As more people leave behind cable TV for streaming options, Comcast Corporation made an announcement that signals further change for the medium. What does it mean for viewers?
In a Wednesday press release, Comcast announced that it intends 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.”
Before the release, the news was first reported by The Wall Street Journal and then confirmed to NBC News on Tuesday by two people familiar with the matter. The new company has already been named SpinCo and Mark Lazarus, the current chairman of NBCUniversal Media Group, will serve as the company’s chief executive officer.
According to Comcast President Mike Cavanagh, the “transaction positions both SpinCo and NBCUniversal to play offense in a changing media landscape,” and Comcast said its content …