Putting Donna Langley firmly in the corporate driver’s seat, Comcast boss Brian Roberts has also decided it’s time for NBCUniversal to shed some cable channel weight.
The as-yet-unnamed venture will be run by current NBCU Media Group boss Mark Lazarus as CEO.
Separating the wheat from the chaff, broadcast network NBC, burgeoning streamer Peacock and reality TV behemoth Bravo will stay with NBCU.
As news of the potential $7 billion new company spread, Comcast stock saw a nice bounce in after hours trading.
As a part of the restructuring, Frances Berwick, Chairman, NBCUniversal Entertainment, who dad a dual report into Langley and Lazarus, will now report solely to Langley.
Additionally, Comcast CEO Brian Roberts has decided it’s time for NBCUniversal to give up some of its cable channel weight, placing Donna Langley firmly in the corporate driver’s seat.
Comcast will unveil its long-term strategy tomorrow to split off cable channels MSNBC, CNBC, E!, Syfy, Golf Channel, Oxygen, and USA into a new, independent business.
Mark Lazarus, the current CEO of NBCU Media Group, will lead the as-yet-unnamed business. Anand Kini, the CFO of NBCU, has joined the new company as a supersized CFO and COO.
Broadcast network NBC, rising streamer Peacock, and reality TV giant Bravo will remain with NBCU, separating the wheat from the chaff. This explains why Bravo was isolated from the other NBCU cable networks. NBC and Bravo programming are consistently among the most watched on the streamer.
If all goes smoothly, the cable channels spinoff process should be finished by the end of 2025. Comcast’s stock experienced a pleasant recovery in after-hours trading as word spread about the possible $7 billion new business.
“Everyone knows it’s time, but it’s a difficult decision,” an NBCU executive with knowledge of the situation told Deadline on Tuesday regarding the company’s strategy in response to the decline in cable’s value and viewership. Streamlining the core businesses and providing a leaner offering for cable are the better course of action going forward. “”.
Langley is viewed as being essential to NBCU’s future expansion under the new organizational design.
According to Deadline, the Philadelphia-based telecom behemoth is anticipated to reveal on Wednesday that Langley will take over as chairman of NBCUniversal Entertainment and Studios, following months of hints that a culling was imminent. She is accepting some of Lazarus’ duties.
The soon-to-be former NBCU Studio Group leader and Chief Content Officer will now have the actual authority of a studio boss, according to sources, following the huge critical and financial success of last year’s Oppenheimer and the expected high box office performance of the soon-to-be released Wicked. The seasoned executive says, “Donna has demonstrated that she is capable of leading a 21st century company; this is an overdue acknowledgment of that reality and her talents.”.
As part of the reorganization, Frances Berwick, the chairman of NBCUniversal Entertainment, who previously reported to both Langley and Lazarus, will now only report to Langley.
Comcast hinted at plans to split in October. “Like many of our peers in media, we’re experiencing the effects of the transition of our video businesses and have been studying the best path forward for these assets,” President Mike Cavanagh stated during the 31 earnings call. “.”.
Warner Bros. and Paramount Corporation. The value of Discovery’s cable business was written down this summer due to massive, multi-billion dollar losses.
We are currently investigating whether forming a new, well-capitalized business that is owned by our shareholders and consists of our robust portfolio of cable networks would enable them to capitalize on opportunities in the media landscape and generate value for our shareholders, the Comcast executive stated.
Back then, there were no specifics. As the Wall Street Journal initially reported, we now have an idea of what that investigation will entail, with more details to be unveiled tomorrow.
This report was aided by Nellie Andreeva.
