Comcast's President, Mike Cavanagh, announced plans to explore the possibility of separating its cable network business. In a recent earnings call with investors, Cavanagh discussed the creation of a new, well-capitalized company owned by Comcast's shareholders and focused solely on its robust cable network portfolio. This potential spin-off will not include the broadcast network NBC or the streaming service Peacock.
The announcement comes as millions of customers continue to abandon traditional pay-TV bundles in favor of streaming services. Comcast has been actively working to strengthen its streaming service, Peacock. The service gained significant traction during the third quarter by exclusively streaming events from the Paris Summer Olympics.
