Comcast Redirects Focus: NBCUniversal Cable Networks to Go Independent

Comcast is planning a big change. They're splitting off many of NBCUniversal's cable TV networks, like USA Network, CNBC, and MSNBC, into their own separate company. This move isn't surprising, as more people are switching from traditional cable to streaming services. Mark Lazarus, the current head of NBCUniversal Media Group, will lead the new company. He's excited about the change, saying it will help serve audiences and boost shareholder returns in the fast-changing media landscape. Comcast has been shifting its focus away from traditional cable for some time now. They're putting more effort into streaming services, like their movie studio, theme parks, and wireless and internet services. Their streaming channel Peacock is doing really well. It gained 3 million subscribers in the last quarter, bringing the total to 36 million. Peacock's revenue also shot up by 82% to $1. 5 billion. Peacock will stay with Comcast. The service, launched in 2020, had a rough start but has picked up speed, especially during the 2024 Paris Olympics. People streamed over 23 billion minutes of Olympic coverage on Peacock, a 40% increase compared to previous Olympics. Comcast aims to finish this spin-off process within a year. They need approval from their board, financers, and regulators to make it happen.