Comcast will announce the spinoff of cable networks Wednesday, CNBC source says

The Comcast NBC logo is shown on a building in Los Angeles, California, June 13, 2018.

Mike Blake | Reuters

Comcast is moving forward the spinoff of its cable network channels, a source familiar with the matter told CNBC’s Julia Boorstin on Tuesday.

The separation is expected to take about a year, and an announcement from the company could come as early as Wednesday, the person said. The company had announced during its quarterly earnings in October it was considering a split of the cable networks.

The spinoff was first reported by The Wall Street Journal.

This is breaking news. Please refresh for updates.

Disclosure: Comcast owns NBCUniversal, the parent company of CNBC.

Source

Business

Party City to close all of its stores, report says

December 20, 2024

A sign in a Party City store in Miami, Florida, on Jan. 18, 2023. Joe Raedle | Getty Images Party City on Friday announced it will close all of its stores and has initiated corporate layoffs effective immediately, according to a CNN report. CEO Barry Litwin told corporate employees in a meeting viewed by CNN […]

Business

Banking app Dave, back from the brink, is this year’s biggest gainer among financials with 934% surge

December 20, 2024

Jason Wilk Source: Jason Wilk Jason Wilk, the CEO of digital banking service Dave, remembers the absolute low point in his brief career as head of a publicly-traded firm. It was June 2023, and shares of his company had recently dipped below $5 apiece. Desperate to keep Dave afloat, Wilk found himself at a Los […]

Business

What a government shutdown could mean for air travel

December 20, 2024

A lone traveler makes his way past a nearly deserted TSA security screening area at Orlando International Airport ahead of the arrival of Hurricane Milton, on October 9, 2024 in Orlando, Florida. Paul Hennessy | Anadolu | Getty Images A government shutdown is looming just as the peak holiday travel season gets underway. Lawmakers have […]