With Donna Langley firmly in the company’s driver’s seat, Comcast boss Brian Roberts also decided it was time for NBCUniversal to shed some weight on cable channels.
Tomorrow, Comcast plans to unveil its long-term plan to spin off its cable channels MSNBC, CNBC, E!, Syfy, Golf Channel, Oxygen and USA into a new, separate company.
The as-yet-unnamed venture will be run by current NBCU Media Group boss Mark Lazarus as CEO. NBCU CFO Anand Kini will join the new company’s board as outsized CFO and COO.
To separate the wheat from the chaff, broadcast network NBC, fast-growing streamer Peacock, and reality TV giant Bravo will stay with NBCU. NBC and Bravo consistently rank among the streamers’ most-watched shows, explaining why Bravo was separated from NBCU’s other cable networks.
The cable channel spin-off process is expected to be completed in the second half of 2025, assuming there are no issues. Comcast stock rallied sharply in after-hours trading as news spread about a potential $7 billion new company.
“It’s a difficult decision, but we all know the time has come,” an NBCU executive close to the event told Deadline on Tuesday about the company’s strategy to weather a sharp decline in cable TV’s value and viewership. spoke. “Slimming down the cable industry and streamlining our core business is a stronger strategy for the future.”
(LR) Donna Langley and ‘Wicked’ cast members Cynthia Erivo and Ariana Grande attend the LA premiere of Jon Chu’s film on November 9, 2024
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Looking toward that future, Langley is expected to play a vital role in NBCU’s future growth under the new system.
The Philadelphia-based telecom giant has hinted in recent months that a shakeout is looming, but Deadline has confirmed that Langley is set to announce Wednesday that he will become chairman of NBCUniversal Entertainment & Studios. . She takes on some of Lazarus’s responsibilities.
Following the massive financial and critical success of last year’s Oppenheimer and the huge box office success of the upcoming Wicked, the soon-to-be former NBCU studio group leader and chief content officer will will hold the real power. My boss and the people involved told me this. “Donna has shown that she knows how to lead a 21st century company. This is an overdue recognition of that reality and her talent,” said this well-placed executive.
As part of the reorganization, NBCUniversal Entertainment Chairman Frances Berwick, who previously dual-reported to Mr. Langley and Mr. Lazarus, will now report solely to Mr. Langley.
Comcast hinted at plans for a company split during its October 31 earnings call, with President Mike Kavanaugh stating: these assets. ”
Paramount Global and Warner Bros. Discovery took massive multibillion-dollar hits this summer to value their cable businesses.
“That’s why,” the Comcast executive said. “We are currently exploring whether we can capitalize on opportunities in the media environment by creating a new well-capitalized company, owned by our shareholders and comprised of a strong portfolio of cable networks. ” and create value for shareholders.
There was nothing concrete at that time. As the Wall Street Journal first reported, we know what that exploration will look like, and we’ll find out more tomorrow.
Nellie Andreeva contributed to this report
