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  • MSNBC parent Comcast weighs spin-off of declining cable networks

    MSNBC parent Comcast weighs spin-off of declining cable networks

    NBC parent Comcast is exploring developing its struggling cable network business, including left-leaning MSNBC, President Mike Cavanagh said Thursday.

    Cavanagh revealed during the third-quarter earnings call that the media giant is considering creating a “new, well-capitalized company owned by our shareholders and comprised of our strong portfolio of cable networks.”

    Cable networks include MSNBC, CNBC, Bravo, E!, Syfy, USA Network and Oxygen True Crime.

    Comcast President Mike Cavanagh said the company is exploring a spin off of its struggling cable networks.

    The potential split would not include the NBC broadcast network or the Peacock streaming service, Cavanaugh said.

    “We chose not to participate in the M&A process around Paramount earlier this year. But we would consider broadcasting partnerships,” he added.

    Shares of Comcast rose more than 3% in midday trading on Thursday, after the company also reported better-than-expected third-quarter earnings on the back of box office hits and an increase in ad sales fueled by the Olympics .

    The executive’s comments come as cable customers continue to cut their traditional TV packages in favor of streaming.

    In recent years, Comcast has focused on building its Peacock streaming service, which received a shock during the third quarter when it exclusively broadcast the Summer Olympics in Paris.

    Earlier this year, Paramount Global — which owns cable TV networks Comedy Central, Nickelodeon and MTV — agreed to merge with Hollywood production company Skydance Media in a deal that signaled a changing of the guard in the industry.

    “We are now exploring whether the creation of a new well-capitalized company owned by our shareholders and comprised of our strong portfolio of cable networks would position them to take advantage of opportunities in the changing media landscape,” Cavanagh said. .

    The company said it may spin off from MSNBC, CNBC and a host of other networks such as Bravo and E!. ymgerman – stock.adobe.com

    During the quarter, Comcast’s media business saw a $1.9 billion increase in revenue from the Paris Games — the highest ever for an Olympics — largely due to increased brand advertising.

    Meanwhile, Peacock added 3 million paid subscribers in the quarter, bringing its total to 36 million.

    Comcast’s total revenue was $32.07 billion, above estimates of $31.66 billion.

    However, Comcast also lost 365,000 cable TV subscribers, compared with expectations for 420,300, according to FactSet, as consumers switched from traditional TV to streaming services.

    Parent NBCUniversal-Comcast continues to get squeezed as customers cut their cable packages and opt for streaming. Getty Images

    In August, Warner Bros. Discovery booked a large $9.1 billion write-down of its television networks, caused by the revaluation of the segment’s book value.

    Analyst firm MoffettNathanson estimated there were 4 million traditional pay-TV subscriber losses in the first six months of the year, calling it “a staggering total.”

    That includes 2.4 million losses in the first quarter, considered the worst quarter ever for package departures.

    “Like many of our peers in media, we are experiencing the effects of the transition in our video businesses and have been studying the best path forward for these assets,” Cavanagh said. “We’re not ready to talk about any specifics yet, but we’ll get back to you as and when we come to certain conclusions.”

    #MSNBC #parent #Comcast #weighs #spinoff #declining #cable #networks
    Image Source : nypost.com

  • NBC’s Tom Llamas ‘looks forward’ to Lester Holt’s ‘Nightly News’ retirement: report

    NBC’s Tom Llamas ‘looks forward’ to Lester Holt’s ‘Nightly News’ retirement: report

    NBC “Nightly News” anchor Lester Holt may retire next year — and his potential successor, Tom Llamas, is “looking forward” to his exit in what looks like a “slow-motion coup” at 30 Rock, according to a report.

    Holt, who is reportedly earning a hefty salary of about $10 million a year, has anchored “Nightly News” since 2015, when he replaced Brian Williams, who was removed from his position and reassigned to MSNBC for making up stories of getting under the enemy. fire while reporting from Afghanistan.

    In 2021, Llamas was named senior national correspondent for NBC News, as well as the prime-time anchor of a newscast that airs on NBC News Now. Since then, rumors have run rampant that Llamas was hired to replace Holt, sources told The Post.

    Tom Llamas is said to be preparing to succeed Lester Holt. Nathan Congleton/NBC via Getty Images
    Holt, 65, may retire in the new year, according to a report. Getty Images for Town & Country

    According to The Ankler newspaper, top executives at NBC parent Comcast would be happy to see Holt hang up his microphone given that Llamas, his potential eventual replacement, earns a relatively modest salary of about $2.5 million in year.

    In 2021, Holt, 65, signed a four-year deal to stay at NBC News. At the time, Page Six reported that Holt insisted on taking the title of managing editor in order to avoid a perceived threat from Llamas, who had just joined the network after a stint as the weekend anchor of ABC’s “World News Tonight.”

    Llamas, 45, is said to be close to Cesar Conde, who heads NBC’s news division. A source told Page Six in 2021 that Llamas “is gearing up for a big role” and that Holt “negotiated a bigger title to avoid the threat.”

    The Post has sought comment from NBC.

    Earlier this week, Comcast said it was considering spinning off its cable networks that include CNBC and MSNBC into a separate company.

    The potential spin-off would exclude the NBC broadcast network and the Peacock streaming service.

    The company, however, is interested in finding a partner for Peacock to help grow that business, Comcast President Mike Cavanagh said Thursday.

    Llamas, a former ABC News anchor, is said to be “looking forward” to Holt’s retirement. Nathan Congleton/NBC via Getty Images

    Shares of Comcast have been flat year-to-date, although the stock is up more than 14% in the past six months.

    Media companies are eager to cut the salaries of top TV news stars as audiences shrink in the age of cord-cutting and podcasts.

    Hoda Kotb, co-anchor of NBC’s “TODAY” show, announced that she would retire rather than accept management’s offer of a pay cut from her current salary.

    Variety reported that her annual salary ranges from $10 million to $15 million, though a source told The Post it was significantly lower.

    Holt has anchored NBC Nightly News since 2015. He reportedly earns $10 million a year. Reuters

    Comcast has also cut costs at NBC’s entertainment division. He got rid of the band on “Late Night With Seth Meyers” and reduced the frequency of “The Tonight Show Starring Jimmy Fallon” from five nights a week to four nights.

    NBC’s rival, CBS, is also cutting costs. Norah O’Donnell, whose pay has been cut in recent years from about $8 million a year in 2021, will step down as anchor of the CBS Evening News after Tuesday’s election in favor of John Dickerson and Maurice DuBois .

    Last month, The Ankler reported that CNN denied raises to veteran anchors Jake Tapper and Wolf Blitzer.

    Chris Wallace, former Fox News anchor, has reportedly been asked to take a pay cut by new CNN chief Mark Thompson.

    Sources say Tapper’s salary is around $7 million, though the Puck newspaper said the anchor earns “millions more” than that. Meanwhile, Blitzer’s salary is said to be in the amount of $3 million.

    Alexandra Steigrad contributed reporting.

    By postal wire

    #NBCs #Tom #Llamas #Lester #Holts #Nightly #News #retirement #report
    Image Source : nypost.com