Comcast to spin off portfolio of cable networks including MSNBC and CNBC

The US telecommunications giant Comcast announced plans to spin off cable networks including MSNBC and E! as traditional TV audiences continue to dwindle.

MSNBC, E!, CNBC, USA, Oxygen, SYFY and the Golf Channel will form part of a new, publicly traded company, while Comcast focuses on brands including NBC and Bravo.

“When you look at our assets, talented management team and balance sheet strength, we are able to set these businesses up for future growth,” said Brian L Roberts, chairman and CEO of Comcast.