The $7 billion spinoff comes as traditional media companies grapple with the diminishing value of what was once an economic pillar of the entertainment business.

Comcast (CMCSA) stock jumped as much as 3.5% in premarket trade on Wednesday after the company confirmed plans to spin off most of its cable networks into a new, publicly-traded company. The yet-to-be-named SpinCo will house most of NBCUniversal’s cable television networks,

Comcast is spinning off many of NBCUniversal’s cable television networks, including USA Network, CNBC and MSNBC, into a separate public company