Chloe Melas is an entertainment correspondent for NBC News.
Comcast is expected to announce a plan Wednesday to spin off its cable networks into a separate company, two people familiar with the matter told NBC News. The split would cleave off some of NBCUniversal's best-known brands, including MSNBC, E!, Syfy, Golf Channel, USA, CNBC and Oxygen, which now face the same cord-cutting challenges as many other major cable channels. The spinoff plan was first reported by The Wall Street Journal.
Comcast reported in October that third-quarter revenue for its media segment, which mainly comprises TV networks, was up nearly 37% to $8.23 billion, largely because of the Paris Olympics. Without the Summer Games, revenue was up almost 5%. Comcast shares were up more than 2% in after-hours trading. The spinoff will take roughly a year as the company figures out whether licensing agreements need to be put in place and whether MSNBC and CNBC will continue to work with NBC News, CNBC reported.
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