(Julianna Frieman, Headline USA) Comcast, the parent company of NBCUniversal, announced Wednesday that it will spin off many of its cable television networks—including MSNBC.
Just two weeks since President-elect Donald Trump won a second term, Comcast made public its plan to distance itself from leftist MSNBC, home of Trump-bashing regulars Joe Scarborough, Joy Reid and Rachel Maddow.
Comcast will offload MSNBC, CNBC, USA Network, Oxygen, E!, SYFY and the Golf Channel into a new company temporarily known as SpinCo, according to NBC News.
Comcast to spin off MSNBC, CNBC entertainment channels as streaming dents cable: sources https://t.co/8GuBcRWoFf pic.twitter.com/8LYUuphJ5m
— New York Post (@nypost) November 20, 2024
Comcast will keep primary NBCUniversal assets including NBC broadcast network, NBC News and NBC Sports.
The streaming service Peacock and the cable channel Bravo will also remain with Comcast, the outlet noted.
The move would separate NBC News from MSNBC and CNBC, according to the outlet.
“The transaction will be structured as a tax-free spin to existing shareholders,” Comcast President Mike Cavanagh explained in an internal memo. “While we don’t have a precise timetable for completing the transition, we are estimating that it will take approximately a year.”
MSNBC has seen a steep decline in post-election ratings, averaging only 599,000 total viewers on Nov. 13—the smallest Wednesday audience since June 29, 2016, according to Fox News, which averaged 2.3 million viewers on the same day.
“The well-capitalized, independent company will be positioned to lead in the changing landscape for cable networks given the strength of its portfolio and the quality and focus of its management team,” Cavanagh said.
Mark Lazarus, chairman of NBCUniversal’s media group, will take the helm of SpinCo, the outlet reported. Anand Kini, NBCUniversal’s chief financial officer, will take on the role as the new company’s CFO and chief operating officer.
According to Cavanagh, SpinCo “will have significant cash flow, a strong balance sheet, and the financial flexibility to pursue growth opportunities, both organically and potentially through acquisitions.”
NEW
On MSNBC, @morningmika and @JoeNBC say that they went to Mar-a-Lago this weekend and met with President-elect Trump for the first time in seven years.
Mika says that despite “profound disagreements,” they agreed with Trump to restart communications. pic.twitter.com/7rZwQkleWJ
— Yashar Ali 🐘 (@yashar) November 18, 2024
This comes as Scarborough and his Morning Joe co-host wife Mika Brzezinski traveled to Mar-a-Lago on Friday to “restart communications” with Trump.
CNN reportedly kicked off major layoffs following its own dismal Election Night performance, Puck News reported.
Hundreds of staffers, particularly on the production side, are expected to lose their jobs after CNN accumulated less viewers than MSNBC that night—as the network barely averages 800,000 on a normal day.
Julianna Frieman is a freelance writer published by the Daily Caller, Headline USA, The Federalist, and The American Spectator. Follow her on Twitter at @JuliannaFrieman.
