Comcast says its cable spinoff sets up declining networks for a rebound — and potential acquisitions. But SpinCo could also be an M&A target.

Comcast Corp is planning to spin off a large part of its NBCUniversal’s cable TV channels into a separate publicly traded company (SpinCo).

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.

Comcast said on Wednesday that it plans to spin-off the bulk of its fading NBCUniversal cable TV networks, including MSNBC and CNBC, as the company said it is repositioning itself for growth in the streaming era.

Bravo stays with NBC, but other longtime cable networks such as E!, USA and MSNBC will be part of a new company.

On Wednesday morning, the media giant confirmed that it is spinning off most of its cable channels, including MSNBC and CNBC, into a separate publicly traded company. The new company doesn’t have a formal name yet — Comcast is simplycalling it “SpinCo” — a suitable label since employees’ heads are spinning with questions.