As the linear TV business continues to erode, Comcast is considering spinning off its cable network portfolio into a standalone company.
That portfolio includes Oxygen True Crime, Bravo, MSNBC, CNBC, USA Network, E!, Syfy, Universal Kids and Spanish-language channel Universo. The spinoff would not include the company’s broadcast operations.
Shares of Comcast popped 7% in pre-market trading on Thursday following the announcement.
“Like many of our peers in media, we are experiencing the effects of the transition in our video businesses, and have been studying the best path forward for these assets,” Comcast president Mike Cavanagh told analysts on Thursday during the company’s third quarter earnings call.
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