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

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.

Comcast is carving off most of its cable channels. Will its new spinoff be a hunter or prey? The media giant last week put an upbeat spin on its move to shed what Wall Street sees as an albatross - the bulk of NBCUniversal's cable networks,

FOX Business' Charlie Gasparino joined 'MediaBuzz' to discuss how digital media has overshadowed 'legacy media,' Elon Musk's possible conflicts of interest and Google possibly selling the Chrome browser.

Comcast, the media conglomerate that owns NBC News, announced a plan to spin off most of its cable television networks into a separate publicly traded company.

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.

US media giant Comcast is set to spin off its NBCUniversal cable television arm, as the industry continues to struggle with the emergence of streaming giants like Netflix and Amazon Prime. The plan, formally announced on Wednesday, is to create a new company that will include channels such as MSNBC, CNBC, USA, E!, Syfy and the Golf Channel.

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's decision to spin off cable networks like MSNBC and CNBC aims to free up cash, but may invite more competition. Read why CMCSA stock is a Sell.