Comcast officially announced its plans for a spinoff company comprised of NBCUniversal's cable TV networks and more on Wednesday.

Comcast, the parent company of NBCUniversal, is announcing a major shakeup in some of its key assets. The company is expected to spin off its cable networks into a separate company and would cleave off some of NBCUniversal’s best-known brands,

Comcast Corp. plans to spin off cable-TV channels including MSNBC, CNBC and USA, following through on plans first announced last month.

Apart from MSNBC, Comcast is reportedly planning to spin off CNBC, USA, Oxygen and E!, among other channels. Those channels

The split would cleave off some of NBCUniversal’s best-known brands, which face the same cord-cutting challenges as many other major cable channels.

TV channels including MSNBC, CNBC and USA, according a person a familiar with the company’s plans, reducing its exposure to a business that’s losing viewers and advertisers. Comcast’s NBC broadcast network and Peacock streaming TV business will remain with the parent company,

USA, Oxygen and other channels will break out into a standalone, publicly traded company The post Comcast to Spin Off Cable Networks Including MSNBC and E! as Linear Continues Decline appeared first on TheWrap.

The new publicly traded company is set to debut next year, with a bundle of channels that also includes Oxygen, E! and Syfy.

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 would retain NBCUniversal's NBC broadcast television network, its film and television studios and its theme parks, as well as its Peacock streaming service.

Comcast is planning to spin off most of its cable television networks, including MSNBC and CNBC, into a separate publicly traded company, according to executives with knowledge of the plan. The spinoff is expected to be formally announced on Wednesday.