(Reuters) -Comcast said on Wednesday it plans to spin off some NBCUniversal cable TV networks, as the rise of streaming prompts the media company to relinquish some of its most prized assets.
Comcast’s shares were up about 2.5% in premarket trading.
The company said it would separate its entertainment and news channels including MSNBC, CNBC, USA, Oxygen, E!, Syfy and Golf Channel.
However, it will retain NBCUniversal’s NBC entertainment along with some broadcast properties, its film and television studios and theme parks, as well as its Peacock streaming service, it said.
Profitability in traditional television and cable networks has been declining as consumers increasingly shift to streaming services such as Netflix, leaving media firms to explore other options for their legacy businesses.
Paramount Global – which owns cable television networks Comedy Central, Nickelodeon and MTV – agreed to merge with streaming-era upstart Skydance Media earlier this year.
(Reporting by Zaheer Kachwala and Akash Sriam in Bengaluru; Editing by Devika Syamnath and Pooja Desai)