Comcast will spin off its cable channels, including MSNBC and CNBC

Comcast Corp. is cleaving off a huge chunk of its television portfolio to create a new company composed of its cable channels, including MSNBC and CNBC.

The Philadelphia-based cable giant plans to unveil the spinoff as well as a new corporate structure for NBCUniversal on Wednesday morning, according to three people familiar with the matter who were not authorized to comment publicly.

The $7 billion spinoff comes as traditional media companies grapple with the diminishing value of what was once an economic pillar of the entertainment business. For years, NBCUniversal’s cable channels — including USA, Bravo, Syfy, Golf Channel and E! — provided the company’s most reliable profits.

But as consumers shift to on-demand streaming platforms, the future of cable channels looks increasingly bleak. Comcast is taking an exit ramp on cable programming by creating a new company, comprising nearly all of NBCUniversal’s current cable networks with the exception of Bravo, home of the “Real Housewives.”

The legacy NBCUniversal also will hold onto the Universal Pictures film studio as well as the NBC broadcast network, NBC Sports and streaming service Peacock. Keeping Bravo is an interesting twist, but its content has been a potent driver for Peacock, and the linear channel still achieves healthy ratings.

Comcast’s current shareholders will be given stock in the new company.

Mark Lazarus, who has presided over NBC Sports and NBCUniversal’s networks business for about a decade, will lead the new company, the knowledgeable people said. Lazarus, a former Turner Broadcasting executive, joined Comcast in 2010 and assumed control of NBC Sports the following year after Comcast took control of NBCUniversal from General Electric and installed its own management team.

Comcast Chairman Brian Roberts is expected to control one-third of the new company’s voting stock.

The separation, which will likely close in about a year, has already prompted a new management structure for NBCUniversal.

NBCUniversal Chief Content Officer Donna Langley will assume greater responsibilities as NBCUniversal chairman of entertainment and studios, which will include oversight of NBC Entertainment, the Universal film and television studios and marketing of entertainment programming, the sources said.

Langley has long been a respected tastemaker in Hollywood, but her profile within the company has grown dramatically since taking over the film studio five years ago.

Universal Pictures now is one of the most stable and prolific studios around. During Langley’s tenure, Universal has produced two of the most profitable years in its 112-year history, with “Oppenheimer,” directed by Christopher Nolan, generating nearly $1 billion in ticket sales and winning the Oscar for best picture.

The studio also scored with “The Super Mario Bros. Movie” and “M3GAN.” This year, Universal produced hits such as “Twisters” and the upcoming first installment of “Wicked,” which is expected to be another box office juggernaut.

Comcast President Mike Cavanagh, who runs NBCUniversal, is expected to unveil the changes to his leadership team.

Longtime Comcast executive Matt Strauss will get a big promotion to partner with Langley. Strauss is expected to oversee NBC Sports and business-side functions, including distribution and ad sales. Strauss has served as chairman of NBCUniversal international operations and direct-to-consumer offerings for the last four years.

The Wall Street Journal first reported news of the spinoff.

Cavanagh hinted at the new structure late last month, during its most recent earnings call with analysts. He said such a move could allow the cable channels “to take advantage of opportunities in the changing media landscape and create value for our shareholders.”

Sources familiar with the plan said that NBCU’s cable channels still generate considerable cash flow and that the new entity could use some of those profits to scoop other cable outlets to consolidate its clout in the marketplace.

However, NBCUniversal distribution executives have long packaged NBC, which boasts “Sunday Night Football,” with the company’s cable channels to maintain its cable programming fees.