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Comcast officially announced Wednesday it would create a spin-off of several NBC networks, including left-leaning cable affiliate MSNBC, through a new company called "SpinCo."
"Comcast Corporation (NASDAQ: CMCSA) today announced its intent to create a new publicly traded company comprised of a strong portfolio of NBCUniversal’s cable television networks, including USA Network, CNBC, MSNBC, Oxygen, E!, SYFY and Golf Channel along with complementary digital assets including Fandango and Rotten Tomatoes, GolfNow and Sports Engine, through a tax-free spin-off. The well-capitalized independent company ("SpinCo") will have significant scale as a pure-play set of assets anchored by leading news, sports and entertainment content," a press release from Comcast read.
The new venture will have a "strategic direction," the release said, and will be led by Mark Lazarus, the current Chairman of NBCUniversal Media Group, and Anand Kini, the current Chief Financial Officer of NBCUniversal and EVP of Corporate Strategy at Comcast.
In this photo illustration, a Comcast Corporation logo is displayed on the screen of a smartphone. ((Photo Illustration by Sheldon Cooper/SOPA Images/LightRocket via Getty Images))
"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, said, according to the press release. "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, said in a statement that the "transaction positions both SpinCo and NBCUniversal to play offense in a changing media landscape."
SpinCo generated roughly $7 billion in revenue over the last 12 months and Comcast hopes to complete the spinoff project in a year.
The Wall Street Journal reported Tuesday that Comcast was guessing NBCUniversal's other assets in broadcast TV, sports, movies and theme parks would have higher growth potential going forward.
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"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," Lazarus said in a statement. "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."
MSNBC has suffered rock-bottom ratings since Election Day, when the preferred candidate of the network's on-air progressive talent, Kamala Harris, was defeated by President-elect Donald Trump.
MSNBC posted its lowest-rated week in over 25 years in key categories within the week of November 11-17.
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The co-hosts of MSNBC's "Morning Joe" reacted to the news of having new corporate bosses on Wednesday.
"I mean, I could be completely wrong: we could all be fired a year from now," co-host Joe Scarborough said. "When this happens, you never know what’s going to happen."
"Or tomorrow," co-host Mika Brzezinski added.
