Comcast's spinning off its cable networks and digital assets is a clear signal the company is "exiting the cable business," Rich Greenfield of LightShed Partners said Wednesday on CNBC. The spinoff, announced Wednesday, will include USA Network, MSNBC, CNBC, Oxygen, Syfy, E! and Golf Channel, along with digital assets Fandango, Rotten Tomatoes, GolfNow and Sports Engine. Comcast said the publicly traded spinoff "will have significant scale" and its assets will be anchored by news, sports and entertainment content reaching close to 70 million U.S. households. Comcast said it expected the spinoff to take a year to complete. Comcast Chairman-CEO Brian Roberts said the spinoff "will be ideally positioned for success and highly attractive to investors, content creators, distributors and potential partners.” Comcast President Mike Cavanagh said NBCUniversal, with its NBC broadcast and streaming properties, including Peacock, as well as Bravo, Telemundo and its theme parks and film and TV studios, "will be on a new growth trajectory, fueled by our world-class content, technology, IP, properties and talent -- all working in concert with each other as an integrated media company.” Comcast said Mark Lazarus, NBCUniversal Media Group chairman, will be CEO of the spinoff, with Anand Kini, NBCU CFO, as its CFO-COO. “As a stand-alone company with these outstanding assets, we will be better positioned to serve our audiences and drive shareholder returns in this incredibly dynamic media environment across news, sports and entertainment,” Lazarus said. Greenfield said that while cable programming will be a long-tail business, the deal signals Comcast no longer sees it as a growth enterprise. He said there may be investor skepticism the spun-off networks can stand on their own and the spinoff will likely seek other cable networks it can add to build scale.
Comcast is considering spinning off its cable networks -- though not streamer Peacock or its broadcast assets -- into a separate, publicly traded company, President Mike Cavanagh said Thursday as Comcast announced Q3 financial results. In addition, he noted Comcast is open to streaming partnerships with Paramount Global. The company said that, absent the impact of the end of the affordable connectivity program (ACP), it would have been in the black with broadband net adds.
AT&T's simultaneous spinoff of WarnerMedia and joining it with Discovery is expected by some to skate through regulatory OK. AT&T said the deal announced Monday will result in a huge increase in customers it serves by fiber and its 5G C-band network.
AT&T's simultaneous spinoff of WarnerMedia and joining it with Discovery is expected by some to skate through regulatory OK. AT&T said the deal announced Monday will result in a huge increase in customers it serves by fiber and its 5G C-band network.
BakerHostetler announces Ann O’Brien, ex-DOJ, as partner-antitrust and competition ... Public Knowledge hires Sara Collins, ex-Future of Privacy Forum, as policy counsel.
BakerHostetler announces Ann O’Brien, ex-DOJ, as partner-antitrust and competition ... Public Knowledge hires Sara Collins, ex-Future of Privacy Forum, as policy counsel.
The U.K. signed off on either Comcast or Fox buying Sky, though the latter deal would come with a Sky News spinoff. U.K. Secretary of State-Digital, Culture, Media Matt Hancock said Tuesday Comcast/Sky "does not raise public interest concerns" and the government wouldn't intervene. He agreed with the Competition and Markets Authority that Fox/Sky likely wouldn't go against public interest on grounds of hewing to broadcasting standards but said CMA took "a clear and logical approach" when it said such a deal raises concerns about Sky News' editorial independence and about increased Murdoch Family Trust sway over public opinion and U.K. politics. He said the CMA proposal of Sky News being sold to Disney or another suitable buyer, with an agreement ensuring its funding for at least 10 years, "is likely to be the most proportionate and effective remedy for the public interest concerns." He said his staff will start talks with the parties to finalize details for an acceptable Sky News divestiture remedy. "I am optimistic that we can achieve this goal, not least given the willingness 21st Century Fox has shown in developing these credible proposals," he said, saying if the parties can't come to terms, blocking a Fox/Sky deal might be the only fallback. Comcast in April made a formal bid for Sky, while Fox had a pending bid (see 1804250026), and Sky subsequently said it favored the Comcast offer (see 1804260008). Sky Tuesday said its board members are "mindful of their fiduciary duties and remain focused on maximising value for Sky shareholders." Disney "welcome[d] today’s announcement from the Secretary of State and [is] ready to engage in any discussions requested by the Secretary of State.” Fox expects to reach a final decision with the U.K. Department for Culture, Media and Sport that clears the transaction.
The U.K. signed off on either Comcast or Fox buying Sky, though the latter deal would come with a Sky News spinoff. U.K. Secretary of State-Digital, Culture, Media Matt Hancock said Tuesday Comcast/Sky "does not raise public interest concerns" and the government wouldn't intervene. He agreed with the Competition and Markets Authority that Fox/Sky likely wouldn't go against public interest on grounds of hewing to broadcasting standards but said CMA took "a clear and logical approach" when it said such a deal raises concerns about Sky News' editorial independence and about increased Murdoch Family Trust sway over public opinion and U.K. politics. He said the CMA proposal of Sky News being sold to Disney or another suitable buyer, with an agreement ensuring its funding for at least 10 years, "is likely to be the most proportionate and effective remedy for the public interest concerns." He said his staff will start talks with the parties to finalize details for an acceptable Sky News divestiture remedy. "I am optimistic that we can achieve this goal, not least given the willingness 21st Century Fox has shown in developing these credible proposals," he said, saying if the parties can't come to terms, blocking a Fox/Sky deal might be the only fallback. Comcast in April made a formal bid for Sky, while Fox had a pending bid (see 1804250026), and Sky subsequently said it favored the Comcast offer (see 1804260008). Sky Tuesday said its board members are "mindful of their fiduciary duties and remain focused on maximising value for Sky shareholders." Disney "welcome[d] today’s announcement from the Secretary of State and [is] ready to engage in any discussions requested by the Secretary of State.” Fox expects to reach a final decision with the U.K. Department for Culture, Media and Sport that clears the transaction.
The idea that being part of New AT&T would give Turner leverage to raise its affiliate fees on distributors is like speaking Greek to the programmer universe, Time Warner CEO Jeff Bewkes testified in the U.S. v. AT&T and TW antitrust trial Wednesday. “It’s not how this works,” he said, saying any blackout of Turner would be “catastrophic” in lost advertising revenue and lost affiliate fees. He likened increased incentives to a Turner blackout under New AT&T to the equivalent of a 950-pound weight falling on that company’s head versus a 1,000-pound weight on TW’s head. AT&T CEO Randall Stephenson is scheduled to testify Thursday.
The idea that being part of New AT&T would give Turner leverage to raise its affiliate fees on distributors is like speaking Greek to the programmer universe, Time Warner CEO Jeff Bewkes testified in the U.S. v. AT&T and TW antitrust trial Wednesday. “It’s not how this works,” he said, saying any blackout of Turner would be “catastrophic” in lost advertising revenue and lost affiliate fees. He likened increased incentives to a Turner blackout under New AT&T to the equivalent of a 950-pound weight falling on that company’s head versus a 1,000-pound weight on TW’s head. AT&T CEO Randall Stephenson is scheduled to testify Thursday.