television networks like, MSNBC, and News.
SOURCE: CNBC
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