Of course. The cable networks are pretty much worthless.
Comcast is exploring separation of cable networks business
NBCUniversal's cable networks portfolio includes Bravo, E!, Syfy, Oxygen True Crime, USA Network, as well as news networks MSNBC and CNBC.
Comcast is exploring a separation of its cable networks business, President Mike Cavanagh said Thursday.
During the company's third-quarter earnings call with investors, Cavanagh said the company is exploring creating "a new, well-capitalized company owned by our shareholders and comprised of our strong portfolio of cable networks."
The possible separation would not include broadcast network NBC nor streaming service Peacock, he added. NBCUniversal's cable networks portfolio includes Bravo, E!, Syfy, Oxygen True Crime and USA Network, as well as news networks MSNBC and CNBC.
The comments come as millions of customers continue to flee the traditional pay TV bundle in favor of streaming. Comcast has been beefing up its streaming service Peacock, which got a boost during the third quarter when it exclusively aired the Summer Olympics in Paris.
The company lost 365,000 cable TV customers during the third quarter. The pain has been felt across the industry.
Analyst firm MoffettNathanson estimated there were 4 million traditional pay TV subscriber losses in the first six months of the year, calling it "a mindboggling total." That includes 2.37 million losses in the first quarter, considered the worst-ever quarter for defections from the bundle.
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