Comcast confirms intention to create leading independent media business through spin-off of select cable television networks (42.32)
- Co 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 will have significant scale as a pure-play set of assets anchored by leading news, sports and entertainment content.
- The planned spin-off will also strategically position NBCUniversal with its leading broadcast and streaming media properties, including NBC entertainment, sports, news and Bravo -- which all power Peacock -- along with Telemundo, the theme parks business and film and television studios.
- Comcast is targeting to complete the spin-off in approximately one year, subject to the satisfaction of customary conditions, including obtaining final approval from the Comcast Board of Directors, satisfactory completion of SpinCo financing, receipt of tax opinions and receipt of any regulatory approvals. There can be no assurance that a separation transaction will occur, or, if one does occur, of its terms or timing.
- SpinCo will be led by an experienced and well-respected management team. Mark Lazarus, current Chairman of NBCUniversal Media Group, will serve as the company's Chief Executive Officer, and Anand Kini, current Chief Financial Officer of NBCUniversal and EVP of Corporate Strategy at Comcast, as its Chief Financial Officer and Chief Operating Officer. Together they will lead the development of an independent strategy, while also establishing SpinCo as a potential partner and acquirer of other complementary media businesses.
- Over the last twelve months ended September 30, 2024, SpinCo generated approximately $7 billion in revenue. SpinCo will have the same dual-class share structure as Comcast