In a seismic shift for the media industry, major players Comcast, Warner Bros. Discovery (WBD), and Lionsgate have announced plans to or have spin off their cable TV networks into independent companies, signaling what many analysts are calling the beginning of the end for traditional cable television. Networks like MSNBC, CNBC, CNN, TNT, TBS, USA Network, and others, once cornerstones of the cable landscape, are being cleaved from their parent companies as the industry grapples with declining viewership, shrinking revenues, and the relentless rise of streaming platforms. This move underscores a stark reality: cable TV, once a cash cow for media giants, is no longer seen as a profitable venture worth keeping on their books.
This move marks a clear end to the current ownership of many major cable TV networks as their owners no longer see them as having a future worth holding onto.
Comcast, the nation’s largest cable and broadband provider, set the stage in November 2024 when it revealed plans to spin off NBCUniversal’s cable networks, including MSNBC, CNBC, USA Network, Syfy, E!, Oxygen, and Golf Channel, into a new publicly traded entity tentatively called “SpinCo.” The move, expected to be finalized by late 2025, aims to insulate Comcast’s core businesses—such as its broadband services and theme parks—from the declining fortunes of cable TV. According to industry analyst Naveen Sarma of S&P Global Ratings, cable networks represent just 5% of Comcast’s $38 billion in earnings, making the spinoff a strategic way to shed a business in “secular decline.” The new SpinCo, led by NBCUniversal’s Mark Lazarus and Anand Kini, will face the daunting task of revitalizing these channels in a market where cord-cutting is accelerating and younger audiences are gravitating toward streaming platforms like Netflix and YouTube.
Warner Bros. Discovery followed suit in June 2025, announcing a restructuring that separates its cable networks—CNN, TBS, TNT, Food Network, and others—into a distinct Global Linear Networks division, while its streaming and studio assets, including HBO and Max, form a separate entity. This move comes after WBD took a $9.1 billion write-down in August 2024, reflecting the plummeting value of its cable assets. CEO David Zaslav emphasized the need for “strategic flexibility” in an evolving media landscape, hinting at potential sales or mergers for these networks. Analysts speculate that WBD’s cable channels could merge with Comcast’s SpinCo, creating a powerhouse of news and sports content, though regulatory hurdles, particularly around combining CNN and MSNBC, could complicate such a deal.
Lionsgate, meanwhile, is also distancing itself from cable, and has to separate its Starz network into its own company. The company sees greater potential in its film and streaming ventures, leaving Starz to navigate an uncertain future as a standalone entity.
The broader context is grim for cable TV. In 2024, major pay TV providers lost approximately 5 million subscribers, with Comcast alone shedding 2 million, according to Leichtman Research. Ad revenues and carriage fees, once reliable profit streams, are drying up as audiences shift to digital platforms. Only three cable networks—Fox News, ESPN, and MSNBC—averaged over 1 million primetime viewers in 2024, per Nielsen data cited by Variety. The decline is not slowing; it’s accelerating, as WBD’s Zaslav noted, “Market valuations and prevailing conditions for legacy media companies were quite different even two years ago.”
These spinoffs raise existential questions about the future of cable networks. Can MSNBC and CNN maintain their news-gathering operations without the financial backing of their parent companies? Will TNT and TBS, once known for drama and comedy, find new relevance with modestly budgeted programming? Industry voices are skeptical. “Linear TV’s decline in the U.S. is irreversible,” Sarma warned, predicting a steady erosion of value for these networks. Yet, some see opportunity. Former USA Network president Chris McCumber suggested that independent networks could reinvest profits into “blue sky” programming, like the character-driven shows of USA’s heyday, to carve out a niche.
For now, the spinoffs signal a broader industry trend: media giants are cutting ties with cable to focus on streaming and studio assets. As Comcast, WBD, and Lionsgate offload MSNBC, CNBC, CNN, TNT, TBS, USA Network, and others, the cable TV era that defined entertainment for decades is fading fast, leaving these once-iconic networks to fight for survival in a digital world.
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