Comcast sheds most of NBCU’s cable channels as media titans (slowly) cut the cord

Getting a spin-off… not the “Joanie Loves Chachi” kind. NBCUniversal owner Comcast said it’s spinning off almost all of NBCU’s cable-TV biz. The new company’s channels will include CNBC, USA, E!, and Syfy. Meanwhile, NBCU will hang on to assets including Universal Studios theme parks, the streaming service Peacock, and movies like “Wicked.” Though most TV channels will belong to the new company, NBCU will keep Bravo (can’t lose “Real Housewives”) and NBC’s eponymous broadcast channels.

• Channel change: Comcast spent nearly $30B to acquire NBCU in the early 2010s, and, in the heyday of hits like “Friday Night Lights,” it was a cash cow.

• Cord chop: As viewers switched to streaming, Comcast lost an estimated 2M cable subscribers last year, while major TV companies shed a combined 5M.

Losing the remote… Comcast’s not the only media co slimming down its cable biz. In August Warner Bros. Discovery and Paramount slashed the valuations of their cable businesses by a combined $15B+. Paramount’s incoming CEO has called linear TV a “declining business,” and Fox in 2019 sold off a big chunk of its channels to Disney, including National Geographic and FX. Disney’s mostly hung on to its cable portfolio, but last year suggested channels like ABC were on its priority backburner. But most companies have hesitated to stage a major unwinding like Comcast’s.