Comcast Corporation Class A (CMCSA.US) will split off cable TV channels such as MSNBC and CNBC.

According to sources familiar with the matter, Comcast Corporation Class A (CMCSA.US) plans to spin off its cable TV channels including MSNBC, CNBC, and USA, in order to reduce exposure to the business that is losing viewers and advertising clients. The sources stated that Comcast Corporation Class A's NBC broadcast network and Peacock streaming TV business will remain with the parent company. The cable TV channel Bravo will also stay, as its reality TV shows are popular on streaming platforms. Reports earlier on Tuesday indicated that the spun-off TV networks would generate around $7 billion in annual revenue. Mark Lazarus, the current chairman of NBCUniversal and in charge of TV and streaming operations, will become the CEO of the new company. As reported earlier, Comcast Corporation Class A plans to make other management changes, which will expand the responsibilities of two senior leaders. NBC's Chief Content Officer Donna Langley will become the chairman of NBCUniversal Entertainment & Studios, while Matt Strauss, responsible for the company's direct-to-consumer streaming business, will take over Lazarus's previous position. Comcast Corporation Class A stated in October that it was considering a spin-off. The business would be distributed to existing shareholders of Comcast Corporation Class A, which is well-capitalized and able to acquire related assets. On October 31, President Michael Cavanagh stated on a call with analysts, "We think there may be an opportunity to be more aggressive. We think we have great assets and a strong balance sheet, and that's our thinking."