The US media giant announced plans on Wednesday to spin off the bulk of its cable network channels — including CNBC, MSNBC, Universal Kids, USA Network, E!, Oxygen, Golf Channel, and Syfy — into a separate company. Comcast will retain its reality TV darling Bravo and the Peacock streaming service within its NBC TV business.

We see a real opportunity to invest and build additional scale and I'm excited about the growth opportunities this transition will unlock," Mark Lazarus, who will lead the new firm, promised.

Comcast said on Wednesday it plans to spin off some NBCUniversal cable TV networks, as the rise of streaming prompts the media company to relinquish some of its most prized assets.