Comcast to spin off cable networks, once star performers for the entertainment giant

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Comcast will spin off many of its cable television networks that were once at the heart of the entertainment giant, with people increasingly swapping out their cable TV subscriptions for streaming platforms

WASHINGTON — Comcast will spin off many of its cable television networks that were once at the heart of the entertainment giant, with people increasingly swapping out their cable TV subscriptions for streaming platforms.

Those one-time stars for Comcast's NBCUniversal cable television networks include USA, Oxygen, E!, SYFY and Golf Channel, as well as CNBC and MSNBC. Movie ticketing platform Fandango and the Rotten Tomatoes movie rating site would also become part of the new company.

Peacock will remain with Comcast, as will Bravo, which provides significant content for the Peacock streaming service.

Comcast telegraphed the potential shift last month as it released quarterly earnings before confirming Wednesday that it will spin off assets that generated about $7 billion in revenue over he past 12 months ending September 30. That's about 5.5% of Comcast's total revenue during that period, according to the company.

But there is a shrinking pool of cable subscribers as millions cut the cord and rely increasingly on streaming platforms for entertainment.

“Like millions of US consumers, Comcast finally cut the cord by divesting itself of most of its cable TV channels,” said Paul Verna, principal analyst at market research company eMarketer. “The benefits are clear to Comcast. It’s dropping money-losing assets from a technology and media empire that will retain its lucrative (internet service provider) business, theme parks, broadcast networks, and Peacock streaming service.”

But how this new spin-off company will