Putting Donna Langley firmly in the corporate driver’s seat, Comcast boss Brian Roberts has also decided it’s time for NBCUniversal to shed some cable channel weight.
Tomorrow, Comcast is set to reveal its long term plan to carve off cable channels MSNBC, CNBC, E!, Syfy, Golf Channel, Oxygen and USA into a new and separate company.
The as-yet-unnamed venture will be run by current NBCU Media Group boss Mark Lazarus as CEO. NBCU CFO Anand Kini is on board as a supersized CFO and COO for the new company.
Separating the wheat from the chaff, broadcast network NBC, burgeoning streamer Peacock and reality TV behemoth Bravo will stay with NBCU. NBC and Bravo fare consistently ranks among the most watched programs on the streamer, explaining why Bravo was separated from the rest of NBCU’s cable networks.
The process of the cable channels spinoff is anticipated to be completed in late 2025, if there are no hiccups. As news of the potential $7 billion new company spread, Comcast stock saw a nice bounce in after hours trading.
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“It’s a hard call, but it’s time, everyone knows it,” an NBCU executive close to events told Deadline Tuesday of the corporate strategy out of the free fall in cable’s worth and viewership. “The way things are a leaner offering for cable and a streamlining of the core businesses is the stronger play for the future.”
To that future, Langley is seen as pivotal to NBCU’s growth going forward under the new structure.
After indicating in recent months that a culling was coming, the Philadelphia-based telecommunications giant is expected to announce Wednesday that Langley will become chairman of NBCUniversal Entertainment and Studios, Deadline has confirmed. She is taking on some of Lazarus’ responsibilities.
Coming off the massive financial and critical success of last year’s Oppenheimer and the anticipated big box office of the about to be released Wicked, the soon-to-be former NBCU Studio Group leader and Chief Content Officer will now wield the real power of a studio boss, sources tell us. “Donna has shown she knows how to lead a 21st century company, this is an overdue acknowledgment of that reality and her talents,” the well-positioned exec states.
As a part of the restructuring, Frances Berwick, Chairman, NBCUniversal Entertainment, who dad a dual report into Langley and Lazarus, will now report solely to Langley.
Comcast signaled plans to split on an Oct. 31 earnings call, with President Mike Cavanagh saying, “Like many of our peers in media, we’re experiencing the effects of the transition of our video businesses and have been studying the best path forward for these assets.”
Paramount Global and Warner Bros. Discovery took massive, multi-billion dollar hits this summer to write down the value of their cable business.
“To that end,” the Comcast exec said, “we are now exploring whether creating a new, well-capitalized company owned by our shareholders and comprised of our strong portfolio of cable networks would position them to take advantage of opportunities in the media landscape and create value for our shareholders.
There were no specifics then. Now, as first reported by the Wall Street Journal, we know what that exploration will look like — with more to be revealed tomorrow.
Nellie Andreeva contributed to this report
The post NBCUniversal Split: Comcast To Spin Off Cable Channels Under Mark Lazarus; Donna Langley Consolidates Power, NBC, Peacock & Bravo Stay Put appeared first on Deadline.
