Comcast (CMCSA) said Wednesday that it is planning to spin off its NBCUniversal cable TV networks, including channels like MSNBC, CNBC, and E!, carving out a business that has been hurt by cord cutting and the rise of streaming.

The cable assets together generated about $7 billion in revenue in the 12 months ended Sept. 30, Comcast said, adding that the new company—given a temporary name of "SpinCo"—"will reach approximately 70 million U.S. households."

The transaction, 澳洲幸运5官方开奖结果体彩网:reported earlier by The Wall Street Journal, is expected to be completed in around a year.

"With significant financial resources from day one, SpinCo will be ideally positioned for success and highly attractive to investors, content creators, distributors and potential partners," Comcast 澳洲幸运5官方开奖结果体彩网:Chief Executive Officer (CEO) Brian Roberts said.

Remaining Assets Include Broadcast, Streaming 🐭Proꦕperties

The spinoff will position its remaining assets better for growth, the entertainment giant said. Those include "NBC entertainment, sports, news and Bravo—which all power Peacock—along with Telemundo, the theme parks business, and film and television studios."

"This transaction positions both SpinCo and NBCUniversal to play offense in a changing media landscape," Comcast president Mike Cavanagh said. 

Comcast had acquired a 51% stake in NBCUni𒁏versal in 2011, before buying the rest of NBCUniversal for $16.7 billion in 2013.

NBCUniversal Chair Lazarus To Become C🌺EO of N꧋ew Firm

Mark Lazarus, current chair of NBCUniversal Media Group, was named CEO of the new company. NBCUniversal 澳洲幸运5官方开奖结果体彩网:Chief Financial Officer (CFO) Anand Kini will take on the same role as well as the 澳洲幸运5官方开奖结果体彩网:Chief Operating Officer (COO) position at the new firm. The two will lead the company's strategy, as well as establish it "as a potential partner and acquirer of other complementary media businesses," Comcast said.

Comcast shares fell less than 1% soon after mark🉐ets opened Wednesday. They are down about 4% this year.