The formal announcement of this spin-off is set to occur on Wednesday, with the completion expected within a year. Comcast will retain ownership of its NBC broadcast network, film and television studios, theme parks, and its Peacock streaming service, allowing the company to refocus its business strategy amidst changing viewer behaviors. Mark Lazarus, currently serving as chairman of NBCUniversal's media group, will take the helm as CEO of the new cable-centric company.

This decision marks Comcast as the first major media organization to pursue such a strategy, signaling a potential industry shift. Previously, Warner Bros and Paramount Global have reduced their cable valuations significantly, and while Disney considered similar actions, it ultimately opted against them. As viewership continues to migrate away from cable subscriptions towards streaming, Comcast's spin-off aims to position itself for future growth in an evolving media landscape.