Channels including USA, Syfy and E! to be housed in new venture led by Mark Lazarus
Comcast is set to spin off its portfolio of NBCUniversal cable channels with long-time exec Mark Lazarus heading up the business.
The news, revealed by The Wall Street Journal, will see the US giant hiving off a group of networks including USA, Syfy, Oxygen, MSNBC and E! into a new venture. Real Housewives channel Bravo will remain within the core Comcast business alongside broadcast network NBC and streamer Peacock.
Lazarus, who was moved to his current role of chairman of NBCU Media Group during a leadership shake-up last year, has been identified as the person to lead the new venture as chief executive, according to reports, joined by NBCU chief financial officer Anand Kini, who will hold a similar role and take on operating responsibilities.
The WSJ reported the deal is structured as a tax-free spinoff to Comcast shareholders and will complete in a year. It is reported the standalone cable venture, which also includes networks like news outfit CNBC and Golf Channel, will be similar in structure to Comcast, with the latter’s chief exec holding a voting stake.
Plans for a spin-off were revealed at Comcast’s recent Q3 earnings call, in which president Mike Cavanagh said the media company was exploring its options for its cable channels to navigate the cord-cutting of traditional pay-TV and the shift to streaming in the US.
Cavanagh is also set to make other leadership changes, according to reports, with NBCU Studio Group chair & chief content officer Donna Langley appointed chair of NBCU Entertainment and Studios, giving her greater authority for greenlighting productions and more control over content spend.
Direct-to-consumer boss Matt Strauss will take Lazarus’s role as chair of NBCU Media Group, overseeing sports, ad sales and distribution.
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