Comcast’s Cable TV Consideration

Mike Cavanagh sure seems to want to cut the cord.

While addressing investors on Thursday after reporting third-quarter earnings, the Comcast boss dropped some news: The company is mulling whether to spin off its depreciating cable assets, which include MSNBC, CNBC, Bravo, USA Network, E!, Golf Channel, and more. In addition, Cavanagh signaled that Comcast would like to find a partner for Peacock, which continues to bleed money (to the tune of $436 million in Q3, which means the streamer again narrowed its losses, but still).

"As you know, we chose not to participate in the M&A process around Paramount in the earlier part of this year," Cavanagh said. "But we would consider partnerships in streaming despite their complexities."

"And like many of our peers in media we are experiencing the effects of the transition in our video businesses, and we have been studying the best path forward for these assets," Cavanagh added. "To that end, 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 changing media landscape, and create value for our shareholders."

The possible spin off would not include Peacock or the NBC broadcast channel, which Comcast would retain. Cavanagh, who said the company was not ready to provide further specifics, vowed to update shareholders whenever the company's internal review is complete. A spokesperson for Comcast did not offer a time frame for when that might be.

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