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Comcast's bold move to spin off its cable networks will put its media rivals' own cable plans under the microscope.

Why it matters: Streaming is starting to become profitable, forcing CEOs to rethink what to do about their cable assets.

State of play: Comcast's rivals in the media space — Disney, Warner Bros. Discovery and Paramount — have all weighed similar moves that would separate or divest linear TV assets. But none of them did it. Not yet, anyway.

Zoom in: Warner Bros. Discovery, which has previously explored a breakup, is telegraphing its desire to be in dealmaking mode once President-elect Trump returns to the White House next year. Cable could be part of that mode.

WBD has the most cable networks in its stable, including some of the most expensive ones such as TNT, as well as popular Discovery brands like HGTV and Food Network.

Yes, but: WBD's sprawling list of sports rights, including MLB and college football, make a separation from networks like TNT or TBS difficult.

Paramount is in a holding pattern as it closes its complicated deal with Skydance, which is expected to close early next year.

Part of the rationale for Shari Redstone, who controls Paramount, to do that deal was the notion of keeping the whole company together.

Between the lines: Despite the notion, incoming company president Jeff Shell said they'd be willing to sell certain assets, with BET the most likely given that it's been on the block before.

Any Paramount separation comes with complications of its own, given that its streaming, television studios and cable networks are tied together in ways that make unwinding one of them difficult.

Zoom out: Disney CEO Bob Iger last year teased the possible sale of the company's linear TV assets, including its broadcast network ABC, but later suggested interest in that idea had cooled.

Disney has already separated its most valuable cable asset, ESPN, into its own division and is plotting that network's post-cable future.

Other channels include Freeform, Disney Channel, NatGeo and FX, which is joined at the hip with Hulu via exclusive programming.

The bottom line: Comcast described its spinoff plan as playing offense in a rapidly changing media environment. That may force rivals to borrow from its playbook.

Comcast spinoff puts spotlight on rivals' cable plans

Comcast's rivals like WBD have all considered similar moves.

David Zaslav, President and C.E.O. of Warner Bros. Discovery, speaks to reporters as he arrives at the Allen & Company Sun Valley Conference on July 9, 2024

Warner Bros. Discovery CEO David Zaslav. Photo: Kevork Djansezian/Getty Images

Comcast

Comcast&#x27;s bold move to <a class="gtmContentClick" data-vars-link-text="spin off" data-vars-click-url="https://www.axios.com/2024/11/20/comcast-plans-to-spin-off-nbcus-cable-channels" data-vars-content-id="c35e6253-e92d-4d60-bf52-5903de702c36" data-vars-headline="Comcast spinoff puts spotlight on rivals&#x27; cable plans" data-vars-event-category="story" data-vars-sub-category="story" data-vars-item="in_content_link" href="https://www.axios.com/2024/11/20/comcast-plans-to-spin-off-nbcus-cable-channels" target="_self">spin off</a> its cable networks will put its media rivals&#x27; <a class="gtmContentClick" data-vars-link-text="own cable plans" data-vars-click-url="https://www.axios.com/pro/media-deals/2024/11/20/comcasts-cable-spin-scrambles-legacy-tv-business" data-vars-content-id="c35e6253-e92d-4d60-bf52-5903de702c36" data-vars-headline="Comcast spinoff puts spotlight on rivals&#x27; cable plans" data-vars-event-category="story" data-vars-sub-category="story" data-vars-item="in_content_link" href="https://www.axios.com/pro/media-deals/2024/11/20/comcasts-cable-spin-scrambles-legacy-tv-business" target="_self">own cable plans</a> under the microscope.Why it matters: Streaming is starting to become profitable, forcing CEOs to rethink what to do about their cable assets.

Comcast spinoff puts spotlight on rivals' cable plans

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